Mortgage Calculator Interest Rate and PMI
Estimate monthly payment including interest rate and PMI. See when PMI drops off.
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Frequently Asked Questions – Mortgage Calculator Interest Rate and PMI
What is PMI?
Private Mortgage Insurance (PMI) is required on conventional loans with less than 20% down. It protects the lender if you default.
How is PMI calculated?
PMI is typically 0.3%–1.5% of the loan amount annually, divided into monthly payments. This calculator uses 0.55% as a mid-range estimate.
When can I remove PMI?
For conventional loans, you can request PMI removal when your loan balance reaches 80% of the original home value (LTV ≤ 80%).
Does interest rate affect PMI?
No. PMI is based on loan-to-value ratio and credit score, not the interest rate. However, both PMI and interest affect your total monthly payment.