Edited and reviewed by CEO Vatche Saatdjian — 30+ years of experience — Expert on FHA loans

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PMI Calculator Nevada

Calculate your private mortgage insurance (PMI) costs and learn when you can remove PMI from your monthly mortgage payment in Nevada.

Calculate Your PMI Costs

Your PMI Estimate

Enter your home details to calculate estimated PMI costs.

When Can PMI Be Removed?

1
Automatic at 78% LTV
Lender must remove PMI when you reach 22% equity
2
Request at 80% LTV
Ask lender to cancel PMI once you hit 20% equity
3
Refinance Earlier
Refi to conventional or FHA streamline to eliminate PMI sooner

PMI Savings Tips

  • PMI costs 0.3% - 1.5% of loan amount annually
  • Make extra payments to reach 20% equity faster
  • Home value appreciation can help you reach 80% LTV sooner
  • Request a new appraisal if your home has increased in value

Ready to Buy Without PMI?

Put 20% down on a conventional loan or use VA/USDA loans with $0 PMI

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Understanding Private Mortgage Insurance (PMI)

What Is PMI?

Private Mortgage Insurance (PMI) is required on conventional loans when you put down less than 20% of the home's purchase price. PMI protects the lender—not you—if you default on the loan. It's an additional monthly cost added to your mortgage payment.

PMI typically costs between 0.3% and 1.5% of the original loan amount per year, depending on your credit score, down payment, and loan type. For a $300,000 loan, expect $75 - $375 monthly in PMI.

PMI vs MIP: What's the Difference?

PMI (Conventional Loans)

  • • Required on conventional loans under 20% down
  • • Can be removed at 20% equity (80% LTV)
  • • Automatically terminates at 22% equity (78% LTV)
  • • Cost varies by credit score and down payment

MIP (FHA Loans)

  • • Required on all FHA loans regardless of down payment
  • • Cannot be removed (must refinance to eliminate)
  • • Lasts for life of loan (loans after 2013)
  • • Fixed cost based on loan amount

How PMI Is Calculated

PMI rates depend on three main factors:

Credit Score

Higher credit = lower PMI. Scores above 760 get the best rates (0.3% - 0.5%). Scores below 680 pay more (0.9% - 1.5%).

Down Payment

Larger down payment = lower PMI. 15% down costs less than 5% down because you have more equity and lower risk.

Loan Amount

PMI is calculated as a percentage of your loan amount. A $400,000 loan at 0.5% PMI = $2,000/year ($167/month).

How to Remove PMI

Option 1: Reach 20% Equity (Request Removal)

Once your loan-to-value (LTV) ratio reaches 80%, you can request PMI cancellation. You may need to:

  • Have good payment history (no late payments in past year)
  • Order a new appraisal (if using appreciation to hit 80% LTV)
  • Submit a written request to your lender

Option 2: Wait for Automatic Removal (22% Equity)

By law, lenders must automatically cancel PMI when your LTV reaches 78% (22% equity) based on the original amortization schedule—no action required.

Option 3: Refinance to Eliminate PMI

If your home has appreciated or you've paid down the principal, you can refinance into a new conventional loan without PMI once you have 20% equity.

PMI in Nevada: What You Need to Know

Nevada's rising home values can help you eliminate PMI faster. Las Vegas and Henderson home values have appreciated significantly since 2020, allowing many homeowners to request PMI removal earlier than expected.

Nevada PMI Example:

Home price: $450,000 (Las Vegas median)

Down payment: 10% ($45,000)

Loan amount: $405,000

Credit score: 720

PMI rate: ~0.5%

Monthly PMI: $169

Remove PMI when: Loan balance reaches $360,000 (80% LTV)

Alternatives to Paying PMI

Save for 20% Down

Avoid PMI entirely by putting 20% or more down on a conventional loan

Use VA Loan (Veterans)

$0 down, no PMI required for eligible veterans and active duty military

USDA Loan (Rural Areas)

$0 down with low upfront guarantee fee instead of PMI for eligible rural properties

Lender-Paid PMI

Lender pays PMI in exchange for slightly higher interest rate—no separate PMI payment

PMI Frequently Asked Questions

Explore Your Nevada Mortgage Options

Get pre-approved and learn which loan program minimizes PMI costs for your situation

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