PMI CALCULATOR

Nevada PMI Calculator

Calculate your private mortgage insurance cost and when you can remove it

Loan Details

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10% down

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PMI rates vary by credit score

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Nevada avg: 0.2-0.4% monthly (3-5% annually)

Your PMI Costs

Monthly PMI Payment
$195
Loan-to-Value (LTV) 90%
Annual PMI Cost $2,340
PMI Removal Timeline 48 mo

When you reach 20% equity (80% LTV)

Now: 10% Goal: 20%
Total PMI Paid $9,360

Until PMI removal at 20% equity

PMI GUIDE

Understanding Nevada Private Mortgage Insurance

Learn when PMI is required, how much it costs, and proven strategies to avoid or remove private mortgage insurance from your Nevada home loan

Average PMI Cost
$150-300
Per month on Nevada median home
PMI Rate Range
0.3-1.5%
Annual premium of loan amount
Auto Termination
22%
Equity for automatic PMI removal

5 Ways to Avoid or Remove PMI in Nevada

1
Put Down 20% at Purchase

The simplest way to avoid PMI entirely is making a 20% down payment at purchase. On a $400,000 Nevada home, that's $80,000 down for an $320,000 loan with no PMI required.

Nevada Tip: Use down payment assistance programs to help reach 20%. Nevada Housing Division offers grants up to 5% that can be combined with your savings.
2
Request PMI Cancellation at 20% Equity

Once you reach 20% equity through payments or appreciation, you can request PMI removal. Requirements: current on payments, no subordinate liens, may need new appraisal ($400-600 in Nevada).

Submit written request to lender
Order new appraisal if needed
Verify good payment history
Typically 30-45 day process
3
Refinance When You Reach 20% Equity

If your Nevada home has appreciated significantly or you've paid down the balance, refinancing into a new conventional loan at 80% LTV eliminates PMI. Best when rates are also favorable for refinancing.

Nevada Market: Las Vegas and Henderson homes appreciated 15-25% in recent years. Many 2021-2022 buyers now have sufficient equity to refinance and drop PMI.
4
Use Lender-Paid Mortgage Insurance (LPMI)

Instead of monthly PMI, accept a slightly higher interest rate (typically +0.25-0.375%). The lender pays your PMI upfront. Benefit: no separate PMI payment, and you can deduct the full interest (PMI isn't always deductible).

Traditional PMI Example
6.5% rate + $200/mo PMI
LPMI Alternative
6.75% rate + $0 PMI
5
Piggyback Loan (80-10-10 or 80-15-5)

Take a first mortgage at 80% LTV (no PMI) plus a second mortgage (home equity loan/HELOC) for 10-15%. Make a 5-10% down payment. The second loan interest is usually tax-deductible, and you avoid PMI entirely.

80-10-10 Example on $400K Nevada Home:
  • First mortgage: $320,000 @ 6.5% (80% LTV, no PMI)
  • Second mortgage: $40,000 @ 8.5% (10% HELOC)
  • Down payment: $40,000 cash (10%)
  • Result: No PMI, both loans potentially tax-deductible

Ready to Eliminate PMI from Your Nevada Mortgage?

Our mortgage specialists will analyze your situation and recommend the best strategy to avoid or remove PMI - potentially saving you $150-300+ monthly on your Nevada home loan

Get Your Custom Quote Call (702) 696-9900