Most calculators quietly leave out mortgage insurance — so the number looks smaller than your real payment. This one shows it for FHA, Conventional, and VA, the way a 20-year insider would.
The most common loan — PMI applies under 20% down and drops off automatically at 20% equity.
Mortgage insurance (MI) protects the lender, not you — but you pay for it whenever you put down less than 20% (on Conventional and FHA loans). It's added to your monthly payment, and most quick calculators leave it out so the number looks friendlier than reality.
On a Conventional loan, PMI falls off automatically once you reach 20% equity. On an FHA loan, the MIP can last the life of the loan if you put down less than 10%. On a VA loan, there's no monthly MI at all — just a one-time funding fee. Knowing which is which can be worth thousands. That's the kind of thing I decode every week.
Grab the free Stuck Homeowner's Playbook, or send me your Loan Estimate and I'll decode it line by line.
Get the Free Playbook →Estimates for education only — not a loan offer, quote, or financial/mortgage advice. Mortgage insurance rates, taxes, and fees vary by lender, location, and loan program; your actual numbers will differ. PMI/MIP and funding-fee figures use standard industry tiers and may not match a specific lender's pricing.