Monthly premium
This is the common way to pay. It is added to the mortgage payment and appears in the Projected Payments section of both forms. Enter it in the calculator as a monthly amount.
Up-front premium
Sometimes PMI is paid once at closing. It appears in section B of the forms. If you move or refinance after paying up front, you might not be entitled to a refund.
Both together
Some loans combine an up-front premium with a monthly one. Each appears in its own place on the forms.
FHA and USDA loans
Mortgage insurance is required on FHA loans and is paid to the agency, with an up-front cost at closing and a monthly cost. According to the consumer bureau, the FHA premium costs the same regardless of credit score. USDA loans work in a similar way. This calculator does not compute either.
VA-backed loans
The VA's backing takes the place of mortgage insurance, so there is no monthly premium. You pay an up-front funding fee instead.
Then calculate
With the monthly amount from the form, your loan amount and the original value, the calculator shows what PMI costs until each date in the act.