PMI & MIP Calculator - Free Online Calculator | WikEst
Estimate monthly mortgage insurance by loan type and credit, and see when PMI cancels. No signup. Updated 2026.
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Estimates use published PMI/MIP rate bands and standard cancellation rules. Your lender sets the exact rate and may require an appraisal to cancel.
Understanding PMI & MIP in 2026
Mortgage insurance is the trade-off for buying with less than 20% down. Conventional loans use PMI, FHA loans use MIP, and VA loans use a funding fee. This calculator estimates your monthly cost and tells you when (or whether) the insurance goes away.
How PMI Cost Scales
The lower your down payment (higher LTV) and the lower your credit score, the higher the rate. A 5% down loan (95% LTV) costs materially more than a 15% down loan (85% LTV). The estimate here applies standard rate bands and multiplies by a credit factor; your lender's pricing will differ.
Cancellation Rules
- Conventional: automatic at 78% LTV; request at 80% LTV (often with appraisal)
- FHA (original LTV ≤ 90%): cancels at 78% LTV or after 11 years, whichever is later
- FHA (original LTV > 90%): generally lasts the life of the loan until refinance
- VA: no monthly insurance; only the one-time funding fee
PMI & MIP Calculator: A 2026 Guide
Mortgage insurance is often the difference between buying now and saving for a bigger down payment. This 2026 PMI & MIP calculator estimates your monthly cost by loan type, credit, and down payment, then shows when conventional PMI cancels and how FHA's rules differ. Enter your home price, down payment, and loan type to see the real monthly impact.
Should you avoid PMI with a bigger down payment?
Putting 20% down eliminates PMI entirely on a conventional loan — but waiting to save that extra 15% could cost you in rising home prices and rent. A smaller down payment with PMI lets you buy sooner; the PMI eventually cancels once you reach 78-80% LTV. Use the down payment calculator to compare total monthly cost at different down-payment levels, and the mortgage payment calculator to fold PMI into your full PITI payment.
FHA vs conventional for low down payments
FHA accepts lower credit scores and smaller down payments (as low as 3.5%), but its MIP is harder to cancel and adds an upfront premium. Conventional PMI is cancellable and often cheaper for strong-credit borrowers, but harder to qualify for with thin credit. The right choice depends on your credit, equity, and how long you'll stay in the home. Figures here reflect widely published 2026 rate bands and HPA/FHA rules; confirm exact terms with your lender.
Data sources & compliance note
Automatic PMI cancellation at 78% LTV is set by the federal Homeowners Protection Act of 1998. FHA MIP structure (1.75% upfront, ~0.55% annual) reflects HUD's published rates. PMI rate bands cited (0.3%–1.5% of loan annually) are typical industry ranges, not a quote — actual pricing varies by lender, loan size, credit, and program. This page was last reviewed on August 4, 2026.
Frequently Asked Questions
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is insurance that protects the lender when your loan-to-value (LTV) ratio is above 80% — i.e., your down payment is below 20% on a conventional loan. It is not insurance for you. Government loans have their own versions: FHA charges Mortgage Insurance Premium (MIP), and VA loans charge a one-time funding fee instead of monthly insurance.
How much does PMI cost in 2026?
For conventional loans, PMI typically runs about 0.3% to 1.5% of the original loan amount per year, based on your LTV and credit score. Higher LTV and lower credit push the cost up. On a $300,000 loan with 5% down and good credit, that is often roughly $120 to $200 per month. The estimate here uses published rate bands; your exact rate depends on your lender and profile.
When does PMI cancel?
Federal law (the Homeowners Protection Act of 1998) requires automatic cancellation when your loan balance reaches 78% of the original value. You can usually request cancellation earlier at 80% LTV if your payments or home appreciation got you there, often with a new appraisal. FHA loans are different: MIP lasts until 78% LTV only if your original LTV was 90% or below; otherwise it can last the life of the loan (or 11 years for shorter terms).
How is FHA MIP different from PMI?
FHA MIP has two parts: an upfront premium (UFMIP) of 1.75% of the base loan, usually financed into the loan, and an annual premium (about 0.55% of the loan) paid monthly. Unlike conventional PMI, FHA MIP is required regardless of down payment size and, for high-LTV loans, is generally not cancellable early — it stays for the life of the loan or until you refinance.
Do VA loans have mortgage insurance?
No. VA loans have no monthly mortgage insurance. Instead, most borrowers pay a one-time funding fee — about 2.15% of the loan for a first-time use with no down payment (lower with a down payment, higher for subsequent use). The funding fee can usually be financed into the loan.
Is this PMI calculator free?
Yes — 100% free, no signup, no email, no account. The estimate runs entirely in your browser and your figures never leave your device.
Disclaimer
This calculator provides estimates for educational purposes only. PMI, MIP, and VA funding fees vary by lender, credit profile, loan size, and program, and rates change over time. Results do not constitute a loan offer or financial advice. Actual cancellation may require an appraisal and lender approval. Consult a licensed mortgage professional. WikEst is not a lender, broker, or advisor.
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