How this calculator works
PMI rates run roughly 0.3%–1.5% of the loan per year depending on LTV and credit. Conventional PMI is cancellable; FHA MIP usually is not.
Loans this applies to
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.
Mortgage Insurance Guide: PMI, MIP, VA & USDA Fees
“Mortgage insurance” is actually four different programs with different costs and very different exit ramps.
First-Time Homebuyer Loans
First-time homebuyer loans are mortgage options with low down payments, typically 3% conventional, 3.5% FHA or $0 VA, often paired with state or local down payment assistance.
FAQ
Is the PMI Calculator free?
Yes. It is free, needs no sign-up and does not check your credit.
How accurate is the PMI Calculator?
It uses the same formulas lenders use, but results are estimates. Your actual terms come from your Loan Estimate or term sheet.
Estimates only, for educational use. Not a loan offer or commitment to lend.