Conventional PMI Calculator
If you’re planning to purchase a home with less than a 20% down payment, Private Mortgage Insurance (PMI) may be required. Our PMI Calculator helps you estimate your monthly PMI cost, how long you’ll pay it, and the total amount paid until PMI automatically drops off. Simply input your home value, down payment, credit score, and loan details to get an accurate estimate using real-time rates and industry standards.
Step-by-Step Guide
- Enter Home Value – The full price of the home you’re planning to purchase.
- Input Down Payment – Either as a dollar amount or a percentage. The other value auto-calculates.
- Add Credit Score – Determines the PMI rate tier.
- Input Interest Rate – Based on your loan estimate or current market rate.
- Choose Loan Term – Usually 15 or 30 years.
Once all fields are entered, the calculator will display:
- Loan Amount
- Loan-to-Value (LTV)
- Estimated Annual PMI %
- Monthly PMI Payment
- Estimated Duration You’ll Pay PMI (until reaching 78% LTV)
- Total PMI Paid Until Removal
How PMI is Calculated
PMI is typically required on conventional loans when your Loan-to-Value (LTV) exceeds 80%.
Our calculator uses the actual rate structure from leading insurers, which ties PMI percentages to both credit score bands and LTV brackets. Here’s a breakdown of Annual PMI Rates as a percentage of the loan amount:
| LTV Range | 620–639 | 640–659 | 660–679 | 680–699 | 700–719 | 720–739 | 740–759 | 760–779 | 780–799 | 800+ |
|---|---|---|---|---|---|---|---|---|---|---|
| 95.01–97% | 1.35% | 1.20% | 1.04% | 0.90% | 0.57% | 0.47% | 0.39% | 0.27% | 0.26% | 0.26% |
| 90.01–95% | 1.17% | 1.05% | 0.97% | 0.61% | 0.45% | 0.36% | 0.28% | 0.19% | 0.19% | 0.19% |
| 85.01–90% | 0.81% | 0.79% | 0.69% | 0.47% | 0.33% | 0.25% | 0.21% | 0.15% | 0.15% | 0.15% |
| 80.01–85% | 0.35% | 0.33% | 0.28% | 0.20% | 0.14% | 0.12% | 0.10% | 0.10% | 0.10% | 0.10% |
Monthly PMI = (Loan Amount × Annual PMI Rate) ÷ 12
We then simulate your amortization schedule using your loan term and interest rate to determine how long it takes for your LTV to drop to 78%, the standard threshold for automatic PMI removal.
Sample PMI Duration Calculation
If you put 10% down on a $350,000 home with a 6.5% interest rate, the calculator estimates you’ll pay PMI for around 6 years and 2 months. This duration shortens as you:
- Increase your down payment
- Get a lower interest rate
- Choose a shorter loan term
The calculator also shows the total PMI you’ll pay during that period so you can plan your budget and financial goals.
Why This Calculator Stands Out
- Real-Time PMI Rate Tiering Based on Your Credit Score
- Accurate PMI Duration Estimation Using Your Amortization Details
- Loan-to-Value (LTV) and Loan Amount Auto-Calculated
- User-Friendly Inputs with Auto Sync Between Down Payment Fields
- Breakdown of PMI Costs to Support Smart Loan Planning
Related Tools: Loan Affordability, Conventional Loan Calculator, Amortization Calculator
Read Next: What is PMI?, Understanding Credit Scores, FHA vs. Conventional Loans
What to Do Next?
Want to know if there’s a better loan for your situation? Use our Loan Compass tool to analyze your full loan scenario and discover cost-saving options.
Still learning? Visit the Knowledge Hub for easy-to-understand articles about mortgages, credit, and insurance.
Final Thoughts
PMI isn’t forever, but understanding how much it costs and how long it lasts is critical. With our PMI Calculator, you get more than a number — you get clarity. Whether you’re a first-time buyer or a loan officer helping clients, use this tool to calculate, compare, and plan with confidence.
Estimate Your PMI in Seconds – No Guesswork Needed.
