mortgage calculator

PMI Removal Calculator

PMI removal calculator to calculate the monthly PMI payment for your mortgage. The PMI payoff calculator will show you the cost of PMI and find out when your PMI will be paid off.

PMI Payoff Calculator

Home Value
$
Down Payment
Mortgage Amount
$
Loan Terms
Interest Rate
PMI (Yearly)
First Payment Date

Amortization schedule


What is PMI?

PMI is private mortgage insurance that borrowers are required to pay when their down payment is less than 20% of their home value for traditional mortgages. Borrowers who put down less than 20% are viewed as riskier to the banks. During financial difficulties, it's easier for borrowers with less equity in the house to stop payment and walk away. To offset this additional risk and protect themselves, banks require the borrowers to pay for the PMI or when loan-to-value (LTV) is greater than 80%. Banks and lenders will automatically remove the PMI once the borrower's equity on the house exceeds 20%, which may take a few years. The PMI rate is usually about 0.3 percent to about 1.5 percent of the original loan amount per year depending on your credit score and other factors. Simply enter the home value, mortgage amount, and the yearly PMI rate, and the PMI payoff calculator will get an estimated monthly PMI payment for you. The PMI Cost Calculator will calculate the payoff date for your private mortgage insurance, and you will also get the total amount of PMI that you paid over the years.


How to remove PMI?

There are a few ways that a borrower can reduce the LTV and remove the PMI. Since LTV is calculated based on the loan size and the value of your home, you can either reduce the size of the loan or increase the value of your home to have a lower LTV.

  • 20% Down Payment - Put at least 20% as your down payment on a house. This will make your LTV less than 80% and hence no need to pay for PMI.
  • Extra Payments - Make extra payments each month towards principal which will reduce the size of your loan and lower your LTV. Before doing this, you should talk to your bank just to make sure there are no fees or penalties for extra payments.
  • Home Appreciation - As your house appreciates, you can get an appraisal to reevaluate your house. Make sure you talk to the bank first and hire an appraisal company that is approved by the bank.






Early Mortgage Payoff Calculator
Mortgage Payoff Calculator
Mortgage Refinance Calculator
Commercial Mortgage Calculator
Mortgage Comparison Calculator
Balloon Mortgage Calculator
Mortgage Calculator App
Monthly Mortgage Payment Calculator
Biweekly Mortgage Calculator with Extra Payments
Interest Only Mortgage Calculator
Simple Mortgage Calculator
Advanced Mortgage Calculator
FHA Loan Calculator
VA Loan Calculator
USDA Loan Mortgage Calculator
Mortgage Calculator By State
Down Payment Calculator
Reverse Mortgage Calculator
Mortgage Affordability Calculator
Mortgage Balance Calculator
Cash Out Refinance Calculator
Refinance Break Even Calculator
Mortgage Recast Calculator
How Much House Can I Afford
HELOC Calculator
HELOC Payoff Calculator
HELOC Payment Calculator
Mortgage Prepayment Calculator
Mortgage Calculator Canada
Mortgage Calculator UK
PMI Removal Calculator
Mortgage Insurance Calculator
Real Estate Commission Calculator
Commercial Real Estate Commission Calculator
Mortgage Calculator With Extra Payments
APR Calculator
Property Tax Calculator
Investment Property Calculator
Interest Rate Calculator
Mortgage Interest Tax Deduction Calculator
Mortgage Calculator Excel
Amortization Schedule With Irregular Payments
15 Year Mortgage Calculator
30 Year Mortgage Calculator
Condo Mortgage Calculator
Second Mortgage Calculator
Mortgage Points Calculator
Home Improvement Loan Calculator
Home Sale Net Proceeds Calculator
Closing Costs Calculator
Construction Loan Calculator
Home Appreciation Calculator
BRRRR Calculator
Hard Money Loan Calculator
70% Rule Calculator

Auto Loan Calculator

Car Loan Amortization Schedule Excel
Auto Loan Payoff Calculator
Auto Loan Calculator with Trade in
Auto Refinance Calculator
RV Loan Calculator
Motorcycle Loan Calculator
Car Lease Calculator
Car Depreciation Calculator
LTV Calculator Auto
Reverse Auto Loan Calculator
How Much Car Can I Afford

Loan Calculator

Printable Amortization Schedule
Amortization Schedule Excel
Amortization Schedule With Extra Payments
LTV Calculator
Debt To Income Ratio Calculator
Debt Payoff Calculator
How Much Rent Can I Afford
Boat Loan Calculator
Student Loan Calculator
Student Loan Payoff Calculator
Personal Loan Calculator
Personal Loan Payoff Calculator
Land Loan Calculator
Loan Payoff Calculator
Loan Calculator Excel
Reverse Loan Calculator

Savings & Investments Calculator

Compound Interest Calculator
Airbnb Calculator

Credit Card Calculators

Credit Card Calculator
Credit Card Payoff Calculator
Credit Card Minimum Payment Calculator
Credit Card Interest Calculator
Multiple Credit Card Payoff Calculator

Mortgage Guide

How to Pay Off Mortgage Earlier
How to Improve Credit Score
What Percent Do Real Estate Agents Make

Mortgage Calculator Widget

Free Mortgage Calculator Widget

Mortgage Calculator | Terms | Privacy | Disclaimer | Contact

©2021 Mortgage Calculator Excel