PMI Calculator
Estimate your monthly private mortgage insurance cost and find out when you can have it cancelled — saving hundreds per year.
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PMI is required when down payment is under 20%.
💡 Two Ways to Eliminate PMI
1) Make extra payments to reach 20% equity faster — use our extra payment calculator to see how quickly. 2) Refinance once your home has appreciated enough that your LTV drops below 80% — check our refinance calculator.
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Everything you need to know about PMI
Private Mortgage Insurance protects the lender — not you — if you default on your loan. It's required on conventional loans when your down payment is less than 20% of the purchase price.
PMI cancellation rights (Homeowners Protection Act): You can request cancellation when your loan balance reaches 80% of the original purchase price. Lenders must automatically cancel at 78% LTV. You may also be able to cancel sooner if your home has appreciated significantly, via a new appraisal.
PMI rates vary based on your credit score, loan type, and lender. Higher credit scores (740+) typically get lower PMI rates. An FHA loan has a similar charge called MIP (Mortgage Insurance Premium), which works differently.
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