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PMI Calculator
Calculate your private mortgage insurance (PMI) costs and discover when you can eliminate this monthly expense. PMI is typically required when your down payment is less than 20%.
PMI Key Facts:
- • Required when: Down payment is less than 20% of home value
- • Typical cost: 0.5% to 1% of loan amount annually
- • Removal: When you reach 20% equity (78% LTV automatically)
- • Benefit: Allows homebuying with smaller down payment
PMI Analysis
85.0%
LTV Ratio
$141.67
Monthly PMI
$1700.00
Annual PMI Cost
PMI is required when LTV is above 80%. You can request removal at 80% LTV.
How to Remove PMI
Automatic Removal:
- • At 78% LTV based on original value
- • Lender must cancel automatically
- • Must be current on payments
Request Removal:
- • At 80% LTV (20% equity)
- • May require new appraisal
- • Contact your lender
Pro Tip: Making extra principal payments can help you reach 20% equity faster and eliminate PMI sooner.