How much does PMI cost?

Typically 0.5-1.5% of the loan amount annually. On a $300,000 loan at 1%, PMI costs $3,000/year or $250/month. The rate depends primarily on LTV and credit score.

When can I remove PMI?

You can request removal when you reach 20% equity (80% LTV). Lenders must automatically cancel at 78% LTV based on the original schedule. Refinancing or appraisal proving 80% LTV can also trigger removal.

Is PMI tax-deductible?

The PMI deduction expired in 2022 and was not extended as of 2024. Congress has periodically renewed it. Check current tax law as this changes annually.

PMI Private Mortgage Insurance Cost Calculator

Calculate annual and monthly PMI cost based on loan amount, LTV, and credit score. PMI typically ranges 0.2-2% of loan annually. Shows breakeven to reach 20% equity.

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PMI Private Mortgage Insurance Cost Calculator

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Frequently Asked Questions

How much does PMI cost?

When can I remove PMI?

Is PMI tax-deductible?