Estimate your monthly PMI from the loan and home value — and see the loan balance where you can request removal.
PMI applies to conventional loans with less than 20% down and is estimated as an annual percentage of the loan. Actual rate depends on credit score, LTV, and loan type. FHA loans use separate MIP rules. Not lending advice.
Private mortgage insurance protects the lender when you put down less than 20%. It's added to your monthly payment as a percentage of the loan. Under federal rules you can request removal once the balance hits 80% of the original value, and the lender must drop it automatically at 78%.
Monthly PMI = loan × annual PMI rate ÷ 12
Pay down principal to 80% LTV and request cancellation, or refinance once you have 20% equity. Rising home values can also get you there sooner via a new appraisal.
No — FHA charges MIP under different rules that often last the life of the loan. PMI here refers to conventional loans.
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It uses standard formulas and recalculates the moment you change a value, so the math is exact for the inputs you enter. Treat the result as a reliable planning estimate; for decisions with legal or tax consequences, confirm the figures with a qualified professional.
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Last reviewed: September 2026. Free to use, no signup — PMI Calculator by ToolWise Digital.
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