Calculate the cost of Private Mortgage Insurance (PMI) when your down payment is less than 20%. See your monthly PMI amount, total PMI cost, and when you can request cancellation.
Purchase price of the home
PMI is required when down payment is less than 20%
Higher credit scores typically qualify for lower PMI rates
Annual mortgage Financing Rate used for total monthly payment calculation
Duration of the mortgage
PMI is required when the loan-to-value (LTV) ratio exceeds 80%. The monthly PMI premium is calculated by multiplying the original loan amount by an annual PMI rate (typically 0.3% to 1.5% depending on credit score and LTV), then dividing by 12. PMI can be removed once the LTV reaches 78%.
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