Mortgage Calculator With PMI

PMI typically runs 0.46% to 1.5% of your loan amount per year, according to the Urban Institute’s Housing Finance Policy Center. The exact rate depends mostly on credit score and loan-to-value ratio — a borrower with a 760+ score and 10% down might pay under 0.5% annually, while a borrower with a 620 score at the same down payment could pay well over 1.2%.

Under the Homeowners Protection Act, your lender must automatically terminate PMI once your loan balance reaches 78% of your home’s original value, based on your original amortization schedule, provided you’re current on payments. If you somehow haven’t hit 78% by the midpoint of your loan term (year 15 on a 30-year loan), PMI must be cancelled at that point regardless of LTV.

Yes. You have the legal right to submit a written request to cancel PMI once your loan balance reaches 80% of your home’s original value, two percentage points earlier than automatic termination. If your home has appreciated, a new appraisal can sometimes show you’ve reached 80% loan-to-value even faster than your amortization schedule alone would suggest.

Yes. The deduction for mortgage insurance premiums, which had expired after 2021, was reinstated for tax year 2026 and beyond under H.R. 1, the One Big Beautiful Bill Act. Eligible borrowers who itemize deductions can once again deduct PMI premiums, subject to income limits, though it’s worth confirming your specific eligibility with a tax professional.

PMI applies to conventional loans and is priced using your credit score, generally cancels automatically at 78% loan-to-value, and can sometimes be removed sooner through appreciation. FHA’s MIP charges the same flat rate regardless of credit score, but with less than 10% down it lasts for the entire loan term and typically can’t be cancelled without refinancing into a different loan type.

A few paths exist: lender-paid PMI (LPMI), where the lender covers the premium in exchange for a permanently higher interest rate; a piggyback 80-10-10 loan structure that splits financing across two loans to avoid PMI on the first; or a VA loan for eligible military borrowers, which never requires mortgage insurance regardless of down payment.

It can. If a refinance appraisal shows your loan-to-value at 80% or below on the new loan, the new lender typically won’t require PMI at all. This is a common strategy for borrowers who put down less than 20% originally but have since built equity through paydown or appreciation.

No. PMI protects the lender’s interest if you default, not you. It doesn’t cover your payments during a job loss or financial hardship, and it doesn’t protect your equity in the home. That protection exists entirely for the lender’s benefit, even though you’re the one paying the premium.

Yes, considerably faster, since a 15-year loan builds equity through amortization much more quickly in its early years. Toggle the loan term in the calculator above to see exactly how much sooner your automatic cancellation date lands on a 15-year term versus a 30-year term at the same down payment.

Often, yes, if you’re requesting cancellation based on appreciation rather than simple loan paydown. Lenders typically require the appraisal at your expense to confirm the home’s current value supports the 80% loan-to-value threshold you’re claiming.

You generally need no payments 30 or more days late in the past 12 months, and none 60 or more days late in the past 24 months, along with confirmation that no second liens (like a HELOC) exist on the property.

Yes. Enter your annual property tax and homeowners insurance estimates, plus any monthly HOA dues, and the calculator folds them together with principal, interest, and PMI into one complete PITI + PMI monthly payment.