Mortgage Calculator With PMI
Calculate your full PITI plus PMI payment when your down payment is below 20%. See exactly how much PMI adds per month and when it falls off.
If your down payment is below 20% of the home's value, your lender requires Private Mortgage Insurance (PMI). This calculator includes PMI as a separate line in your monthly payment, so you see the real cost of buying with less than 20% down.
What PMI Costs You
PMI typically runs 0.3% to 1.5% of the loan amount per year, paid monthly. On a $400,000 loan at 0.6% PMI, that is $200 per month, or $2,400 per year of pure cost with no equity built.
PITI + PMI Example
| Component | Monthly |
|---|---|
| Principal & Interest (P&I) | $2,022 |
| Property Tax | $400 |
| Insurance | $125 |
| PMI (0.6%) | $200 |
| Total PITI + PMI | $2,747 |
Based on a $400,000 home, $80,000 down (10%), 6.5% rate, 30-year term, $4,800 annual property tax, $1,500 annual insurance, 0.6% PMI.
When Does PMI Fall Off?
Federal law requires the lender to remove PMI automatically when your loan-to-value ratio reaches 78%, based on the original purchase price. You can request removal earlier at 80% LTV. Track this date. Lenders are required to drop PMI but historically not always quick about it. A polite letter at the 80% mark is worth $200 a month back in your pocket.
Should You Put 20% Down to Avoid PMI?
Sometimes. If 20% drains your emergency fund or stops your retirement contributions, the wiser move is 10-15% down, keep the cash reserves, and pay PMI until you reach 78% LTV. PMI is annoying. An empty emergency fund is a disaster.
Use the Full Calculator
The Mortgage Calculator handles every scenario described on this page. For the deeper math and worked examples, read the companion guide.