Conventional loan PMI is priced primarily off credit score and loan-to-value ratio, so two borrowers with the same loan amount can pay very different monthly premiums.
How it works
A representative rate grid, built from published industry PMI pricing ranges, looks up an annual rate from your credit-score tier and LTV tier; that rate applied to the loan amount and divided by 12 gives the monthly cost.
What this does not include
This does not include lender-specific rate cards, which can vary by insurer (MGIC, Radian, and others each price somewhat differently), or single-premium and split-premium PMI structures that trade a lower monthly cost for an upfront payment.
How to use this calculator
- Enter loan amount, credit score, and loan-to-value ratio.
Frequently asked questions
How is this different from FHA mortgage insurance?
FHA loans use a separate government MIP program with its own fixed rates, generally not cancellable below 10% down; conventional PMI is priced by private insurers and can be cancelled once equity reaches 20-22%.
Why does credit score matter so much for PMI?
PMI insurers price default risk, and credit score is one of the strongest predictors of that risk — the difference between a 620 and a 760+ score can roughly triple the rate.
Can PMI cost be avoided entirely?
Yes, typically by putting down at least 20%, using a piggyback second mortgage, or choosing lender-paid PMI (built into a higher interest rate instead of a separate monthly charge).
