PMI Calculator
A PMI calculator estimates Private Mortgage Insurance costs when your down payment is less than 20%. PMI protects the lender (not you) and can add $100-$500 or more to your monthly payment.
PMI Rates by LTV and Credit Score
| Loan-to-Value | Credit 760+ | Credit 700-759 | Credit 640-699 | 95% LTV0.55%0.78%1.10% 90% LTV0.41%0.52%0.78% 85% LTV0.30%0.40%0.52% 80% LTVNo PMINo PMINo PMI
PMI Cost Example
$300,000 home, 10% down ($30,000), $270,000 loan:
Credit ScorePMI RateAnnual PMIMonthly PMI 760+0.41%$1,107$92 7200.52%$1,404$117 6800.78%$2,106$176 | 640 | 1.10% | $2,970 | $248 |
PMI Calculator Implementation
``javascript
function calculatePMI(homePrice, downPaymentPercent, creditScore, loanAmount = null) {
const ltv = 100 - downPaymentPercent;
if (ltv <= 80) return { pmi: 0, message: 'No PMI required' };
const loan = loanAmount || homePrice * (1 - downPaymentPercent / 100);
// PMI rates by LTV and credit (simplified)
let rate;
if (creditScore >= 760) rate = ltv > 90 ? 0.55 : ltv > 85 ? 0.41 : 0.30;
else if (creditScore >= 700) rate = ltv > 90 ? 0.78 : ltv > 85 ? 0.52 : 0.40;
else rate = ltv > 90 ? 1.10 : ltv > 85 ? 0.78 : 0.52;
const annualPMI = loan * (rate / 100);
return {
monthlyPMI: (annualPMI / 12).toFixed(2),
annualPMI: annualPMI.toFixed(2),
rate: rate + '%',
ltv: ltv + '%'
};
}
console.log(calculatePMI(300000, 10, 720));
// { monthlyPMI: '117.00', annualPMI: '1404.00', rate: '0.52%', ltv: '90%' }
``
Removing PMI
PMI automatically terminates when your LTV reaches 78% through payments. You can request removal at 80% LTV. Refinancing or appraisal showing increased home value can also eliminate PMI sooner.