What will PMI cost, and when does it end?
Estimate private mortgage insurance on a conventional loan and see when it can be removed by request or automatically.
01Loan
02Paying it down sooner
≡Amortization schedule
360 payments · total interest $484,669 · mortgage insurance $23,513
| Year | Interest | Principal | Mortgage ins. | Balance |
|---|---|---|---|---|
| 1 | $24,575 | $4,247 | $2,090 | $375,753 |
| 2 | $24,290 | $4,532 | $2,090 | $371,221 |
| 3 | $23,987 | $4,835 | $2,090 | $366,386 |
| 4 | $23,663 | $5,159 | $2,090 | $361,226 |
| 5 | $23,318 | $5,505 | $2,090 | $355,722 |
| 6 | $22,949 | $5,873 | $2,090 | $349,848 |
| 7 | $22,556 | $6,267 | $2,090 | $343,582 |
| 8 | $22,136 | $6,686 | $2,090 | $336,895 |
| 9 | $21,688 | $7,134 | $2,090 | $329,761 |
| 10 | $21,210 | $7,612 | $2,090 | $322,149 |
| 11 | $20,701 | $8,122 | $2,090 | $314,028 |
| 12 | $20,157 | $8,666 | $523 | $305,362 |
| 13 | $19,576 | $9,246 | $0 | $296,116 |
| 14 | $18,957 | $9,865 | $0 | $286,251 |
| 15 | $18,296 | $10,526 | $0 | $275,725 |
| 16 | $17,591 | $11,231 | $0 | $264,494 |
| 17 | $16,839 | $11,983 | $0 | $252,511 |
| 18 | $16,037 | $12,786 | $0 | $239,725 |
| 19 | $15,180 | $13,642 | $0 | $226,084 |
| 20 | $14,267 | $14,555 | $0 | $211,528 |
| 21 | $13,292 | $15,530 | $0 | $195,998 |
| 22 | $12,252 | $16,570 | $0 | $179,428 |
| 23 | $11,142 | $17,680 | $0 | $161,747 |
| 24 | $9,958 | $18,864 | $0 | $142,883 |
| 25 | $8,695 | $20,128 | $0 | $122,756 |
| 26 | $7,347 | $21,475 | $0 | $101,280 |
| 27 | $5,909 | $22,914 | $0 | $78,367 |
| 28 | $4,374 | $24,448 | $0 | $53,918 |
| 29 | $2,737 | $26,086 | $0 | $27,833 |
| 30 | $990 | $27,833 | $0 | $0 |
ƒHow this is calculated
- Under the Homeowners Protection Act you can ask to remove PMI once the balance reaches 80% of the original value. It ends automatically at 78% (or at the loan’s midpoint) if your payments are current.
- The servicer and investor set the rules for removal based on a new appraisal (seasoning and LTV), so confirm them with yours.
- This applies to conventional loans. FHA, USDA and VA have their own fees, so see those calculators.
Estimates for illustration only. This is not a loan offer, rate quote, or commitment to lend. Results come only from the numbers entered above. Interest rates are examples you supply, not advertised rates, so check current rates before deciding. Fee schedules and limits shown are published figures that can change.
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
Austin Gerimonte, NMLS #2277430 · CrossCountry Mortgage, LLC NMLS #3029 · Equal Housing Lender · NMLSConsumerAccess.org