How the PMI Calculator Works

It estimates your monthly private mortgage insurance cost on a conventional loan and shows when you can expect to drop it as your equity grows.

How It Works, Step by Step

The calculator applies an estimated PMI rate to your loan amount to find the annual premium, divides by twelve for the monthly cost, and projects the point at which your balance reaches 78% to 80% of the original value, when PMI typically ends.

PMI itself does not vary by state, but Florida home prices and your down payment do, which together set the premium. Putting at least 20% down on a Florida purchase avoids PMI entirely — worth weighing against keeping cash on hand for the state's higher insurance and closing costs.

Want the underlying math? See the pmi formula page, or open the calculator to try it with your own figures.