Private Mortgage Insurance Removal Calculator

It builds a month by month loan balance from your price, down payment, rate, and term. It then finds the first month when the balance falls to 80% of the original home price, which is when you can ask your servicer to cancel PMI, and the month it reaches 78%, when cancellation is automatic. It multiplies your monthly PMI by the months you pay to show the total cost and the money saved by acting at 80%. A second tab checks whether a new appraisal could remove PMI sooner.

At 80% of the original home value you have the right to request cancellation in writing, as long as you are current on payments and meet the lender's other conditions. At 78%, based on the original payment schedule, the lender must end PMI automatically if you are current. The gap between the two usually amounts to a year or more of premiums, so asking at 80% is the cheaper path for most borrowers.

Yes for the 80% request. Extra payments lower your actual balance faster, so you reach 80% of the original value earlier and can ask for cancellation earlier. The automatic 78% date is tied to the original schedule, so extra payments do not move it. The comparison table in this calculator shows how several monthly extra amounts change the request date and the PMI you pay.

Often, yes, but the rules come from your servicer rather than the federal 80% and 78% thresholds, which use the original value. Many servicers follow investor guidelines that require a loan to be at least two years old and a balance of 75% or less of a new appraised value, or five years old with 80% or less. You normally pay for the appraisal. The Appraisal check tab shows your current ratio, the paydown you would need, and how fast the appraisal fee pays for itself.

No. This tool models private mortgage insurance on conventional loans. FHA loans carry a mortgage insurance premium under HUD rules, and for many FHA loans with less than 10% down it lasts for the life of the loan, so removal usually means refinancing into a conventional loan. VA loans have no monthly mortgage insurance, and USDA loans charge an annual guarantee fee. Lender paid PMI is built into the interest rate and cannot be cancelled on its own.

Federal law also ends PMI at the midpoint of your loan term if you are current, even when the balance has not reached 78%. For a 30 year loan that is month 180. For a standard loan this rarely matters, because the balance hits 78% well before the midpoint. The calculator checks both and uses whichever comes first as your automatic termination month.

For a borrower requested cancellation, lenders can ask for a good payment history, proof that the property value has not fallen below its original value, and confirmation that no second mortgage or other lien sits on the home. A lender can also ask for an appraisal when you base the request on current value. Every servicer handles the paperwork a little differently, so call yours and ask for the exact steps in writing.

No. They are planning estimates built from the numbers you enter. Your servicer calculates dates from its own amortization schedule, and PMI is often charged on the original loan amount rather than the current balance. The monthly PMI rate also differs by insurer. Treat the dates as a strong guide, then confirm them on your mortgage statement or by calling your servicer before you send a cancellation request.