Down Payment & PMI Calculator
See your down payment, loan amount, loan-to-value, and monthly PMI, plus an estimate of when PMI can be cancelled once you reach 20% equity. Calculates privately in your browser.
Monthly PMI
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Show the math
PMI applies while your loan-to-value is above 80%:
monthly PMI = loan × PMI% ÷ 12
Private mortgage insurance is usually required when you put down under 20%. It can be cancelled once your balance reaches 80% of the original value, the drop-off estimate assumes scheduled payments and no home-value change. Calculated entirely in your browser.
What this does
A down payment and PMI calculator shows your down payment, loan amount, loan-to-value, and monthly private mortgage insurance, plus when PMI can be cancelled once you reach 20% equity.
How it works
Monthly PMI is the loan amount times the annual PMI rate, divided by 12. PMI generally applies when your down payment is under 20% (loan-to-value above 80%).
PMI = loan amount × annual PMI rate ÷ 12
How to use it
- Enter the home price and down payment.
- Enter the annual PMI rate.
- Read your loan-to-value and monthly PMI.
- See the estimated PMI cancellation point.
Understanding your result
PMI can typically be cancelled once the balance reaches 80% of the original value. The drop-off estimate assumes scheduled payments and no change in home value.
Example
5% down on a $300,000 home is a 95% LTV; at a 0.5% PMI rate that is about $119 a month.
Sources & methodology
- CFPB, What is private mortgage insurance?, When PMI applies and how it is cancelled
Last updated .
Frequently asked questions
When do I have to pay PMI?
Private mortgage insurance is usually required when your down payment is under 20% (loan-to-value above 80%). The tool flags this and estimates the monthly cost.
When does PMI go away?
It can typically be cancelled once your balance reaches 80% of the original value. The drop-off estimate assumes scheduled payments and no change in home value.
How is monthly PMI calculated?
It is the loan amount times the annual PMI rate, divided by 12. PMI rates vary by credit and down payment, often 0.3%–1.5% of the loan per year.
Is my information saved?
No. All math happens locally in your browser.
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