PMI Removal Calculator
Private mortgage insurance ends at two specific thresholds. Here is when your loan reaches each one.
What This Calculator Does
Supply the original purchase price, loan amount, rate, and term, and the calculator projects your balance month by month, marking two dates along the way: the point where cancellation can be requested, and the point where your servicer must terminate coverage without being asked.
Who Is This For
Owners who put down less than 20% and are still carrying PMI, buyers estimating how long that line will stay in the payment, and anyone in a market like Miami where appreciation may already have built the equity required.
How It Works
Provide the original property value, the original loan amount, your rate, the term, and how long you have been paying. The calculator shows your current loan-to-value ratio and projects the dates for both the request and the automatic termination thresholds.
Frequently Asked Questions
When can I request removal?
The federal Homeowners Protection Act allows a request once the balance reaches 80% of the home's original value and your payments are current. Put it in writing. Lenders may also ask for evidence that the property has not lost value and that no second lien is attached.
When does it stop automatically?
Your servicer must terminate PMI at 78% of the original value, provided payments are current, and no request is required at that point. The trigger is scheduled amortization rather than market appreciation, so it can land later than expected if nothing extra has been paid.
Does appreciation shorten the wait?
Sometimes, though not through the automatic route. Cancellation on a higher current value is lender policy rather than an HPA right, and it typically calls for a new appraisal at your expense plus a minimum seasoning period. In a market like Miami where values have moved hard, ask your servicer what evidence counts.
What about FHA loans?
Different program, different rules. FHA mortgage insurance does not come off simply by reaching an equity threshold on many loans, so owners with FHA financing usually clear it by refinancing into a conventional loan once the equity is there.
Do extra payments help?
They do. The thresholds measure the loan balance against the original value, so every additional principal dollar pulls both dates nearer. Running the extra-payment scenario is the clearest way to see whether a modest monthly addition ends PMI a year or two early.