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Buyers
PMI Calculator
Private Mortgage Insurance (PMI) is usually required if you put less than 20% down on a conventional loan. Find out exactly how much PMI will cost you every month.
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How to use this calculator
- Enter your home price and down payment amount (or %).
- Select your loan type (Conventional or FHA).
- Choose your estimated credit score range.
- Hit Calculate to see your estimated monthly and annual PMI costs.
What your results mean
PMI protects the lender, not you, in case you default. The cost varies from 0.3% to 1.5% of your original loan amount annually, heavily dependent on your credit score and down payment percentage.
5 tips to avoid or reduce PMI
- The obvious one: save up a 20% down payment before buying.
- Look into 80/10/10 piggyback loans (an 80% first mortgage, 10% second mortgage, 10% down).
- Improve your credit score. A 760+ score pays significantly less PMI than a 680 score.
- Consider Lender-Paid Mortgage Insurance (LPMI), where you take a slightly higher interest rate instead of a monthly PMI fee.
- If you're an eligible veteran, VA loans require $0 down and have no PMI.