Mortgage Insurance Calculator
Estimate your monthly and total mortgage insurance costs for Conventional, FHA, USDA, or VA loans.
What this mortgage insurance calculator does
This calculator helps you estimate how much mortgage insurance may cost based on your loan scenario. It gives you a practical view of:
- Your loan-to-value ratio (LTV)
- Estimated monthly mortgage insurance
- Estimated upfront insurance or funding fee
- An estimated total insurance cost over the required coverage period
Understanding mortgage insurance
Mortgage insurance protects the lender (not the borrower) when a loan has a low down payment. Different loan programs use different names and rules:
Conventional loans (PMI)
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20%. PMI usually can be removed once you build enough equity, often around 80% LTV by request or 78% LTV automatically (if payments are current).
FHA loans (MIP)
FHA loans include both upfront and annual Mortgage Insurance Premium (MIP). If your down payment is below 10%, annual MIP often lasts for the life of the loan. With 10%+ down, MIP may end after 11 years.
USDA loans
USDA loans generally include an upfront guarantee fee and an annual fee paid monthly. These rates are set by program rules and can change over time.
VA loans
VA loans typically do not have monthly mortgage insurance. Instead, they may have a one-time VA funding fee, with certain exemptions available for eligible borrowers.
How to use this calculator effectively
- Choose your loan type.
- Enter your home price and down payment.
- Add your expected interest rate and loan term.
- Review or adjust the annual and upfront insurance rates.
- Click Calculate to see monthly and total estimated costs.
Tips to lower mortgage insurance costs
- Increase your down payment to reduce LTV.
- Improve your credit profile before applying for a loan.
- Compare lenders, because pricing can vary.
- Recast or refinance later when your equity improves.
- Track market value changes that may support PMI removal.
Important notes
These estimates are for educational planning only and are not a loan quote. Actual mortgage insurance costs depend on lender guidelines, loan size, credit score, occupancy, debt-to-income ratio, and program updates. Always confirm final numbers with your lender or mortgage advisor.