Down Payment & PMI Calculator
See your loan, LTV, and monthly PMI — plus exactly when PMI cancels and what it costs you in total.
✏️ These numbers were filled in from a shared link — change anything to make it your own.
How PMI works
Private mortgage insurance protects the lender, not you, and it's required on most conventional loans when you put down less than 20%. It's charged as a percentage of your loan balance each year:
monthly PMI = loan amount × PMI rate ÷ 12
PMI isn't forever. Under the Homeowners Protection Act it terminates automatically once your balance hits 78% of the original value on the original schedule — the date shown above. You can typically request cancellation earlier at 80% LTV.
Ready to compare the full payment? Use the Mortgage Calculator, or weigh the whole decision with Rent vs Buy.
Estimates only — your actual PMI rate depends on credit score, loan type, and lender. FHA loans use MIP, which follows different rules and often lasts the life of the loan. General information, not financial advice.
Frequently asked questions
When does PMI go away?
By federal law (the Homeowners Protection Act), PMI on most conventional loans automatically terminates when your balance reaches 78% of the original property value, based on the original amortization schedule. You can usually request cancellation earlier, at 80% LTV. This calculator shows the automatic 78% date.
How much is PMI per month?
PMI typically runs about 0.3%–1.5% of the loan amount per year, driven by your credit score and down payment — around 0.5% is a common middle. On a $320,000 loan at 0.5%, that is roughly $133 a month until it cancels.
Is it worth putting 20% down to avoid PMI?
Sometimes. Twenty percent down removes PMI entirely and shrinks your payment, but it ties up cash that could be a reserve or another down payment. Compare the total PMI you would pay (shown here) against what that extra cash could do elsewhere — for investors, a smaller down payment on two properties often beats a bigger one on one.
Does paying extra principal cancel PMI sooner?
Automatic termination at 78% is based on the original amortization schedule, so extra payments do not speed that date up on their own. But they do build equity faster, which means you can request cancellation at 80% LTV sooner — often with an appraisal.