Mortgage Calculator with PMI
Use this calculator to determine your total monthly mortgage payment including and estimated amount for Private Mortgage Insurance (PMI).
How the mortgage calculator with pmi works
It calculates principal and interest on the financed amount, then adds private mortgage insurance while your loan-to-value is above 80%. By stepping through the amortization schedule it also finds the month your balance reaches 80% of the home price, when PMI can be removed.
Worked example: with home price of $340,000, down payment of $34,000 and interest rate of 6.50%, the mortgage calculator with pmi shows monthly payment with pmi of $2,112.63.
- Principal & interest
- $1,934.13
- Monthly PMI
- $178.50
- PMI ends in
- 95 mo
- Total PMI paid
- $16,958
| Home price | Monthly payment with PMI |
|---|---|
| $250,000 | $1,491.27 |
| $350,000 | $2,181.67 |
| $500,000 | $3,217.27 |
| $750,000 | $4,943.27 |
The formula
Monthly PMI = loan × annual PMI rate ÷ 12, charged until the balance falls to 80% of the home price. P&I uses the standard amortization formula.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the mortgage calculator with pmi
When can I stop paying PMI?
Once your loan-to-value reaches 80% you can request cancellation; at 78% the lender must drop it automatically. The calculator estimates the month you hit that point.
How much does PMI cost?
Typically 0.3%–1.5% of the loan per year depending on credit and down payment. This calculator lets you set the rate and shows the monthly and total cost.
How do I avoid PMI entirely?
Put down 20% or more so your loan-to-value starts at 80% or below. Some lenders also offer piggyback loans or lender-paid PMI alternatives.
Is the Mortgage Calculator with PMI free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.