PMI Removal Calculator
Private mortgage insurance ends on two specific dates. This works out when yours arrive.
What This Calculator Does
Give it your original purchase price, loan amount, rate, and term, and the calculator projects your balance forward month by month, marking two points on the way: the moment you may request PMI cancellation, and the moment your servicer must terminate it without being asked.
Who Is This For
Suited to owners who bought with less than 20% down and are still paying PMI, buyers estimating how long that expense will travel with them, and anyone in a market such as Miami where appreciation may already have created the equity needed.
How It Works
Supply your original property value, original loan amount, interest rate, term, and the length of time you have been paying. The calculator returns your present loan-to-value ratio along with projected dates for both the request and automatic termination thresholds.
Frequently Asked Questions
At what point may I request removal?
The federal Homeowners Protection Act allows a request once the loan balance reaches 80% of the home's original value, provided your payment history is current. That request must be made in writing, and the lender may ask for evidence that the property has not lost value and that no second lien exists.
When does PMI come off by itself?
Your servicer is required to terminate PMI automatically once the balance reaches 78% of the original value, assuming payments are current. Nothing needs to be requested at that stage, but the trigger is scheduled amortization rather than market appreciation, so it can arrive later than anticipated if you have not paid extra.
Can appreciation move the date forward?
It can, though not through the automatic route. Cancellation based on a higher current value is a lender-by-lender policy rather than an HPA right, and it usually calls for a new appraisal at your expense plus a minimum seasoning period. In a market like Miami where values have moved sharply, ask your servicer what evidence they will accept.
Do FHA loans follow the same rules?
They do not. FHA mortgage insurance is a separate program with its own rules, and on many FHA loans the premium cannot be removed simply by reaching an equity threshold. Owners with FHA financing normally eliminate it by refinancing into a conventional loan once enough equity exists.
Will extra payments bring the dates closer?
Yes. PMI thresholds measure the loan balance against the original value, so any additional principal 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 ahead of schedule.