Corie Adams
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Costs

PMI Calculator

PMI is what lets you buy with less than 20% down. It isn't a penalty, for most buyers, waiting years to save 20% costs far more in rising prices than PMI ever does.

What matters is knowing the cost and the exit. This shows both, including how appreciation and extra payments pull the cancellation date forward.

Your numbers

$340,000

Driven by credit score, down payment and loan type.

$0

Your results

Monthly PMI

$148

Estimated months until removal
49 monthsAbout 4.1 years
Total PMI you'd pay
$7,254
Loan amount
$323,000
Starting loan-to-value
95%
Cost of waiting to save 20%
$51,000Additional cash you'd need up front

What happens if you change this

PMI costs $148 a month at 5% down. With 3% appreciation, you'd reach 80% loan-to-value in roughly 49 months and pay about $7,254 total. Adding $100 a month in extra principal shortens that meaningfully, slide the extra-payment field to see it. Waiting to save the full 20% would require $51,000 more up front.

Keep these numbers

Your results are yours already. If it helps, send them to yourself, or have Corie look at the same scenario and tell you what she would change.

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Questions people ask

Can I remove PMI early?
Yes. Conventional PMI can generally be requested for removal at 80% loan-to-value, and cancels automatically at 78% of the original value. Appreciation can qualify you sooner with a new appraisal.
Is PMI ever permanent?
Conventional PMI is not. FHA mortgage insurance typically is, when you put down less than 10%, which is a key reason to compare the two programs.

Estimates for education only, not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2297 · Equal Housing Opportunity.

In plain English

It shows what mortgage insurance costs each month and when it can come off.

When to use it

  • You are putting less than twenty percent down
  • You are weighing a larger down payment against keeping cash
  • You believe your value has risen enough to remove it

Common mistakes

Treating it as permanent
On most conventional loans it can be removed near twenty percent equity. FHA rules differ.
Waiting out the schedule
Appreciation and improvements can get you there faster than amortization alone.
Delaying a purchase to avoid it
The insurance is often cheaper than years of rising rent and prices.

Recommended next steps

  1. 01Plan the down payment that removes it
  2. 02Talk With Corie

Turn the estimate into real numbers.

A pre-approval replaces the assumptions above with your actual income, credit, and the terms available to you today.

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After the math

Where this number leads.