If your mortgage requires private mortgage insurance, you can include the estimated PMI cost when calculating your monthly housing payment. PMI is generally associated with certain conventional mortgages when the borrower’s equity or down payment does not meet applicable requirements. The actual premium can vary based on factors such as the loan, borrower profile, and insurer. To estimate your total payment, enter the loan amount, interest rate, and term, then add the estimated PMI along with other applicable costs such as property taxes and homeowners insurance. Our mortgage calculator with PMI can help you see how including PMI changes the estimated monthly cost. Keep in mind that PMI may not remain for the entire life of the mortgage. The timing and requirements for removing it depend on the loan terms, applicable rules, and your circumstances.
