PMI Calculator
Private mortgage insurance has two end dates, not one. At 10% down on a $400,000 home with a 0.5% premium it costs $150 a month, $16,350 before it ends. You may request cancellation once the balance reaches 80% of the original value, and the servicer must cancel it automatically at 78%.
This estimate does not include property taxes, homeowners insurance, mortgage insurance or HOA dues. Your actual payment obligation will be greater.
These figures are the arithmetic of the assumptions you entered. BEDRWay is not a lender, does not quote rates, and this is not a loan offer, a pre-qualification or a commitment to lend. A licensed loan officer runs your actual numbers.
On this page
How the maths works
premium = original loan × annual rate ÷ 12
Note the first term. Conventional mortgage insurance is quoted against the original loan amount and stays flat as the balance falls, so the premium you pay in year eight is the same one you paid in year one even though you owe considerably less. That is a common surprise and it is not an error.
The two dates, and why only one of them is automatic
Most calculators mention a single threshold. There are two, they are three months apart on a typical loan, and they work differently.
- 80% of the original value: you may request cancellation. It is a right, but it is yours to exercise. The servicer is not obliged to remind you, and generally will not.
- 78% of the original value: the servicer must terminate it. Automatically, without being asked, provided the loan is current. This is the protection that works even if you never think about it again.
Both are measured against the value at the time you bought and against the original amortisation schedule. That last detail matters more than it looks.
Extra payments move one date and not the other
Because automatic termination is tied to the original schedule, paying extra does not bring it forward. The request at 80% is measured against your actual balance, so extra payments do move that one. The practical consequence: if you have been paying extra, the way to convert it into an earlier cancellation is to ask. Nobody will ask for you.
Rising home values are a separate route again. Many servicers will cancel on a new appraisal showing enough equity, usually after a seasoning period of two years. That is a lender policy rather than a right, and it costs an appraisal fee, but on a home that has appreciated sharply it can be worth years of premiums.
FHA mortgage insurance is a different animal
None of the above applies to an FHA loan. FHA charges an upfront premium and an annual one, and on most loans opened after June 2013 the annual premium runs for the life of the loan rather than ending at a threshold. Ten percent down shortens it to eleven years. Otherwise the way out is refinancing into a conventional loan, which is a decision worth planning for rather than discovering.
Why this page will not guess your rate
There is no public rate card any longer. The mortgage insurers moved their pricing behind quote engines, and what you would pay depends on credit score, loan-to-value, loan term and property type. Any calculator that prints a premium without asking you for one has chosen a number on your behalf and not mentioned it. The slider above is yours to set, and a lender can replace it with a real quote in a few minutes.
What the premium costs at other down payments
| Down payment | At 0.3% | At 0.5% | At 0.8% |
|---|---|---|---|
| 3% | $97 | $162 | $259 |
| 5% | $95 | $158 | $253 |
| 10% | $90 | $150 | $240 |
| 15% | $85 | $142 | $227 |
| 20% | $0 | $0 | $0 |
This estimate does not include property taxes, homeowners insurance, mortgage insurance or HOA dues. Your actual payment obligation will be greater.
These figures are the arithmetic of the assumptions you entered. BEDRWay is not a lender, does not quote rates, and this is not a loan offer, a pre-qualification or a commitment to lend. A licensed loan officer runs your actual numbers.
Frequently asked questions
When does PMI come off?
There are two dates and they are not the same. You may request cancellation once the balance reaches 80% of the original value. The servicer must terminate it automatically at 78%, without being asked, provided the loan is current. Most calculators state only the first one, which leaves out the protection that works even if you forget.
Does paying extra make it end sooner?
It can, for the request at 80%, because that is measured against the actual balance. Automatic termination at 78% is measured against the original amortisation schedule, so extra payments do not move it. Asking is what turns extra payments into an earlier cancellation.
Is FHA mortgage insurance the same thing?
No, and the difference is expensive. FHA charges an upfront premium and an annual one, and on most loans opened after June 2013 the annual premium runs for the life of the loan rather than ending at a threshold. Refinancing out of FHA is the usual way off it.
Why does this page not know my premium?
Because no public rate table exists any more. The mortgage insurers moved their pricing behind quote engines, and it varies by credit score, loan-to-value, loan type and term. Any calculator printing a premium without asking you for one has picked a number and not told you.
Sources
Last updated: August 25, 2026