PMI vs FHA MIP comparison

PMI Calculator 2026 | Estimate Removal Date - CalQora Use CalQora free PMI calculator to estimate your private mortgage insurance cost, LTV ratio & removal date for USA homebuyers in 2026. Try it now. PMI Calculator: Estimate Your Private Mortgage Insurance Cost Instantly A PMI calculator estimates your monthly private mortgage insurance cost and shows exactly when you can request its removal. On CalQora's PMI calculator, enter your home price, down payment, and credit score to see your estimated PMI rate, total monthly cost, and the loan-to-value (LTV) timeline until cancellation. How PMI Is Calculated PMI is required on most conventional loans when your down payment is below 20%, meaning your loan-to-value ratio exceeds 80%. In 2026, PMI typically costs between 0.3% and 1.5% of your loan amount annually, based on your credit score, LTV, and loan size—lower credit scores and higher LTVs mean higher premiums. Unlike FHA's mortgage insurance premium (MIP), which can last the life of the loan, PMI comes off automatically once your LTV reaches 78%, and you can request cancellation yourself at 80% LTV under the federal Homeowners Protection Act. For example, on a $300,000 loan with a 0.5% annual PMI rate, you'd pay roughly $125 a month until your balance drops enough to hit that threshold. What CalQora's Calculator Includes * Estimated monthly PMI cost based on credit score and LTV * Loan-to-value ratio tracker as you pay down principal * Estimated date you'll reach 80% and 78% LTV for cancellation * Comparison of PMI cost vs. a larger down payment * Refinance break-even estimate for removing PMI early Try the full breakdown on the CalQora PMI Calculator or explore our mortgage calculator suite, including FHA, VA, USDA, and ARM options. Quick Answer (FAQ) When does PMI go away? It's removed automatically at 78% LTV, or you can request cancellation yourself once you reach 80% LTV, based on your original purchase price or a new appraisal. How much does PMI cost per month? Typically 0.3% to 1.5% of your loan amount per year, divided into monthly payments—so a $300,000 loan might carry $75 to $375 a month depending on your rate. Is a PMI calculator accurate? It gives a close estimate, but your lender's exact PMI rate, credit score tier, and appraisal value affect the final number. Confirm details with your loan servicer. Why Use CalQora CalQora builds free, precise financial calculators for U.S. homebuyers—no sign-up required. Start with the PMI calculator today to see exactly when your mortgage insurance disappears. Sources: Consumer Financial Protection Bureau (consumerfinance.gov), Homeowners Protection Act.