PMI Removal Calculator

Don't wait for your lender. Calculate your "80% LTV Date" instantly and see how much you can save by accelerating your principal payoff.

Last Updated:

1 Loan Details

$
$

Starting Loan Amount: $332,500

Accelerate Your Savings

$
$

2 Your Savings Report

Standard Path
Loading...
Months Remaining: 0
Accelerated Path
Loading...
Months Saved: 0
Total PMI Saved
$0

The 80% Rule Explained

Private Mortgage Insurance (PMI) is usually required on conventional loans when you put down less than 20%.

  • 80% LTV: You can *request* cancellation from your lender. You need a good payment history and potentially an appraisal.
  • 78% LTV: Automatic termination. The lender *must* drop PMI by law on this date (based on original schedule).

This calculator shows you the 80% Request Date, which allows you to act sooner.

⚠️ FHA Warning

If you have an FHA loan from after 2013 with less than 10% down, you have MIP (not PMI) and it stays for the life of the loan. You must refinance to a Conventional loan to get rid of it.

You May Also Need

Rent vs Buy

Should you buy now?

DTI Calculator

Check mortgage readiness

Closing Cost Calc

Estimate closing fees

Frequently Asked Questions

When is PMI automatically removed?

By law (Homeowners Protection Act), lenders must automatically terminate PMI when your scheduled mortgage balance reaches 78% of the original home value, provided you are current on payments.

Can I request PMI removal sooner?

Yes. You can request cancellation once your balance hits 80% of the home's original value. You do not have to wait for the automatic 78% termination, but you must ask for it in writing.

Can I remove PMI based on my home's new higher value?

Yes, but rules vary. Most lenders require a new appraisal to prove the value has risen enough to give you 20-25% equity. Some require a 'seasoning period' (usually 2 years) before you can use the new value.

Does this work for FHA loans (MIP)?

Generally, no. Modern FHA loans use MIP (Mortgage Insurance Premium), which typically lasts for the life of the loan if you put down less than 10%. The only way to remove FHA MIP is usually to refinance into a Conventional loan.

Do I need a full appraisal to remove PMI?

It depends on the lender. Some may accept a Broker Price Opinion (BPO) or an Automated Valuation Model (AVM), which are cheaper than a full appraisal. Always ask your lender for the cheapest valuation option allowed.

Does making extra payments help remove PMI?

Yes! Every extra dollar of principal brings you closer to the 80% Loan-to-Value (LTV) threshold. This calculator shows exactly how many months faster you can drop PMI by paying extra.