mortgage calculator with pmi
this version starts with 5% down and a 0.9% pmi rate so you can see the monthly cost of a small down payment, and the month pmi falls away.
runs on your device · free · no sign-up
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how to mortgage calculator with pmi
- enter the home price, down payment (in dollars or percent), interest rate and loan term.
- add yearly property tax, insurance, any hoa fees and the pmi rate quoted to you.
- type an extra monthly payment to see how much interest and time it saves.
- tick compare two scenarios to set a second loan, such as 15 years instead of 30.
- read the monthly payment, the balance chart and the amortization schedule, then copy the share link if you want to send it.
on a 400,000 home with 5% down at 6.5% over 30 years, pmi at 0.9% adds about 285 per month, and you keep paying it for roughly 10 years and 4 months, around 35,000 in total. the payment table shows how many months pmi runs for the numbers you enter.
you can shorten that time two ways: put extra toward principal so the balance reaches 80% of the price sooner, or ask the lender to cancel pmi once you hit that mark. in a fast-rising market, a new appraisal showing a higher value can also let you drop it earlier.
more ways to mortgage calculator
frequently asked questions
how much is pmi?
usually 0.3% to 1.5% of the loan per year, depending on credit score and down payment. a 380,000 loan at 0.9% costs 3,420 per year, or 285 per month.
when can i stop paying pmi?
on most conventional loans it is removed automatically when the balance reaches 78% of the original value, and you can request removal at 80%. this tool drops it at 80% of the price, the earlier of the two.
is a bigger down payment better than paying pmi?
a bigger down payment lowers the loan, the interest and avoids pmi. but emptying your savings is risky, so compare the extra cost of pmi against keeping a cash reserve. use compare to test both.