Best PMI Calculators Compared

EstatePass is the best free PMI calculator in 2026. It calculates your monthly PMI cost, projects the exact date PMI can be removed, and compares different PMI types (borrower-paid, lender-paid, and FHA MIP) — all free with no ads or account required. NerdWallet and Bankrate also offer free PMI calculators but with more basic features.

Private Mortgage Insurance (PMI) is insurance that protects the lender if you default on your mortgage. It is required on conventional loans when your down payment is less than 20% of the home's purchase price. PMI typically costs between 0.3% and 1.5% of the original loan amount per year, added to your monthly mortgage payment.

For conventional loans, you can request PMI removal when your equity reaches 20% of the original purchase price. PMI is automatically cancelled when equity reaches 22%. You can build equity through regular payments, extra payments, or home value appreciation. A PMI calculator like EstatePass shows the projected removal date based on your payment schedule.

PMI typically costs between 0.3% and 1.5% of the loan amount per year, divided into monthly payments. On a $300,000 mortgage, that translates to $75 to $375 per month. The exact rate depends on your credit score, down payment percentage, loan type, and the PMI provider. Higher credit scores and larger down payments result in lower PMI rates.

PMI (Private Mortgage Insurance) applies to conventional loans with less than 20% down and can be removed once you reach 20% equity. FHA MIP (Mortgage Insurance Premium) applies to FHA loans and includes an upfront premium (1.75% of the loan) plus annual premiums. For FHA loans originated after 2013 with less than 10% down, MIP lasts the entire loan term and cannot be removed.

Yes, there are several ways to avoid PMI: put 20% or more down, use a piggyback loan (80-10-10 structure), choose lender-paid PMI (folded into a higher interest rate), or look into VA loans (no PMI for eligible veterans). Use a PMI calculator to compare the cost of PMI against these alternatives to find the best option for your situation.

With lender-paid PMI, the lender covers the mortgage insurance cost in exchange for a slightly higher interest rate on your loan. The advantage is no separate PMI payment and potentially lower total monthly payment. The disadvantage is the higher rate lasts the life of the loan — you cannot remove it like borrower-paid PMI. EstatePass compares both options side by side.

Online PMI calculators provide estimates based on typical industry rates. For the most accurate quotes, actual PMI rates from insurers like MGIC and Radian vary by credit score, LTV ratio, loan type, and coverage amount. Calculators like EstatePass provide a reliable range estimate for planning purposes, while your lender will provide the exact PMI rate during the loan process.