Conventional Mortgage & PMI Calculator
Conventional loans with less than 20% down usually require private mortgage insurance (PMI). See your full payment and the month your scheduled balance reaches 80% (when you can ask to cancel PMI) and 78% (when it must end automatically under the federal Homeowners Protection Act).
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Results
Estimated monthly payment
$2,975.44
Estimated payment is $2,975.44/month including $150.00 PMI. You can request PMI removal around month 95; it should end automatically around month 109.
| Principal & interest | $2,275.44 |
|---|---|
| Monthly PMI | $150.00 |
| Taxes, insurance & HOA | $550.00 |
| Loan amount | $360,000.00 |
| Loan-to-value | 90.00% |
| Can request PMI removal (80% LTV) | Month 95 (~7.9 yrs) |
| PMI auto-cancels (78% LTV) | Month 109 (~9.1 yrs) |
| Est. cash to close | $52,000.00 |
Estimate only. Not legal or financial advice.
How this calculator works
Principal and interest use the standard amortization formula. PMI is estimated as your annual PMI rate times the original loan, divided by 12.
The removal months are when your scheduled balance (no extra payments) first falls to 80% and 78% of the original purchase price.
Extra principal payments or a new appraisal showing a higher value can get you there sooner, subject to lender rules.
Formulas
Monthly PMI = loan × PMI rate ÷ 12 (only if LTV > 80%)Removal month = first month where scheduled balance ≤ 80% (or 78%) of original value Assumptions & limits
- The default PMI rate (0.50%/yr) is an illustrative placeholder, last reviewed 2026-10-18. Actual PMI commonly ranges from roughly 0.2% to over 1.5% per year depending on credit and LTV.
- Borrower-requested cancellation also requires a good payment history and may require proof the value has not declined.
- Default interest rates are illustrative examples, not quotes or current market rates (last reviewed 2026-10-18). Enter the rate from your lender.
Assumptions last reviewed 2026-10-18.
Disclaimer: This calculator provides estimates for educational purposes only and is not legal, tax, lending or financial advice. Results depend on your inputs and simplifying assumptions. Confirm with a qualified lender, attorney, CPA or title/escrow professional before making decisions.
Frequently asked questions
When does PMI go away?
Under the Homeowners Protection Act, you can request cancellation when your balance is scheduled to reach 80% of the original value, and lenders must cancel it automatically at 78% if you are current on payments.
How can I avoid PMI?
Put 20% down, use a piggyback second mortgage, choose lender-paid mortgage insurance (usually with a higher rate), or check special programs for your profession or area.
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