PMI Removal Calculator

When can you drop PMI?

Loan type
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Current LTV: 91.0% on original price ($455,000 / $500,000) · 85.8% on est. current value ($530,450)

Earliest you can drop PMI

3yr

Via reappraisal request at 80% current-value LTV. Saves $18,150 vs. waiting for auto-cancel.

Total PMI remaining (auto-cancel)$27,775
If you act at 80% scheduled$24,475
If you reappraise (current value)$9,625
Max savings$18,150

Auto-cancel (78% original)

8yr 6mo

lender must drop PMI

Request (80% original)

7yr 6mo

you can ask, by schedule

Request via reappraisal

3yr

Fannie: 75% LTV if 2-5yr loan, 80% if ≥5yr

PMI saved by acting now

$18,150

vs waiting for auto-cancel

LTV over time

Scheduled balance / original (HPA auto basis) Actual balance / original (your real LTV) Actual balance / appreciated value
0%18%36%55%73%91%Yr 0Yr 5Yr 10Yr 15Yr 20Yr 25Yr 28

Three paths to drop PMI under the Homeowners Protection Act and servicer rules:
1. Automatic at 78% LTV based on the original amortization schedule (not your actual balance). Extra payments do not accelerate this — the lender must drop PMI on a specific date set at origination.
2. Request at 80% LTV scheduled — you can ask once your actual balance hits 80% of original price (extra payments help here). Requires good payment history (no 30-day late in past 12 months, no 60-day late in past 24).
3. Reappraise at lower current LTV — Fannie's servicer rule: 75% LTV if loan is 2–5 years old, 80% if ≥5 years (some servicers stricter). Requires 2-year seasoning, on-time payment history, and a borrower-paid BPO/appraisal ($150–$600). Often the biggest win in appreciating markets.

Refinancing is a fourth path — if rates have dropped and you've appreciated, refinancing to conventional with ≥20% equity drops PMI immediately.