Mortgage Insurance Calculator | Estimate PMI, FHA MIP & VA Costs

How to Use This Tool Using this calculator is simple. Follow these four steps to get your personalized mortgage insurance estimate: 1. Set Your Property Price Use the Home Price slider to match the purchase price of the home you are considering. The calculator updates in real-time, so you can instantly see how a higher or lower price affects your insurance requirements. 2. Adjust Your Down Payment Move the Down Payment slider to reflect how much cash you are putting down. Under 20%: You will typically see PMI/MIP requirements kick in. 20% or more: Mortgage insurance is generally not required for conventional loans, putting you in the "No MI" zone. 3. Configure Your Loan Details Select your specific loan parameters to get an accurate rate: Loan Type: Choose between Conventional, FHA, VA, or USDA. Each has different insurance rules (e.g., FHA requires MIP for the life of the loan in many cases). Loan Term: Select your mortgage length (e.g., 30 or 15 years). Shorter terms often have lower insurance rates. Interest Rate: Adjust the rate to match current market averages or your pre-approval offer. 4. Input Your Credit Score Your credit score significantly impacts your PMI rate for conventional loans. Slide this to your approximate score to see how a better credit rating can lower your monthly insurance costs. 5. Review Your Results Once your inputs are set, look at the results panel on the right: Monthly MI: Your specific monthly insurance cost. Total Monthly Payment: A breakdown including Principal, Interest, and Insurance. Loan Summary: See critical data like your Loan-to-Value (LTV) ratio and when you might be eligible to cancel your PMI.

Real-time calculations

Mortgage Insurance
Calculator

Calculate your PMI, MIP, and total monthly payments with precision. Compare different loan types and down payment scenarios.

Property Details

Home Price $500,000

$50K $2M

Down Payment

10% | $50,000

0% 40%

Loan Details

Loan Type Conventional FHA Loan VA Loan USDA Loan

Loan Term 30 Years 20 Years 15 Years 10 Years

Interest Rate 6.75%

2% 12%

Credit Score 720

580 850

Loan-to-Value Ratio

Your LTV 90%

0% 80% PMI threshold 100%

PMI Required. With less than 20% down, you'll need mortgage insurance.

Monthly Mortgage Insurance

$225 /mo

Monthly Payment Breakdown

Principal & Interest $2,594

Mortgage Insurance $225

Total Monthly $2,819

Loan Summary

Loan Amount $450,000

MI Rate 0.60%

Total MI Over Life $40,500

MI Cancellation ~8 years

Total Interest $484,000

Payment Distribution

Principal

Interest

MI

What is PMI?

Private Mortgage Insurance protects lenders if you default. Required when down payment is under 20%.

How to Remove PMI

Once your LTV reaches 80%, you can request PMI removal. At 78%, it's automatically cancelled.

FHA vs Conventional

FHA loans have MIP for the life of the loan. Conventional PMI can be removed once you build equity.

Buying a home is one of the biggest financial decisions you'll ever make, and understanding the true cost of your monthly payment is crucial. If you're putting down less than 20%, Mortgage Insurance (MI) is a key factor that often catches buyers by surprise. Our Mortgage Insurance Calculator is designed to give you a clear, instant picture of these extra costs. Whether you are applying for a Conventional loan (PMI), an FHA loan (MIP), or exploring VA and USDA options, this tool calculates your specific insurance rates based on real-world variables like your credit score and loan-to-value (LTV) ratio. Stop guessing and start planning. See exactly how much you'll pay monthly, when your insurance might automatically cancel, and how different down payment scenarios impact your bottom line.