PMI Calculator

How PMI math works in seconds: Enter home price and down payment percent to get loan size, monthly PMI premiums, and the 20 percent equity drop-off date together. Results appear at $0 cost in your browser.

Why PMI matters for USA buyers on 09/22/2026: Sub-20-percent down payments trigger insurance that protects lenders, not borrowers — $150 monthly on $550,000 Austin starter homes. Chicago condos closing $400,000 units weigh piggyback loans against PMI costs.

Drop-off timing: Conventional PMI cancels at 20 percent equity by amortization schedule, or 25 percent for early FHA removals. Miami buyers stretching $600,000 purchases model extra payments that kill PMI years early.

Rate shopping: PMI rates run 0.3 to 1.5 percent yearly by credit score — 760-plus borrowers pay half what 620 borrowers pay. Denver couples splitting $700,000 loans polish scores before applying.

Refinance exits: Seattle tech workers buying $1M houses drop PMI via appreciation refinances when values climb. New York co-ops carrying $900,000 mortgages track equity quarterly.

First-timer stretch: Boston first-time buyers stretching $650,000 purchases compare PMI costs against waiting another year renting. Chicago investors carrying $300,000 duplexes deduct PMI differently than owners on 09/22/2026.

Doctor loans: Miami physicians buying $800,000 condos use doctor-loan products that skip PMI entirely despite low down payments. Denver teachers affording $450,000 bungalows pair down-payment assistance with PMI planning.

VA advantage: Phoenix veterans using $400,000 VA loans pay funding fees instead of monthly PMI, often cheaper over five-year horizons. Compare total costs, never monthly payments alone.

Rate-band leverage: Credit score bands move PMI rates more than down percent does — an 80-point improvement can halve premiums and beat a larger down payment.

Appraisal exits: Rising markets let owners remove PMI via new appraisals at 20 percent equity without refinancing costs or rate risks.

First-timer stretch: Boston first-time buyers stretching $650,000 purchases compare PMI costs against waiting another year renting rooms. Chicago investors carrying $300,000 duplexes deduct PMI differently than owner-occupants on 09/22/2026.

Doctor loans: Miami physicians buying $800,000 condos use doctor-loan products that skip PMI entirely despite low down payments. Denver teachers affording $450,000 bungalows pair assistance programs with PMI planning.

VA funding fees: Phoenix veterans using $400,000 VA loans pay funding fees instead of monthly PMI, often cheaper across five-year horizons. Compare lifetime totals, never monthly payments alone.

Score-band leverage: Credit score bands move PMI rates more than down percent does — eighty points can halve premiums and beat larger down payments outright.