Private mortgage insurance (PMI) applies when your down payment is under 20%. Estimate the monthly cost, how long it lasts, and the total you'll pay before it drops off.
PMI commonly runs 0.3%–1.5% of the loan per year, depending on credit and down payment.
On a conventional loan, lenders usually require PMI when your down payment is below 20% (a loan-to-value ratio above 80%). It protects the lender — not you — and is added to your monthly payment until you build enough equity.
You can typically request cancellation once your balance reaches 80% of the original value, and lenders generally drop it automatically at 78%. Paying down principal faster, a larger down payment, or rising home values all get you there sooner. The calculator above estimates when you'd reach 20% equity at scheduled payments.
Generally when your loan-to-value reaches 80% (by request) or 78% (automatically), based on the original home value. Paying down principal or rising values can speed this up.
Put 20% or more down, or explore lender-paid PMI or piggyback loans. Each has trade-offs — a larger down payment is the most direct route.