When can I remove PMI from my mortgage?

For conventional loans, you can request PMI cancellation when your loan balance reaches 80% of the original home value. PMI is automatically terminated when your balance reaches 78% of the original value.

Can I remove PMI from an FHA loan?

FHA loans originated after June 2013 with less than 10% down payment have permanent MIP (mortgage insurance premium). If you put 10% or more down, MIP is removed after 11 years. The only way to remove it early is to refinance into a conventional loan.

Do VA loans have PMI?

No, VA loans do not have monthly PMI. Instead, they have a one-time VA funding fee that can be rolled into the loan amount.

What's the difference between 80% and 78% LTV for PMI?

At 80% LTV, you can REQUEST PMI cancellation from your lender. At 78% LTV, the lender is REQUIRED by law to automatically terminate PMI, assuming you're current on payments.

PMI Removal Calculator

Find out exactly when you can cancel your PMI and stop paying hundreds of dollars per month in private mortgage insurance.

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How to Remove PMI

Private Mortgage Insurance (PMI) protects your lender if you default on your loan. It's typically required when you make a down payment of less than 20% on a conventional loan. The good news? PMI doesn't last forever.

80% LTV: Request Cancellation

When your loan balance reaches 80% of your home's original purchase price, you can formally request PMI cancellation from your lender. You must be current on payments and have a good payment history.

78% LTV: Automatic Termination

By law (Homeowners Protection Act), your lender must automatically cancel PMI when your loan balance reaches 78% of the original value, as long as you're current on payments.

PMI Rules by Loan Type

Conventional Loans

Follow the 80%/78% LTV rules above. You can also request early removal with a new appraisal showing increased home value.

FHA Loans (Post-2013)

FHA loans have Mortgage Insurance Premium (MIP), not PMI. If you put down less than 10%, MIP lasts for the life of the loan. With 10% or more down, MIP is removed after 11 years. The only way to eliminate it early is to refinance into a conventional loan.

VA Loans

VA loans don't have monthly PMI. Instead, they charge a one-time VA funding fee (0.5% to 3.3% of the loan) that can be rolled into the loan amount.

💰 How Much Can You Save?

PMI typically costs between 0.5% to 1.5% of your loan amount per year. On a $300,000 loan, that's $1,500 to $4,500 annually—or $125 to $375 per month. Removing PMI as soon as possible can save you thousands of dollars.

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