Mortgage Insurance Cost Calculator
Estimate your monthly mortgage insurance premium based on loan type, loan-to-value ratio, and credit score using 2026 industry rate tables.
PMI vs MIP — Key Differences in 2026
PMI (Private Mortgage Insurance) is for conventional loans with less than 20% down. It's provided by private insurers (MGIC, Radian, Genworth, etc.) and removes automatically when LTV reaches 78%, or by borrower request at 80%. PMI rates depend on credit score and LTV — better credit gets you much cheaper PMI.
MIP (Mortgage Insurance Premium) is FHA's version. It has two parts: 1.75% upfront (paid at closing or rolled into the loan) plus 0.50-0.55% annually. The catch: with less than 10% down, FHA MIP cannot be removed for the life of the loan — you must refinance to conventional to get rid of it. Source: HUD Mortgagee Letter 2024-23, MGIC rate cards. Last updated: May 2026.
2026 Conventional PMI Rate Table
| LTV / FICO | 760+ | 740 | 720 | 700 | 680 | 620 |
|---|---|---|---|---|---|---|
| 85% LTV | 0.21% | 0.25% | 0.28% | 0.34% | 0.42% | 0.55% |
| 90% LTV | 0.32% | 0.39% | 0.45% | 0.55% | 0.66% | 0.86% |
| 95% LTV | 0.42% | 0.50% | 0.59% | 0.71% | 0.86% | 1.12% |
| 97% LTV | 0.65% | 0.78% | 0.92% | 1.10% | 1.32% | 1.55% |
These are typical 2026 BPMI (Borrower-Paid Monthly Insurance) rates. Single-premium PMI (paid upfront) and lender-paid PMI (LPMI, baked into rate) offer alternatives.
How to Eliminate PMI Faster
Conventional PMI auto-cancels when amortization reaches 78% LTV (federal Homeowners Protection Act of 1998). You can request manual cancellation at 80% LTV — but the lender will require an appraisal at your cost ($400-$600). If home values have risen significantly in your area, an appraisal can put you below 80% well before scheduled — saving years of PMI payments. Source: 12 CFR §1024.
Single-Premium PMI vs Monthly
Single-premium PMI is paid upfront in a lump sum (typically 1.5-3% of loan amount) and eliminates monthly PMI for the life of the loan. The math: on a $300,000 loan, monthly PMI at 0.50% costs $1,500/year. Single-premium would cost about $5,400 once. Break-even is 3.6 years. If you'll keep the loan past 4 years (which most borrowers do), single-premium wins — and the upfront cost may be tax-deductible as interest in the year paid (consult a CPA).