Monthly PMI on a conventional loan and the month it ends under the 78% and 80% rules
Estimates only, not financial advice. What you type stays on your device. Checked against sources on 5 Oct 2026.With 5% down on a $400,000 home at 6.5%, an example PMI rate of 0.5% costs $158.33 a month. Under the Homeowners Protection Act it ends automatically when the scheduled balance reaches 78% of the price, after 135 payments here, about $21,375 in all, or sooner if you ask at 80%.
Rates and rules read from the sources listed on this page (the earliest on 5 Oct 2026); they may have changed since.
Enter the price, a down payment under 20%, the rate and the term.
Type the PMI rate from your lender quote; 0.5% is only an example.
Read the monthly PMI and the payment number when it ends at 78% on the original schedule.
Switch on cancellation at 80% and add extra payments to see how much sooner it can stop.
Private mortgage insurance is charged when you put less than 20% down.
The Mortgage Calculator works out the monthly payment on a conventional US home loan the way a lender's estimate presents it: principal and interest, property tax, homeowners insurance, private mortgage insurance and HOA dues. Lenders call the first four PITI.
PMI. With less than 20% down, most conventional loans charge PMI. The rate comes from your lender's quote, so it is an input; the 0.5% shown is an example. The Homeowners Protection Act sets when it ends: automatically when the balance on the original schedule reaches 78% of the home's original value, on request at 80% if your payment record is good and the value has not fallen, and in any case after the middle of the loan term. Extra payments do not move the automatic date, but they bring the 80% request date forward, which the switch on the page shows.
Extra payments. An extra amount each month goes straight to principal, so the loan ends sooner and costs less interest. The page shows the months and interest saved.
The rest of the article, and all 6 questions about Mortgage Calculator, are on the Mortgage Calculator page.
Under the Homeowners Protection Act, borrower-paid PMI ends automatically when the balance on the original schedule reaches 78% of the home's original value, if payments are current. A borrower can ask to cancel it at 80%, with a good payment record. It cannot continue past the midpoint of the loan term.
PMI is priced by the lender and mortgage insurer, mainly on the credit score and the down payment, so the rate is an input here. As an example, 0.5% a year on a $360,000 loan is $150 a month. Use the rate on your loan estimate, which lists the monthly mortgage insurance in the projected payments.
Extra principal cuts interest because every later month charges interest on a smaller balance. On a $360,000 loan at 6.5% for 30 years, paying $200 more each month saves about $108,919 of interest and ends the loan 73 months early. Check your loan for prepayment penalties before sending extra.
No. Conventional loans are made with less than 20% down, FHA loans need at least 3.5% under HUD rules, and VA loans can need none. Below 20% on a conventional loan, PMI is usually charged until the balance falls to 78% of the price. With 10% down on a $400,000 home in this example, PMI adds $150 a month for 109 months.
Rates and rules change; check the source before you rely on a figure.
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Same job, other tools: FHA MIP Calculator – Upfront and annual FHA mortgage insurance, and whether it lasts 11 years or the whole loan · VA Mortgage Calculator – Full VA house payment with zero down: principal, interest, property tax and insurance.
On the related tools: CLTV Calculator – Combined loan-to-value and HCLTV from your mortgage, second loans and credit line.
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