Free PMI Calculator

PMI Calculator

Calculate your exact monthly PMI cost based on your credit score and LTV, see when PMI cancels, and discover how appreciation or extra payments shorten your PMI timeline.

80% LTV
PMI cancellation threshold
CFPB — HPA rules
0.3–1.5%
Typical annual PMI rate
Urban Institute

PMI Calculator

PMI Details

LTV 90.0% — PMI required until you reach 80% LTV
Home Price / Appraised Value
$
Down Payment$38,000.00
%
Credit Score (FICO)affects PMI rate
PMI Rate (0.38%)$108.30/mo
Annual PMI$1,299.60/yr
Mortgage Rate
%
Loan Term

Accelerators

Annual Home Appreciationspeeds up LTV
%
Extra Monthly Paymentbuilds equity faster
$

Enter your loan details to see your PMI cost and cancellation date

PMI Rates by Credit Score & LTV (2024)

PMI premiums vary dramatically by credit score — a 140-point score difference can double your monthly PMI cost on the same loan. Rates are based on MGIC/Radian rate cards for a 30-year fixed loan on a primary residence:

FICO Score85% LTV90% LTV95% LTV@ 90% LTV ($350K)
760+0.32%0.52%0.78%$152/mo
7400.38%0.58%0.85%$169/mo
7200.44%0.66%0.95%$193/mo
7000.50%0.75%1.07%$219/mo
6800.57%0.86%1.22%$251/mo
6600.64%0.98%1.40%$286/mo
620–6590.72%1.15%1.65%$336/mo

Approximate rates based on MGIC / Radian rate cards for 30-yr fixed, primary residence, borrower-paid monthly PMI. Actual rates vary by lender.

4 Ways to Remove PMI

1
Request at 80% LTV
As soon as you hit 80%

Write to your servicer when your balance reaches 80% of the original purchase price. Requires good payment history (no 30-day lates in 12 months). Cancellation is not automatic at 80% — you must request it.

Write letter to servicer
2
Auto-cancel at 78% LTV
Federal law (HPA)

Per the Homeowners Protection Act, PMI must automatically terminate when your balance reaches 78% of original purchase price based on scheduled payments. No action needed, but you must be current.

No action needed
3
Appraisal-based (appreciation)
After 2–5 yrs + 80% LTV

If your home has appreciated, get a new appraisal. If current value puts your LTV below 80%, request PMI removal. Most lenders require 2+ years of payments and the new LTV must be 80% based on current value.

Order new appraisal ($300–600)
4
Refinance
When rates are favorable

If you have 20%+ equity and rates have dropped, refinancing eliminates PMI while potentially lowering your rate. Use the refinance calculator to determine if the savings justify closing costs.

Compare refi rates

PMI vs. FHA MIP — Key Differences

  • PMI cancels; FHA MIP doesn't (mostly). Conventional PMI cancels at 78–80% LTV. FHA MIP with less than 10% down lasts the life of the loan — the only way out is to refinance into a conventional loan.
  • PMI rates depend on credit score. 760+ FICO gets 0.52% PMI at 90% LTV. FHA MIP is flat 0.55% regardless of credit. So for good-credit borrowers, PMI is often cheaper than FHA MIP.
  • FHA MIP has an upfront cost (1.75%). Conventional PMI has no upfront fee. On a $350,000 FHA loan, that's $6,125 rolled into the loan.
  • For 620–680 FICO borrowers, FHA wins. Lower rate requirements and more flexible underwriting offset the higher MIP cost. Above 700 FICO, conventional + PMI is usually better.
FAQ

PMI — Common Questions

When does PMI automatically cancel?
Per the Homeowners Protection Act (HPA of 1998): PMI automatically cancels when your loan balance reaches 78% LTV based on the original purchase price — no action needed. You can request cancellation at 80% LTV if you've been current on payments. For cancellation based on appreciated value (useful if home rose sharply), you need lender approval and typically a new appraisal, and must have reached 80% LTV on current value.
How much does PMI cost by credit score?
PMI rates are heavily influenced by credit score and LTV. At 90% LTV: 760+ FICO = ~0.52%/yr, 740 = ~0.58%, 720 = ~0.66%, 700 = ~0.75%, 680 = ~0.86%, 660 = ~0.98%, 620 = ~1.15%/yr. On a $350,000 loan at 90% LTV: the difference between 760 FICO ($153/mo) and 620 FICO ($338/mo) is $185/month — $2,220/year — purely from PMI. Your credit score has a dramatic impact on PMI cost.
What is lender-paid PMI (LPMI) and is it worth it?
With LPMI, your lender pays the PMI premium upfront by giving you a slightly higher interest rate (typically +0.25–0.5%). The advantage: no monthly PMI line item, simplicity. The disadvantage: the higher rate is permanent for the loan term — you can't cancel it like regular PMI. LPMI makes sense if you plan to sell or refinance within 5–7 years. If you plan to stay long-term and build equity, standard PMI is better because it eventually cancels.
Can I request PMI cancellation based on home appreciation?
Yes, with conditions. Most lenders allow PMI cancellation based on current appraised value once: (1) your loan balance is below 80% of the current appraised value, (2) you've made payments for at least 2 years (some lenders require 5 years), (3) you have no 30-day late payments in the past 12 months, and (4) no 60-day late payments in the past 24 months. You typically pay for a new appraisal ($300–$600). If your area has seen strong appreciation, this is often worth it.
Is PMI tax deductible?
PMI was deductible for many years but the deduction expired after 2021. As of 2024, there is no federal PMI deduction. Some states may allow it — check your state tax code or consult a tax advisor. Congress has occasionally reinstated this deduction retroactively, so it's worth monitoring if you're paying PMI.
What's the difference between PMI and MIP?
PMI (Private Mortgage Insurance) is for conventional loans. It cancels at 80% LTV and varies by credit score. MIP (Mortgage Insurance Premium) is for FHA loans. It has an upfront portion (1.75% of loan) plus annual premiums (0.55% for most loans). If you put less than 10% down on an FHA loan, MIP lasts the life of the loan — it never cancels. FHA MIP is typically more expensive than PMI for borrowers with good credit, but FHA's lower rate may offset this.

Have 20% Equity? Refinance to Remove PMI

Compare mortgage rates from top U.S. lenders and eliminate PMI. No impact to your credit score.

Compare Mortgage Rates Refinance Calculator