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Printed July 8, 2026 · https://trycleartally.com/pmi-calculator
Estimates for educational purposes only — not financial advice. See https://trycleartally.com/disclaimer.
PMI Calculator
Estimate your monthly PMI cost, the total you'll pay before it goes away, and the month you can ask your lender to cancel it.
Reviewed by the ClearTally editorial team · Last updated July 8, 2026 · Methodology & sources
10.0% down — 20% or more avoids PMI.
Editable estimate — commonly around 0.3%–1.5% a year, depending on credit score and down payment.
Monthly PMI
$225.00
0.75% a year on a $360,000 loan (90.0% LTV)
You can request cancellation
Jun 2034
~7y 11m in — when the balance reaches 80% of the original value
Total PMI paid by then
$21,375
95 payments of $225.00
Automatic termination
Aug 2035
~9y 1m in — at 78% LTV, if you never ask
Total PMI if it runs to 78%
$24,525
Asking at 80% saves $3,150
Assumes borrower-paid monthly PMI at a constant premium on the original loan amount, with drop-off dates based on your scheduled payments and the home's original value. Appreciation, a new appraisal, or extra payments can end PMI sooner. The PMI rate is an editable estimate — your quoted rate depends on credit score, down payment, and loan type. Estimate only, not financial advice.
PMI Worksheet
Monthly PMI
$225.00
Borrower-paid monthly PMI estimate on the original loan amount and original home value. Appreciation, reappraisal, or extra payments can end PMI sooner. Not financial advice.
Calculated using the standard formulas described at https://trycleartally.com/methodology — for educational estimates only, not a quote or financial advice. Verify with your lender or financial institution before making decisions.
PMI is only one line of the real monthly cost — the mortgage calculator adds principal, interest, taxes, and insurance, and the home affordability calculator shows what price fits your income.
How it works
PMI — private mortgage insurance — is what lenders charge on conventional loans with less than 20% down; it protects them, not you, if the loan defaults. The premium is a yearly percentage of your original loan amount, paid monthly: a 0.75% rate on a $360,000 loan is $2,700 a year, or $225 a month. To find when it ends, we run your amortization schedule and apply the federal Homeowners Protection Act thresholds: you can ask your servicer to cancel PMI once the balance reaches 80% of the home's original value, and it must end automatically at 78%.
The gap between those two thresholds is real money — on a typical loan, waiting for automatic termination instead of requesting cancellation costs another year-plus of premiums. Two things this tool doesn't model: appreciation (if your home's value has risen, a new appraisal may get PMI cancelled years earlier) and extra principal payments, which pull both dates forward. FHA loans work differently — their mortgage insurance (MIP) often lasts the life of the loan.
Example:buy a $400,000 home with 10% down ($40,000) at 6.5% for 30 years, with PMI at 0.75%. The loan is $360,000 — a 90% loan-to-value — so PMI runs $225 a month. On schedule, the balance hits 80% of the original value in month 95, about 8 years in, by which point you've paid roughly $21,375 in premiums. Left to terminate automatically at 78%, it runs to month 109 and about $24,525 — so asking as soon as you're eligible saves about $3,150.
FAQ
Under the Homeowners Protection Act, you can request cancellation once your balance reaches 80% of the home's original value — you must ask in writing, be current on payments, and have a good payment history. If you never ask, PMI terminates automatically when the balance reaches 78% on your scheduled amortization. Many servicers will also cancel based on the home's current value after an appraisal, typically once you've had the loan for a couple of years — worth pursuing if prices in your area have risen.