PMI Calculator
PMI Calculator
Conventional PMI cost and the exact date it cancels under federal law.
Conventional PMI cost and the exact date it cancels under federal law.
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Professional Financial Tools
8/25/2026
PMI applies to conventional loans with less than 20% down. FHA loans use MIP instead — different rules, and MIP usually cannot be cancelled.
Typical annual PMI runs 0.46%–1.5% of the original loan amount, per the Urban Institute Housing Finance Policy Center. Credit score is the single largest driver.
Extra principal moves the 80% request date forward. It does NOT move the 78% automatic date — that one is fixed to the original amortization schedule by statute.
Appreciation does not affect the statutory dates, which use ORIGINAL value. It matters only if you ask the servicer for a new appraisal, which is a separate, discretionary route.
$360,000 loan x 0.60% annual PMI rate / 12. PMI is charged on the ORIGINAL loan amount, not the current balance, so this figure does not shrink as you pay down. This is an estimate for planning, not an insurance quote. Actual pricing is set by the insurer or, in promulgated-rate states, by the state regulator.
You reach 80% loan-to-value in month 95. From that point the Homeowners Protection Act gives you the right to ask your servicer in writing to cancel PMI, provided you are current and the loan has no second lien. This is a request — it is not automatic, and most borrowers never make it.
Your servicer must cancel PMI without you asking once the ORIGINAL amortization schedule reaches 78% loan-to-value — month 109. Extra payments and home appreciation do not move this date, because the statute ties it to the original schedule and the original value.
$180 x 109 months of doing nothing until automatic termination.
Cancelling at 80% instead of waiting for automatic termination avoids 14 months of premiums. Put a calendar reminder on the request date — servicers are not required to remind you.
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Open calculatorAlmost every PMI calculator online tells you the monthly premium and stops. The premium is the easy part. The expensive part is how long you keep paying it — and that is governed by federal law, not by your lender's goodwill.
This calculator gives you three dates that most borrowers never learn:
The gap between the first and second date is real money. On the default scenario here — a $400,000 home with $40,000 down — the difference between requesting cancellation and passively waiting is several thousand dollars, and nobody sends you a reminder.
This page covers conventional PMI only. FHA loans use a different product called MIP, with different rules and often no cancellation at all — use the FHA loan calculator for those.
Everything runs in your browser. Nothing you type is sent to a server, and there is no signup.
The premium formula is straightforward:
The detail that catches people out: PMI is charged on the original loan amount, not your current balance. Your premium does not shrink as you pay down the loan. It stays flat until the day it disappears entirely.
Worked example, matching this calculator's defaults:
Rate bands come from the Urban Institute's Housing Finance Policy Center, which puts typical annual PMI between 0.46% and 1.50% of the original loan amount. Credit score is the single largest driver — the spread between the top and bottom band is more than triple.
This is an estimate for planning, not an insurance quote. Actual pricing is set by the insurer or, in promulgated-rate states, by the state regulator.
The Homeowners Protection Act of 1998 (12 U.S.C. § 4902) gives you three separate protections. They are statutory rights, not lender policy:
| Trigger | Threshold | Who acts |
|---|---|---|
| Borrower request | 80% LTV of original value | You, in writing |
| Automatic termination | 78% LTV on the original schedule | The servicer |
| Midpoint backstop | Halfway through the loan term | The servicer |
Two things about this table matter more than the rest of the page.
First: extra principal payments move the request date, but not the automatic date. The statute ties automatic termination to the original amortization schedule. You can throw money at the loan and reach 78% actual LTV years early, and your servicer still is not obliged to act until the original schedule says so. Which means paying extra only helps if you also make the request.
Second: appreciation does nothing to either date. Both statutory triggers use the original property value. If your home has gained value, cancelling early is a separate, discretionary route — you ask the servicer, you pay for a new appraisal, and investor guidelines apply. Fannie Mae and Freddie Mac typically want 75% LTV between two and five years of seasoning, or 80% after five years.
Conditions attach to the request: you must be current on payments, and there must be no second lien on the property.
The chart shows your loan-to-value ratio falling over time, so you can see both thresholds approaching.