How is PMI calculated and what factors affect the rate?

PMI is calculated as a percentage of the loan amount, with the rate determined by your credit score, down payment size, and loan type. Higher credit scores and larger down payments typically result in lower PMI rates.

When can I cancel my PMI?

You can typically request PMI cancellation once your loan-to-value ratio reaches 80 percent, either through automatic termination at 78 percent or by making extra payments to hit 80 percent sooner.

Does the calculator account for mortgage insurance premiums on FHA loans?

No, this tool estimates private mortgage insurance for conventional loans only. FHA loans require an upfront and monthly mortgage insurance premium that is calculated differently.

Is the PMI estimate accurate for my specific lender?

The figure is a useful approximation based on industry rate tables, but your lender may quote a different rate based on their own pricing and your full financial profile.

Loans & MortgagesTool Review

PMI Calculator

Provided byOmni Calculatoromnicalculator.com

PMI calculator estimates the private mortgage insurance you'll pay for a mortgage loan based on your credit score and...

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About this tool

What PMI Calculator does

The PMI Calculator estimates the monthly private mortgage insurance you will pay based on your loan amount, down payment, and credit tier. It translates the standard PMI rate tables into a dollar figure so you can see how much extra you will add to your mortgage payment when putting down less than 20 percent. The tool also helps you understand when the insurance can be canceled once your home equity reaches the required threshold. The Omni Calculator version stands out for its clean, step-by-step interface that asks for one input at a time—home price, down payment amount, and credit score tier—then instantly displays the estimated monthly PMI cost and the approximate equity needed for removal. Compared with other PMI tools, it offers a clear visual progress bar and plain-language explanations of how credit scores affect the rate, without requiring a login or hiding formulas behind a paywall.

Step by step

How to use the Omni Calculator PMI Calculator

1
Enter your home's purchase price in the home price field
2
Input the amount of your down payment or select a percentage
3
Choose your credit score tier from the dropdown (excellent, good, fair, poor)
4
View the calculated monthly PMI amount and the equity percentage needed to cancel it

Is it right for you

Best for

Homebuyers making a down payment below 20 percent who want a quick, credit-aware estimate of their monthly PMI cost and when they can request removal.

Limitations

Estimates use typical PMI rate ranges and may vary by lender
Does not include property taxes, insurance, or other loan fees
Actual PMI rates depend on the specific lender and loan program

Questions

PMI Calculator FAQ

How is PMI calculated and what factors affect the rate?: PMI is calculated as a percentage of the loan amount, with the rate determined by your credit score, down payment size, and loan type. Higher credit scores and larger down payments typically result in lower PMI rates.
When can I cancel my PMI?: You can typically request PMI cancellation once your loan-to-value ratio reaches 80 percent, either through automatic termination at 78 percent or by making extra payments to hit 80 percent sooner.
Does the calculator account for mortgage insurance premiums on FHA loans?: No, this tool estimates private mortgage insurance for conventional loans only. FHA loans require an upfront and monthly mortgage insurance premium that is calculated differently.
Is the PMI estimate accurate for my specific lender?: The figure is a useful approximation based on industry rate tables, but your lender may quote a different rate based on their own pricing and your full financial profile.

Other Options

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01
Financial Toolset
financialtoolset.com
Calculate private mortgage insurance (PMI) costs. Estimate monthly PMI payments and when you can remove PMI. Free PMI...

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