PMI calculator: monthly PMI and FHA MIP by credit score

The short answer

PMI usually costs about 0.2% to 1.9% of the loan a year on a 30-year fixed conventional loan, depending on credit score and down payment, based on Arch MI's rate card effective Feb. 9, 2026. On a $386,190 loan (10% down on $429,100) with a 720-739 score, that is 0.46%, or about $148 a month. FHA charges a 1.75% upfront premium plus 0.50% to 0.55% a year.

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How PMI is calculated

Monthly PMI = loan amount × annual PMI rate ÷ 12. The rate comes from the insurer's rate card and depends mainly on your credit score, your loan-to-value ratio (LTV), the coverage the loan requires and whether the rate is fixed. Your lender picks the insurer, so get the exact figure from your Loan Estimate.

2026 PMI rates by credit score and down payment

Annual borrower-paid monthly premiums from Arch MI's rate card (fixed rate, term over 20 years, standard Fannie Mae/Freddie Mac coverage, effective Feb. 9, 2026):

Down payment (LTV)	760+	740-759	720-739	700-719	680-699	660-679	640-659	620-639
3% to 4.99% (95.01%-97%)	0.58%	0.70%	0.87%	0.99%	1.21%	1.54%	1.65%	1.86%
5% to 9.99% (90.01%-95%)	0.38%	0.53%	0.66%	0.78%	0.96%	1.28%	1.33%	1.42%
10% to 14.99% (85.01%-90%)	0.28%	0.38%	0.46%	0.55%	0.65%	0.90%	0.91%	0.94%
15% to 19.99% (80.01%-85%)	0.19%	0.20%	0.23%	0.25%	0.28%	0.38%	0.40%	0.44%

The same card adds surcharges for cash-out refinances, second homes, investment properties and debt-to-income ratios above 45%, and gives a discount when there are two or more borrowers.

FHA mortgage insurance (MIP) in 2026

Down payment	Upfront MIP	Annual MIP (30-year, loan up to $832,750)	How long it lasts
3.5% to 4.99%	1.75%	0.55%	Life of the loan
5% to 9.99%	1.75%	0.50%	Life of the loan
10% or more	1.75%	0.50%	11 years

Rates are from HUD Mortgagee Letter 2023-05, which ties the higher-rate tier to the national conforming loan limit ($832,750 in 2026); loans above it pay 0.70% to 0.75%. Duration rules are from Mortgagee Letter 2013-04. More in when does PMI go away on an FHA loan.

When conventional PMI ends

Under the Homeowners Protection Act you can ask your servicer to cancel PMI when your balance reaches 80% of the home's original value, and it must end automatically when the balance is scheduled to reach 78%, if you are current on payments (CFPB). The calculator estimates both dates from your rate and the original amortization schedule. How to remove PMI.

Frequently asked questions

How much is PMI on a $400,000 loan?

At 0.46% a year (720-739 credit score, 10% to 15% down), PMI on $400,000 is about $153 a month. At 0.87% (3% to 5% down, same score) it is about $290 a month.

Does credit score affect PMI?

Yes. On Arch MI's 2026 card, a borrower with 3% to 5% down pays 0.58% a year at 760+ but 1.86% at 620-639, more than three times as much.

How is FHA MIP calculated?

FHA charges 1.75% of the base loan upfront, usually financed, plus an annual premium of 0.50% to 0.55% for most 30-year loans up to the conforming limit, paid monthly.

When does PMI go away?

On a conventional loan you can request cancellation at 80% of the original value, and it ends automatically at 78%. FHA MIP lasts 11 years with 10% or more down, otherwise for the life of the loan.

Is PMI tax deductible in 2026?

Check current IRS guidance for the tax year. The itemized deduction for mortgage insurance premiums has been changed by Congress several times, so confirm with IRS Publication 936 or a tax professional.

Sources

Prepared by the MortgageInfo.us editorial team from primary sources. General education only, not financial, legal, or tax advice. How we research and fact-check.

Annual premium rate
Loan-to-value
Loan amount
Upfront premium
When it ends