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PMI is insurance on many conventional loans when the down payment is under 20%. It protects the lender. It is not the same as FHA mortgage insurance.
The charge below is an example of 0.50% of the loan per year. A real PMI quote depends on credit, the loan, and the insurer. The home price in the table is $400,000.
Published by the Mortgage Guide editorial team. Last reviewed: October 2026. This page is educational. It is not a loan offer, approval, or personalized financial advice.
6.75% is an example rate so the calculator has a starting point. It is not a live market quote. Enter the rate from a loan estimate.
Down payment
Loan term
Estimated monthly payment
Principal, interest, taxes, insurance, PMI, and HOA
$2,968.28
The estimated monthly payment is $2,968.28. Principal and interest are $2,334.95, property tax is $333.33, insurance is $150.00, PMI is $150.00.
Taxes, insurance, HOA, and PMI are held flat in this model. A real PMI bill can end after the balance falls, and taxes or insurance can change. The interest total assumes the rate stays fixed and you pay the scheduled amount.
Same price, down payment, and rate. The lowest total interest is labeled in words. A shorter term usually raises the monthly principal-and-interest payment.
| Term | Monthly principal and interest | Total interest | Payoff |
|---|---|---|---|
| 15 years | $3,185.67 | $213,422Lowest interest | September 2041 |
| 20 years | $2,737.31 | $296,955 | September 2046 |
| 30 years — selected | $2,334.95 | $480,586 | September 2056 |
Schedule view
| Year | Principal | Interest | Total paid | Ending balance |
|---|---|---|---|---|
| 1 | $3,836.66 | $24,182.74 | $28,019.40 | $356,163.34 |
| 2 | $4,103.80 | $23,915.60 | $28,019.40 | $352,059.54 |
| 3 | $4,389.53 | $23,629.87 | $28,019.40 | $347,670.01 |
| 4 | $4,695.17 | $23,324.23 | $28,019.40 | $342,974.84 |
| 5 | $5,022.07 | $22,997.33 | $28,019.40 | $337,952.77 |
| 6 | $5,371.76 | $22,647.64 | $28,019.40 | $332,581.01 |
| 7 | $5,745.77 | $22,273.63 | $28,019.40 | $326,835.24 |
| 8 | $6,145.84 | $21,873.56 | $28,019.40 | $320,689.40 |
| 9 | $6,573.76 | $21,445.64 | $28,019.40 | $314,115.64 |
| 10 | $7,031.48 | $20,987.92 | $28,019.40 | $307,084.16 |
| 11 | $7,521.07 | $20,498.33 | $28,019.40 | $299,563.09 |
| 12 | $8,044.74 | $19,974.66 | $28,019.40 | $291,518.35 |
| 13 | $8,604.88 | $19,414.52 | $28,019.40 | $282,913.47 |
| 14 | $9,204.02 | $18,815.38 | $28,019.40 | $273,709.45 |
| 15 | $9,844.89 | $18,174.51 | $28,019.40 | $263,864.56 |
| 16 | $10,530.37 | $17,489.03 | $28,019.40 | $253,334.19 |
| 17 | $11,263.57 | $16,755.83 | $28,019.40 | $242,070.62 |
| 18 | $12,047.84 | $15,971.56 | $28,019.40 | $230,022.78 |
| 19 | $12,886.70 | $15,132.70 | $28,019.40 | $217,136.08 |
| 20 | $13,783.97 | $14,235.43 | $28,019.40 | $203,352.11 |
| 21 | $14,743.70 | $13,275.70 | $28,019.40 | $188,608.41 |
| 22 | $15,770.31 | $12,249.09 | $28,019.40 | $172,838.10 |
| 23 | $16,868.37 | $11,151.03 | $28,019.40 | $155,969.73 |
| 24 | $18,042.85 | $9,976.55 | $28,019.40 | $137,926.88 |
| 25 | $19,299.15 | $8,720.25 | $28,019.40 | $118,627.73 |
| 26 | $20,642.91 | $7,376.49 | $28,019.40 | $97,984.82 |
| 27 | $22,080.23 | $5,939.17 | $28,019.40 | $75,904.59 |
| 28 | $23,617.64 | $4,401.76 | $28,019.40 | $52,286.95 |
| 29 | $25,262.07 | $2,757.33 | $28,019.40 | $27,024.88 |
| 30 | $27,024.88 | $998.38 | $28,023.26 | $0.00 |
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| Down payment | Loan amount | Example monthly PMI | Principal and interest |
|---|---|---|---|
| 5% | $380,000 | $158.33 | $2,464.67 |
| 10% | $360,000 | $150.00 | $2,334.95 |
| 15% | $340,000 | $141.67 | $2,205.23 |
| 20% | $320,000 | None | $2,075.51 |
This model stops the example PMI charge once the loan is 80% or less of the price. Requesting removal on an actual loan depends on the servicer, the loan type, and the payment history.
The actual monthly cost also depends on homeowners insurance for that property, mortgage insurance when the down payment is under 20%, and any HOA fee. This site is not a lender, and these figures are not a loan offer.
No. Homeowners insurance covers the property. PMI covers the lender when the down payment is small. A monthly mortgage payment can include both.
Yes. At 20% down the loan is 80% of the price, and the example PMI amount is zero. Fifteen percent down still shows a PMI charge here.
Change the price, down payment, and PMI rate.
See PMI next to principal, taxes, and insurance.
FHA uses mortgage insurance premiums, not this PMI estimate.
Longer guides on these topics are linked from the guides library.