How it works
PMI is charged as an annual percentage of your loan, paid monthly:
Monthly PMI = Loan × (Rate ÷ 100) ÷ 12
Example
A $240,000 loan at a 0.5% PMI rate costs about $100 a month ($1,200 a year).
PMI Calculator
Estimate your private mortgage insurance (PMI) — usually required when you put down less than 20%.
- Free
- No sign-up
- Instant results
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Frequently asked questions
- When does PMI stop?
- Usually once your loan balance reaches about 80% of the home's value, you can request to cancel it. Rules vary by loan type.