How much is PMI on a $750,000 Home?
Last Updated: June 17, 2026
Discover exactly how much Private Mortgage Insurance will cost, and calculate the exact legal dates you can cancel it under the Homeowners Protection Act (HPA).
Loan Details
Borrower Profile
PMI Analysis
Estimated Monthly PMI
Total Lifetime PMI Cost: $0
Removal Timeline (HPA Regulations)
Under the HPA, you can legally request your lender to cancel PMI on this date.
Your lender is legally required to automatically terminate PMI on this date.
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Frequently Asked Questions (FAQ)
What is Private Mortgage Insurance (PMI)?
PMI is an additional monthly insurance fee required by lenders for conventional loans when the buyer makes a down payment of less than 20% of the home's purchase price.
Who does PMI actually protect?
A common misconception is that PMI protects the buyer. In reality, PMI exists solely to protect the lender from financial loss in the event that you default on your mortgage payments.
How much does PMI cost on average?
Depending on your credit score and the size of your down payment, PMI typically costs between 0.58% and 1.86% of your total loan amount annually. For complete federal guidelines, you can review the Official Fannie Mae Guide to PMI.
How can I avoid paying PMI altogether?
The most straightforward way to avoid PMI is to save up a down payment of at least 20%. Alternatively, eligible military service members can apply for a VA loan, which does not require PMI regardless of the down payment size.
When can I cancel my PMI payments?
You have the right to request PMI cancellation when your loan balance drops to 80% of your home's original appraised value. Lenders are required by law to automatically terminate PMI when your balance reaches 78%.