What PMI rate should I use?

PMI commonly runs 0.3%–1.5% of the loan per year, depending on credit score and down payment. Use your lender's quote when you have it; 0.5%–0.7% is a reasonable estimate otherwise.

How do I get rid of PMI?

It usually drops off automatically near 78% loan-to-value, and you can often request removal at 80%. Extra principal payments get you there faster — see the Extra Payment calculator.

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Calconomics

PMI Calculator

If you put down less than 20%, lenders usually require private mortgage insurance (PMI). Estimate the monthly and annual cost from your price, down payment, and PMI rate — then open the full mortgage calculator to see your complete payment.

The loan

Home price

Down payment

PMI rate annual % of loan — typically 0.3%–1.5%

Estimated monthly PMI

$180.00

Per year

$2,160

The numbers

Loan-to-value	90.00%
PMI required?	Yes — under 20% down

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How it's calculated

PMI applies when your down payment is under 20% of the price (loan-to-value above 80%).
Annual PMI ≈ loan amount × PMI rate; monthly is that ÷ 12.
PMI typically cancels automatically once you reach about 78% loan-to-value.

Our methodology & 2026 data sources →

Frequently asked questions

What PMI rate should I use?: PMI commonly runs 0.3%–1.5% of the loan per year, depending on credit score and down payment. Use your lender's quote when you have it; 0.5%–0.7% is a reasonable estimate otherwise.
How do I get rid of PMI?: It usually drops off automatically near 78% loan-to-value, and you can often request removal at 80%. Extra principal payments get you there faster — see the Extra Payment calculator.

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