Payoff Logic

PMI Calculator

What PMI costs you monthly, the exact month it cancels under the federal 78% rule, the total you'll pay — and how extra payments shrink all three. Free, no signup.

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30-year loan assumed. PMI rates run ~0.3–1.5%/yr depending on credit and down payment.

PMI per month

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Auto-cancels (78% LTV)

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Total PMI paid

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Rules modeled: PMI charged while balance > 78% of original value (federal auto-termination); you can request cancellation at 80%, or earlier with a new appraisal after appreciation. Extra payments pull the date forward — try it.

Amortization schedule (to PMI removal and beyond)

The three exits, ranked by effort

Wait for the automatic 78% date (zero effort, slowest). Request at 80% — a written request with good payment history, typically months earlier. Force it with extra principal or a reappraisal after appreciation — often years earlier in rising markets. The deep mechanics and edge cases are in our PMI guide; the full payment picture (taxes and insurance included) is in the mortgage calculator.

Frequently asked questions

How much is PMI per month?

PMI rates run roughly 0.3%–1.5% of the loan per year depending on credit score and down payment; 0.5% is a fair mid-range default. On a $360,000 loan that’s $150/month. Enter your quoted rate above for your number.

When does PMI go away?

Automatically when your balance is scheduled to reach 78% of the home’s original value (Homeowners Protection Act), assuming you’re current. You can request cancellation earlier at 80%. The calculator shows your exact month for both thresholds.

Can I remove PMI early without refinancing?

Yes, two ways: extra principal payments (pull the 78% date forward — model it above) or a new appraisal after appreciation/improvements, if your loan-to-current-value has fallen enough (rules vary by loan age and investor). Refinancing is the third path.

Is PMI tax deductible?

The PMI deduction has lapsed and been revived multiple times in tax law; as of the 2026 filing landscape it is not a reliable planning assumption. Check current-year IRS guidance or a tax professional.

Is PMI the same as FHA mortgage insurance?

No. PMI is on conventional loans and cancels; FHA MIP has an upfront 1.75% premium plus annual charges that usually last the life of the loan at low down payments. Compare programs in our FHA calculator.

Should I avoid PMI at all costs?

No — PMI is the price of buying years earlier than a 20% down payment allows. In appreciating markets, waiting can cost more than PMI does. Run the totals and decide with numbers, not slogans.

Related calculators

  • Mortgage Calculator — Estimate your full monthly payment — principal, interest, property taxes, insurance, PMI, and HOA — with a complete amortization schedule.
  • Down Payment Calculator — Every tier from 3.5% to 20% compared: cash needed, payment, PMI — and what your savings cover.
  • Extra Payment Mortgage Calculator — What paying more each month (or one lump sum) does to your mortgage payoff date and interest.
  • FHA Loan Calculator — FHA payment with both MIP charges included — upfront 1.75% and the annual premium, with the 11-year rule.

Disclaimer: Educational purposes only — not financial advice. Servicer rules and investor overlays vary. See our Terms of Use.