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Finance Calculators
PMI Calculator
Estimate the monthly and annual cost of private mortgage insurance (PMI) on a conventional loan.
Annual PMI cost
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Monthly PMI cost
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About the PMI Calculator
Private mortgage insurance (PMI) protects the lender if a borrower defaults, and is typically required on conventional loans when the down payment is below 20% of the home's value.
Formula: Annual PMI = Loan Amount × PMI Rate · Monthly PMI = Annual PMI ÷ 12
PMI rates usually range from about 0.3% to 1.5% of the loan amount per year depending on your credit score and down payment, and can typically be cancelled once you reach 20% equity.
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