What 20% down does to PMI

A down payment of 20% or more keeps PMI out of the housing payment. The PMI field is ignored in that case.

The test is the loan, not the field

Down payment is subtracted from the home price. If the loan is 80% of the price or less, PMI does not apply. A number left in the PMI box is not added.

If the loan is even a dollar above 80% of the price, PMI applies and the monthly amount you typed is included. The screen says which of those two states you are in.

Cash at the start versus cash every month

A larger down payment does two things. It shrinks the loan, so principal and interest fall, and it can remove the PMI line. Those are separate effects. You can see both by changing only the down payment and reading the mix.

The down payment is assumed paid at the start. It is not added to the loan, and lender fees are not rolled into the balance either.

Just under 20%

Nineteen percent down still starts PMI. The ask date is then the month the balance falls to 80% of the original price, which may be soon, but the early payments still include the PMI you typed.

Type the PMI quote you were given. The calculator will not invent a rate per hundred of the loan.

This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.