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Wondering if the income needed to buy a home in the top 50 metro areas is starting to decline? Hint: Not yet.

Wondering if the income needed to buy a home in the top 50 metro areas is starting to decline? Hint: Not yet.

PMI Calculator - How to Calculate Mortgage Insurance

This unique mortgage calculator will not only generate an amortization schedule, but will also show the Private Mortgage Insurance payment that may be required in addition to the monthly PITI payment, and when it will automatically cancel.

Want to learn more about PMI? Read "Everything you need to know about PMI", our comprehensive guide.

PMI Calculator with Amortization

C A L C U L A T I N G
< 45%
1
Your PMI payment is
-
Principal
-
Interest
-
Total Monthly Payment
-
Your loan has an LTV of -
Your PMI payment duration is -
Your PMI policy should automatically
cancel at payment -
Over those years, you'll pay a total of
- for PMI
Principal
-
Interest
-
Total Monthly Payment
-
hurray
Your Loan LTV is -
PMI Not Required
Amortization schedule
Payment
number
Payment
amount
Interest
amount
Principal
reduction
PMI
payment
Remaining
Balance
* Interest calculated at 1/12th of annual interest rate on the remaining principal amount. (Rounding errors possible)

Private Mortgage Insurance, or PMI, is insurance that protects the lender against loss if you (the borrower) stop making mortgage payments. Even though it protects the lender and not you, it is paid by you. It may allow you to buy a house with a much smaller down payment, as low as three to five percent of the price of the house instead of the more common 20 percent, making buying a house a sooner possibility for some.

PMI costs are determined by the type and term of the loan you choose, the loan's purpose, loan amount, the loan-to-value ratio (LTV), the borrower's credit score, debt-to-income ratio and number of borrowers.

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