Estimated monthly outflow
$0Includes PMI plus other housing costs.PMI Calculator
Estimate your mortgage payment with PMI before you make a lower down payment.
Private mortgage insurance can materially change the real monthly cost of buying with 5%, 10%, or 15% down. Use this calculator to estimate how PMI fits into your payment and how much more equity you may need to avoid it.
Interactive Tool
Mortgage calculator with PMI built in
Start with a low-down-payment scenario, then test how quickly the monthly cost changes as you increase the down payment.
Principal + interest
$0Your base mortgage payment before extras.Total interest paid
$0Total borrowing cost at your chosen rate.Payoff date
-Projected final payoff month and year.Interest saved with extras
$0Shows the benefit of optional overpayments.Time saved
0 yearsHow much faster extra payments can close the loan.Payment Mix
How much PMI adds to the payment
Amortization Preview
First 12 months
| Month | Payment | Principal | Interest | Balance |
|---|
Common Tradeoffs
When is PMI worth it?
Buy sooner
PMI may let you enter the market with less cash, which can matter if home prices are rising faster than your savings.
Save more first
Waiting to hit 20% down can lower your monthly payment and reduce the amount borrowed, but it can also delay the purchase.
Keep reserves
Some buyers prefer to keep more emergency savings even if that means carrying PMI for a period of time.
Refinance later
If rates and home values cooperate, refinancing or requesting PMI removal later may change the long-term cost equation.
PMI Guide
How to think about PMI strategically
1. Estimate the true monthly impact
PMI is usually modest relative to the full payment, but it becomes more meaningful when combined with taxes and insurance.
2. Compare 5%, 10%, and 20% down
The difference between those scenarios is not just PMI. Your rate, loan amount, and cash reserves can all change too.
3. Ask about PMI cancellation rules
Lenders follow specific rules for removal, and the timing may differ depending on the loan and your payment history.
4. Keep a realistic cash buffer
A slightly higher monthly payment may be preferable to draining your emergency fund to avoid PMI entirely.
FAQ
Mortgage calculator with PMI questions
What is PMI in a mortgage calculator?
PMI stands for private mortgage insurance. It is commonly added when the down payment is below 20%, and it increases the total monthly housing payment.
Does PMI last forever?
No. On many conventional loans, PMI can eventually be removed after enough equity is built, subject to lender rules and payment history.
Is it better to avoid PMI completely?
Not always. Avoiding PMI can be attractive, but buying earlier with PMI may still be the better move if it preserves cash or helps you enter the market sooner.