Calculate your Private Mortgage Insurance (PMI) costs for Conventional loans in Nevada. Understand monthly PMI payments and when you can remove PMI to save money.
Enter your home price and down payment to estimate your monthly Private Mortgage Insurance payment.
Nevada median home price
10% down payment
Better credit = lower PMI rate
Everything Nevada homebuyers need to know about PMI costs, requirements, and removal options.
Private Mortgage Insurance (PMI) is insurance that protects the lender if you default on your loan. It's required on Conventional loans when your down payment is less than 20% of the home's purchase price.
PMI allows you to buy a home sooner with a smaller down payment, making homeownership accessible without waiting years to save 20% down.
PMI typically costs between 0.3% and 1.5% of your original loan amount per year, paid monthly. Your rate depends on:
By law, your lender must automatically cancel PMI when your loan balance reaches 78% of the original home value based on your payment schedule.
You can request PMI removal once you reach 20% equity (80% LTV). May require a new appraisal to confirm your home's current value.
If your home value has increased significantly, refinancing can help you reach 20% equity faster and eliminate PMI payments.
Las Vegas and Reno have seen strong home appreciation in recent years. If you bought with less than 20% down 2-3 years ago, your home may have gained enough equity to remove PMI now—potentially saving hundreds per month.
Common questions about Private Mortgage Insurance for Nevada homebuyers.
Get pre-approved for a Conventional loan in Nevada and understand your PMI costs upfront.