PMI Calculator

PMI Calculator

A PMI calculator estimates Private Mortgage Insurance costs when your down payment is less than 20%. PMI protects the lender (not you) and can add $100-$500 or more to your monthly payment.

PMI Rates by LTV and Credit Score

Loan-to-Value	Credit 760+	Credit 700-759	Credit 640-699
95% LTV	0.55%	0.78%	1.10%
90% LTV	0.41%	0.52%	0.78%
85% LTV	0.30%	0.40%	0.52%
80% LTV	No PMI	No PMI	No PMI

PMI Cost Example

$300,000 home, 10% down ($30,000), $270,000 loan:

Credit Score	PMI Rate	Annual PMI	Monthly PMI
760+	0.41%	$1,107	$92
720	0.52%	$1,404	$117
680	0.78%	$2,106	$176
640	1.10%	$2,970	$248

PMI Calculator Implementation

``javascript function calculatePMI(homePrice, downPaymentPercent, creditScore, loanAmount = null) { const ltv = 100 - downPaymentPercent; if (ltv <= 80) return { pmi: 0, message: 'No PMI required' };

const loan = loanAmount || homePrice * (1 - downPaymentPercent / 100);

// PMI rates by LTV and credit (simplified) let rate; if (creditScore >= 760) rate = ltv > 90 ? 0.55 : ltv > 85 ? 0.41 : 0.30; else if (creditScore >= 700) rate = ltv > 90 ? 0.78 : ltv > 85 ? 0.52 : 0.40; else rate = ltv > 90 ? 1.10 : ltv > 85 ? 0.78 : 0.52;

const annualPMI = loan * (rate / 100); return { monthlyPMI: (annualPMI / 12).toFixed(2), annualPMI: annualPMI.toFixed(2), rate: rate + '%', ltv: ltv + '%' }; }

console.log(calculatePMI(300000, 10, 720)); // { monthlyPMI: '117.00', annualPMI: '1404.00', rate: '0.52%', ltv: '90%' } ``

Removing PMI

PMI automatically terminates when your LTV reaches 78% through payments. You can request removal at 80% LTV. Refinancing or appraisal showing increased home value can also eliminate PMI sooner.

Where the Money Goes

On $280,000 at 6% over 30 years, paying $1,679 a month:

Point	Principal repaid	Interest paid	Balance
Year 3	$10,965	$49,470	$269,035
Year 8	$31,584	$119,502	$248,416
Year 15	$81,063	$221,110	$198,937
Year 23	$158,574	$294,686	$121,426
Year 30	$280,000	$324,347	$0

Early payments are mostly interest. That is not a fee structure — it is arithmetic: interest accrues on the outstanding balance, which starts at its largest. It is also why an extra payment made early saves far more than the same payment made late.

What a Rate Change Costs

Rate	Monthly	vs 6%	Total repaid
5.00%	$1,503	-$176	$541,116
5.50%	$1,590	-$89	$572,331
6.00%	$1,679	—	$604,347
6.50%	$1,770	+$91	$637,125
7.00%	$1,863	+$184	$670,625

Half a percentage point moves the monthly payment by $91 and the total by $32,778. Shopping three lenders usually beats any amount of negotiating on price.