PMI Removal Calculator
Find when PMI on a conventional loan can be cancelled at 80% or ends at 78% or the term midpoint, and how much sooner extra payments or an appraisal could end it.
When can private mortgage insurance on your conventional loan end, and how much sooner can extra payments or a new appraisal get you there?
Your loan
Removal based on today's value (optional)
| Route | Loan month | From now | PMI paid until then |
|---|---|---|---|
| Ask your servicer to cancel (80% of original value) | 124 | 100 months (8 yr 4 mo) | $15,000 |
| Automatic termination (78%, original schedule) | 135 | 111 months (9 yr 3 mo) | $16,650 |
| Final termination (midpoint of the term) | 181 | 157 months (13 yr 1 mo) | $23,550 |
Under the Homeowners Protection Act you can ask to cancel at 80% of the original value if you are current and have a good payment history; the servicer may also require proof that the value has not fallen and that there are no second liens. Automatic termination at 78% and final termination at the midpoint require being current. These rules are for conventional loans; FHA mortgage insurance follows different rules.
How it works
The calculator rebuilds your loan’s original amortization schedule and finds the month the balance reaches 80% and 78% of the original value, with your extra payments applied from the next payment onward for the request date only. The midpoint date is half the term plus one month. For the appraisal route it holds today’s value flat and looks for the first month your balance meets the servicer’s LTV after its waiting period; it never assumes the home will appreciate.
Check how down payment size sets PMI in the first place with the down payment and PMI calculator, and see what extra principal does to the rest of the loan in the mortgage calculator.
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Frequently asked questions
When can I remove PMI?
On a conventional loan you can ask your servicer in writing to cancel PMI once your balance reaches 80% of the home's original value, if you are current and meet its conditions. It must end automatically when the balance is scheduled to reach 78%, and no later than the month after the midpoint of the loan term.
Do extra payments remove PMI sooner?
They can bring forward the date you are allowed to request cancellation. They do not change the automatic termination date, which follows the original payment schedule.
Can a higher home value remove PMI?
Sometimes. Some servicers will cancel PMI based on a new appraisal once the loan-to-value is low enough and you have had the loan for a set time. That is servicer and investor policy, so ask for the rules before you pay for an appraisal.
Does this apply to FHA loans?
No. FHA mortgage insurance has its own rules, set by HUD, which depend on when the loan was made and the down payment. This calculator covers conventional loans.
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