How to use the estimate

The calculator estimates loan amount from price minus down payment unless a current loan balance is entered. PMI is loan balance multiplied by the annual PMI rate, then divided by 12 for a monthly estimate. If you have a lender quote, use that quoted PMI rate instead of a generic assumption.

Example

For a $400,000 home with $40,000 down, the estimated loan amount is $360,000 and LTV is 90%. At a 0.60% annual PMI rate, PMI is about $2,160 per year, or $180 per month.

Common mistakes

Do not assume the same PMI rate applies to every borrower. Credit profile, loan type, down payment, coverage level and lender pricing can change the quoted rate.

Limitations

This is not an insurance quote or cancellation determination. PMI cancellation rules, appraisals, seasoning requirements and lender servicing practices can differ.

References

Consumer Financial Protection Bureau: private mortgage insurance, accessed 2026-05-16.

Last reviewed: 2026-05-16

Before relying on this result

Use this calculator together with the formula, assumptions, limitations and examples on the page. If the topic involves health, tax, lending, investment, legal, safety or current-rate decisions, treat the number as an estimate and check the relevant primary source or professional guidance.

Calculator metadata last reviewed: 2026-05-14.

PMI Calculator