How to use it
- Enter your loan amount in dollars.
- Enter the annual PMI rate as a percent.
- Click Calculate to see your monthly PMI payment.
What it does – The PMI Calculator takes your loan balance and the annual private mortgage insurance rate, then shows the exact amount you’ll pay each month for PMI.
Why it matters – PMI can add hundreds of dollars to your monthly housing cost. Knowing the precise figure helps you compare loan offers, decide how much down payment you need, or evaluate the benefit of removing PMI early.
How to read the result – The number displayed is the standalone PMI charge you’ll see on your mortgage statement. It does not include principal, interest, taxes, or insurance. Use it to budget, negotiate, or run a side‑by‑side scenario with different rates.
The calculator assumes PMI is charged on the full loan principal, regardless of your down‑payment size or interest rate. Simply input the loan amount and the annual PMI percentage, and the tool instantly divides the annual cost by twelve to give you the monthly figure.
Pro tips
- Round the loan amount to the nearest $1,000 for a quick sanity check.
- If the PMI rate is shown as a percent, convert it to a decimal before entering (e.g., 0.5% → 0.005).
- Enter the exact annual rate; the calculator already handles the monthly division.
- Confirm the rate applies to the full loan amount, not just the portion above 80% LTV.
Real-life examples
- First‑time buyer wants to know how much PMI will increase her monthly payment.
- Refinance candidate compares PMI costs between two loan scenarios.
- Real‑estate investor calculates PMI to decide if a larger down payment is financially worthwhile.
Case study
Jane was comparing two 30‑year loans and wasn’t sure how much PMI would add to her payment. After entering $250,000 and a 0.45% annual PMI rate, the calculator showed a $937 monthly PMI cost, letting her negotiate a larger down payment and save $200 each month.