Brian Wittman | Blue Jean Broker
Calculator

PMI Reality Check Calculator

Find out what PMI actually costs you, and whether waiting to save 20% costs you even more.

🚫
The Myth

"PMI is throwing money away." Most buyers hear this and wait years to save 20% down, not realizing they're often losing far more in appreciation than they'd ever pay in PMI. This calculator shows you the real numbers.

1
The Home
Enter the home you're looking at, or a realistic estimate.
Target purchase price
$
What you have saved today
$
Enter the rate you have been quoted
%
Typically 0.5% to 1.5% of the loan per year. Use your lender's figure if you have it.
%
2
The Waiting Alternative
If you don't buy now, how long would it take to save 20%, and what happens to the market?
How much you can save per month toward a down payment
$
Illinois is typically around 4%. Nationally it runs about 4 to 5%.
%
The Verdict
Loading...
$0
Monthly PMI cost
$0
Total PMI until 20% equity
$0
Est. appreciation while paying PMI
$0
Home price if you wait
$0
Extra you'd need to save to reach 20%
$0
Equity built in year 1 if you buy now
Buy Now with PMI vs. Wait to Save 20%
Buy Now
Wait to Save
Home price you pay
Down payment needed
Total PMI paid
$0
Equity at PMI drop-off
Just starting
Net cost difference

Your Equity Timeline

Today 20% equity
PMI starts dropping off at 20% equity
Year
You can request PMI removal (reaches 80% LTV)
Year
PMI auto-cancels by law (Homeowners Protection Act)
Year
The Real Frame

PMI isn't a trap, it's a convenience fee to lock in today's price. And unlike rent, every mortgage payment is building equity. PMI is temporary. Ownership is permanent.

Want to run your actual pre-approval numbers?

Let's look at your full picture: payment, PMI timeline, and what it takes to get to the closing table.

New to how PMI works? Read the full breakdown first.

Schedule a Free Strategy Call →

© 2026 Brian Wittman, Blue Jean Broker | Chicago suburbs, Illinois

Real Estate | Mortgage | Life Insurance | Financial Literacy

Educational tool only. Not financial, lending, real estate, tax, or legal advice. Brian Wittman is licensed in real estate (Real Broker LLC, IL License #475.164962), mortgage origination (NEXA Mortgage, LLC, Company NMLS #1660690; Brian Wittman, MLO NMLS #2646598; AZBK #2006218; Equal Housing Lender; NEXA corporate office: 5559 S Sossaman Rd, Bldg 1, Ste 101, Mesa, AZ 85212), and life insurance (Levinson & Associates). This is not a commitment to lend, and all loans are subject to credit approval. Consult a licensed professional for guidance specific to your situation. Verify mortgage licensing at nmlsconsumeraccess.org. Full disclosures at bluejeanbroker.com/disclosures.