PMI Calculator
What private mortgage insurance costs on a conventional loan with less than 20% down, and when you can cancel it or it ends on its own.
PMI on a $350,000 home at 7% over 30 years (0.5% a year)
| Down payment | PMI a month | Ends after | Total |
|---|---|---|---|
| 3% | $141 | 12 years 7 months | $21,360 |
| 5% | $139 | 11 years 10 months | $19,673 |
| 10% | $131 | 9 years 7 months | $15,094 |
| 15% | $124 | 6 years 8 months | $9,917 |
How this calculator works
PMI is a yearly percentage of the loan, paid monthly. Under the Homeowners Protection Act you can ask the lender to cancel it once the balance is scheduled to reach 80% of the original value, and it ends automatically at 78%.
What it assumes
- PMI rates depend on credit score and down payment; enter your quote.
- Extra payments or a higher appraisal can end PMI sooner.
Questions people ask
How much does PMI cost?
Usually 0.3% to 1.5% of the loan a year: on a $315,000 loan at 0.5%, about $131 a month.
When does PMI go away?
You can ask to cancel it when the balance reaches 80% of the home's original value, and it ends automatically at 78%, if you're current on payments.
How can I avoid PMI?
Put 20% down, use a VA loan, or look for lender-paid mortgage insurance (built into a higher rate) or piggyback loans.
Is PMI tax deductible?
For 2026 on, yes if you itemize: premiums count as mortgage interest, less 10% for each $1,000 of adjusted gross income over $100,000, so nothing at $110,000 or more (26 U.S.C. 163(h)(3)(E)).
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Sources
Updated by the RateHerald team. The maths is tested against worked examples; report a problem.