← All tools

PMI Removal Calculator

When can you drop PMI?

PMI is the extra monthly insurance charge on a conventional loan with less than 20% down. Enter your loan details from your closing papers and latest mortgage statement, and we’ll show the earliest date you can stop paying it and how much that saves.

  1. PMI depends on how much you still owe

    is tied to your : your loan balance divided by the home’s value. Owing $400,000 on a $500,000 home is 80% LTV. As LTV falls, PMI can come off.

  2. There are three ways off

    By law (the ), PMI ends automatically at 78% of your original price. You can ask for it to end sooner at 80%, or ask the lender to use a new if your home has gained value.

  3. Different things move each date

    The automatic date is fixed by your original , so extra payments don’t change it. Extra payments speed up the 80% request; a rising home value speeds up the appraisal route. We show whichever comes first.
Your closing disclosure has the original price and loan amount; your latest mortgage statement has the balance and monthly PMI. FHA, VA, and USDA loans follow different rules, so pick yours under Loan type. How to get rid of PMI walks through each path.
Loan type
Your loan when you bought

From your closing disclosure or purchase contract. These set your automatic cancellation date.

$
$
%
yr
Where you are today

From your latest mortgage statement.

$
$/ mo
Assumptions and extra payments

What you expect going forward. Change these to see how each date moves.

% / yr
$/ mo
Your today: 91.0% of the original price ($455,000 / $500,000) · 85.8% of the estimated current value ($530,450)

Earliest you can drop PMI

3yr

From today, by asking with a new appraisal of today’s value. Saves $19,525 vs. waiting for automatic cancellation.

PMI you’d still pay

Waiting for automatic cancellation$29,150
Asking at 80% of original$24,475
Asking with a new appraisal$9,625
Most you could save$19,525

Automatic (78% of original)

8yr 11mo

the lender must cancel by law

Ask at 80% of original

7yr 6mo

written request; extra payments help

Ask with a new appraisal

3yr

needs 75% LTV (loan 2-5 yrs old) or 80% (5+ yrs)

PMI saved by acting early

$19,525

vs waiting for automatic cancellation

What this means

You owe $455,000, which is 91% of the $500,000 original price. Your fastest route is asking with a new appraisal of today’s value, about 3 years from now. Waiting for automatic cancellation instead means 5 years 11 months more of PMI, about $19,525 at $275 a month. This route depends on your home’s value rising 3% a year.If values stay flat, your fallback is asking at 80% of the original price, about 7 years 6 months from now.

To ask for cancellation you’ll need a written request and a good payment history (no payment 30 days late in the past 12 months, or 60 days late in the past 24), and your servicer sets the exact requirements. How to request PMI removal

What would change your date

Pay $100 more a month toward principal1mo sooner
Home value grows 4% a year instead of 3%9mo sooner
Home value stays flat4yr 6mo later

Loan-to-value (LTV) over time

Each line falls as you pay down the loan. PMI can come off when a line drops below the level its path requires: 78% or 80% of the original price, or 75% to 80% of the current value.

Scheduled balance ÷ original price (sets the automatic date) Your actual balance ÷ original price Your actual balance ÷ estimated current value
0%18%37%55%73%92%Yr 0Yr 5Yr 10Yr 15Yr 20Yr 25Yr 28

Three paths to drop PMI under the and servicer rules:
1. Automatic at 78% LTV, based on the original payment schedule (not your actual balance). Extra payments don’t speed this up. The lender must drop PMI on a date set when the loan began, or at the loan’s halfway point if that comes first.
2. Request at 80% LTV: you can ask once your actual balance reaches 80% of the original price (extra payments help here). Requires a good payment history (no 30-day late payment in the past 12 months, no 60-day late in the past 24).
3. Reappraise at a lower current-value LTV. rule: 75% LTV if the loan is 2 to 5 years old, 80% if 5 years or older (some servicers are stricter). Requires 2 years of , on-time payments, and a borrower-paid or appraisal ($150 to $600). It usually saves the most when home values are rising.

Refinancing is a fourth path: if rates have dropped and your home has gained value, refinancing into a conventional loan with at least 20% equity drops PMI immediately. Compare it with the refinance calculator.

Results are estimates based on your inputs and the assumptions on this page, not quotes or advice. A lender, servicer, or tax advisor will give you different numbers. Disclaimer

Something look off? Report it

Terms used on this page

The terms behind each way to drop PMI, plus the FHA insurance that follows its own rules.

PMI (private mortgage insurance)
A monthly charge on conventional loans with less than 20% down. It protects the lender if you stop paying, and it can be removed once you owe little enough compared with the home’s value. More
LTV (loan-to-value ratio)
Your loan balance divided by the home’s value. Owing $400,000 on a $500,000 home is 80% LTV. PMI rules are based on this number. More
HPA (Homeowners Protection Act)
The federal law that requires lenders to cancel PMI automatically at 78% of the original value by schedule, and lets you ask for cancellation at 80%. It doesn’t cover FHA, VA, or USDA loans. More
Original value
What the home was worth when you bought it, usually your purchase price. The 78% and 80% cancellation points are measured against it, not today’s value.
Amortization schedule
The month-by-month plan for paying off your loan. The automatic cancellation date comes from this original schedule, so extra payments don’t change it.
Reappraisal
A new estimate of your home’s value that your servicer orders and you pay for. If the home has gained value, it can show a lower LTV and let you drop PMI sooner.
Seasoning
How long you’ve had the loan. To drop PMI based on a new appraisal, the loan generally has to be at least 2 years old.
Loan servicer
The company that collects your mortgage payments and sends your statements. It’s the one you contact to request PMI removal, and it may differ from the lender that made the loan.
MIP (FHA mortgage insurance)
The FHA version of mortgage insurance. On most FHA loans with under 10% down it lasts for the life of the loan, so the usual way out is refinancing into a conventional loan. More

Keep learning

Next steps

Report a problem

On

What kind of problem?