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PMI Removal Calculator

You can request PMI cancellation once your balance hits 80% of your home's original value, and your lender must drop it at 78%. Enter your loan and we'll find both dates, plus the fastest way to move them up.

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Please fill in all fields. The payment must be large enough to cover monthly interest, and the balance should be below the original home value.
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Your PMI and extras

What PMI costs you monthly, plus anything extra you're paying toward principal.

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If your home has appreciated, a new appraisal can get PMI removed years earlier. We'll check.
Please enter your monthly PMI cost.

Private mortgage insurance protects your lender, not you, and you have a legal right to stop paying it once you've built enough equity. The Homeowners Protection Act sets two milestones, and knowing your exact dates is worth real money: every month of unnecessary PMI on a typical loan is $100 to $400 out the door.

The two dates that matter

The first is the 80% date: when your loan balance falls to 80% of your home's original value, you can request cancellation in writing. The lender checks that you're current, that your payment history is clean, and sometimes that the value hasn't dropped. The second is the 78% date: when your balance is scheduled to hit 78% of original value, the lender must cancel PMI automatically. The catch is that "scheduled" means the original amortization schedule, so if you've been paying extra, the automatic date won't reflect it. The request route is how you capture what your extra payments earned you.

The appraisal shortcut

Original value is the number from your closing, but homes appreciate. Most servicers will cancel PMI based on your home's current value if a new appraisal you pay for, typically $400 to $600, shows your loan-to-value at or below 80%, or 75% if the loan is under about five years old (rules vary by servicer and investor). If you bought a few years ago in a rising market, this route often beats waiting by years. Enter your estimated current value above and the calculator checks whether it's worth ordering the appraisal.

One warning for FHA borrowers

None of this applies to FHA loans. FHA mortgage insurance (MIP) has its own rules: with less than 10% down it lasts for the life of the loan, and the only exit is refinancing into a conventional loan once you have 20% equity. If that's you, the recast vs refinance comparison is the tool for your situation.

A worked example

Say you bought at $400,000 with 10% down, owe $348,000 at 6.5%, and pay $180 a month in PMI. Your 80% threshold is $320,000. At the normal payment pace that's a few years away, and you'd hand the insurer several thousand dollars in the meantime. An extra $250 a month pulls the date forward by months; a home value around $435,000 makes you eligible right now with an appraisal. The calculator above runs all three routes on your actual numbers.

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Common Questions

When can I remove PMI from my mortgage?
Under the federal Homeowners Protection Act, you can request PMI cancellation once your loan balance falls to 80% of your home's original value, meaning the purchase price or the appraised value at closing, whichever your lender used. You must be current on payments with a good payment history. Your servicer must also terminate PMI automatically when the balance is scheduled to reach 78% of original value.
What is the difference between the 80% and 78% thresholds?
At 80% loan-to-value you have the right to request cancellation in writing, and the lender can ask for evidence the value hasn't declined. At 78% the lender must cancel automatically, no request needed, as long as you're current. The gap between the two dates is money: every month you wait past 80% without asking is a PMI payment you didn't have to make.
Can I use my home's higher current value to remove PMI sooner?
Often yes. If your home has appreciated, you can ask your servicer to cancel PMI based on a new appraisal that you pay for, typically $400 to $600. Requirements vary by servicer and investor: commonly you need 75% loan-to-value if the loan is less than five years old, or 80% after that. If the remaining PMI you'd otherwise pay exceeds the appraisal cost, this route usually wins.
Does this apply to FHA loans?
No. FHA loans carry MIP, mortgage insurance premium, which follows different rules. If you put less than 10% down, MIP lasts for the life of the loan and the only way to remove it is refinancing into a conventional loan once you have 20% equity. If you put 10% or more down, MIP drops off after 11 years. This calculator is for conventional loans with PMI.
How much does PMI cost?
Typically between 0.3% and 1.5% of the loan amount per year, depending on your credit score, down payment, and loan type. On a $350,000 loan that's roughly $90 to $440 per month, which is why getting it removed on the earliest possible date is worth the paperwork.
What payment history do I need to cancel PMI?
Lenders generally require no payment 30 or more days late in the last 12 months and none 60 or more days late in the last 24 months. You also can't have other liens on the property that would push your combined loan-to-value too high.