Broker DaveConventional payment calculator
Most calculators guess at PMI with a flat 0.5%. This one prices it off Essent Guaranty's published rate card — your credit band, your LTV band, your coverage level, and every adjustment that applies — then shows you the two dates it comes off.
The purchase
$20,000 down · 95.00% LTV
30 yrs — 360 is a 30-year note, 180 a 15-year.
Escrows
1.10% of the price · $366.67/mo
$200.00/mo
Leave at 0 if there's no association.
Mortgage insurance — Essent rate card
Representative FICO — the middle score of the lowest-scoring borrower. Rate card band: 740–759.
At 90.01% – 95% LTV, 30% is the agency standard. The lower options cut the premium but buy it back with a loan-level price adjustment on your note rate.
$380,000 loan at 6.5% · 95.00% LTV · 30 yrs — drops to $2,969 after 11 yrs 3 mos, when the mortgage insurance comes off.
The monthly payment
- Principal & interest
- $2,401.86
- Property taxes
- $366.67
- Homeowners insurance
- $200.00
- Mortgage insurance
- $167.83
- Total payment
- $3,136.36
- Payment after mortgage insurance ends (11 yrs 3 mos in)
- $2,968.53
Loan & cash to close
- Purchase price
- $400,000
- Down payment (5.00%)
- $20,000
- Base loan amount
- $380,000
- Loan-to-value
- 95.00%
- Cash to close
- $20,000
Cash to close here is the down payment plus any fee you chose not to finance. Title, escrow, appraisal, points and prepaids are separate — those come off a Loan Estimate, not a calculator.
Private mortgage insurance
- LTV band
- 90.01% – 95%
- Credit band
- 740–759
- Coverage
- 30% · Standard
- Base rate from the card
- 0.53%
- Annual premium rate
- 0.53%
- Monthly premium
- $167.83
- Automatic termination (78% of price)
- 11 yrs 3 mos in
- You can request cancellation (80%)
- 10 yrs 4 mos in
- Total PMI you'll pay
- $22,657
Priced off Essent Guaranty's published BPMI monthly card — EGI-6509.107 (02/19), effective February 11, 2019, purchase, non-refundable. The premium is level: the rate applies to your ORIGINAL loan amount and doesn't shrink with the balance, which is exactly why cancelling it matters so much more than on an FHA loan.
Two dates, not one. Under the Homeowners Protection Act the servicer must drop PMI automatically when the scheduled balance hits 78% of the $400,000 original price — but you can REQUEST cancellation at 80%, roughly 11 mos earlier, if you're current and ask in writing. Nobody will remind you.
Essent prices through EssentEDGE today, so a live quote comes back per-file rather than off a grid. This card is the real, published Essent rate card and a good benchmark — treat it as a close estimate, not a rate lock.
Amortization schedule
Every payment, with interest, principal, mortgage insurance and the balance — yearly or month by month.
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Why your PMI number is nothing like your neighbor's
Credit moves it the most
At 95.01–97% LTV with standard coverage, a 760 score prices at 0.58% and a 620 score at 1.86% — more than triple, on the same house, with the same down payment. No other input on this page swings that hard.
Coverage is a real choice
The agencies require a set coverage percentage by LTV, but reduced and charter-minimum options exist. They cut the premium and buy it back with a loan-level price adjustment on your note rate. Sometimes that trade wins.
And it cancels
This is conventional's structural advantage over FHA. PMI is temporary by law. FHA's MIP above 90% LTV is not — it runs the entire term.
Getting rid of it — two dates, not one
- 80% — you request it. Under the Homeowners Protection Act you may ask the servicer to cancel PMI once the scheduled balance reaches 80% of the original purchase price. You have to be current, and you have to ask, in writing. Nobody will remind you.
- 78% — they must drop it. Automatic termination is the servicer's obligation, no request required. It arrives months after the 80% date, and every one of those months is money you didn't have to spend.
- Both dates run off the original schedule. Extra principal payments move the real balance faster than the schedule, which can support an earlier cancellation request — but that usually takes a new appraisal and the servicer's agreement, not just arithmetic.
- The rate card here is Essent's real one — form EGI-6509.107, the last national BPMI monthly grid they published, purchase and rate/term, non-refundable. Essent prices through EssentEDGE today, so a live quote comes back per-file. Treat this as a close benchmark, not a lock.
Broker Dave is not affiliated with Essent Guaranty, Inc. This calculator is educational and is not a loan offer, a rate quote, or a commitment to lend. Every figure is an estimate. David Lurvey, NMLS 410420.