PMI removal calculator
Private mortgage insurance on a conventional loan is temporary. You can request removal at 80% loan-to-value, and your servicer must cancel it automatically at 78% of the original value. Enter your numbers to see both dates and what PMI costs you between now and then.
Your loan
When PMI can go
| Balance needed for 80% of today's value | $400,000 |
| Balance needed for 78% of original value | $366,600 |
| PMI paid before an 80% request | $4,125 |
| PMI paid if you wait for automatic cancellation | $20,295 |
| Saved by requesting removal instead of waiting | $16,170 |
At this pace you reach 80% loan-to-value in 2 yr 1 mo (around October 2028), which is the point you can write to the servicer and ask for PMI to be cancelled. Waiting for the automatic 78% cancellation costs another $16,170 in premiums.
How PMI removal actually works
Two separate rules govern conventional PMI. The first lets you request cancellation once your balance reaches 80% of the property's value — that request is yours to make, and appreciation counts, so a home that has gone up in value gets you there faster than the amortization schedule alone. The second is automatic: the servicer must drop PMI when the balance reaches 78% of the original value on the original payment schedule, and must drop it no later than the midpoint of the loan term regardless of value. Requesting at 80% is almost always cheaper than waiting.
How to get PMI removed faster
- Extra principal payments — every extra dollar pulls the 80% date closer. Put a monthly amount in the field above and watch the date move.
- A new valuation — if prices rose or you renovated, the servicer will usually accept a broker price opinion or appraisal they order. Expect to pay a few hundred dollars for it, and check their seasoning rules first.
- A clean payment history — servicers can decline a request if you have had recent late payments or a second lien against the property.
- A refinance — if you are already below 80% and rates work in your favor, a new loan removes PMI at the same time.
FHA mortgage insurance is different
This calculator covers conventional PMI. On most FHA loans written after June 2013, the mortgage insurance premium lasts the life of the loan when you put less than 10% down — reaching 80% loan-to-value changes nothing. The only way out is to refinance into a conventional loan once you have the equity, which means comparing the new rate and closing costs against the premium you would shed.