PMI Removal Calculator
Find out when and how to remove private mortgage insurance (PMI) using three methods: automatic removal at 78%, borrower-requested at 80%, or reappraisal based on current home value. Compare routes and see extra payment acceleration options.
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PMI Removal Status
Reappraisal Route Available
Current LTV (original value): 82.9% · Current LTV (current value): 74.4%
LTV vs Original Price
82.9%
LTV vs Current Value
74.4%
Balance for Auto-Removal (78%)
$273,000
Balance for Request (80%)
$280,000
Months to Request Removal
30 months
PMI You Can Save (by requesting vs waiting)
$3,150
You can save $3,150 in PMI by actively requesting removal at 80% vs waiting for automatic removal at 78%. Your current home value already supports removal via reappraisal — see the Advanced section.
Advanced
Advanced Calculator
Three PMI removal methods compared, extra payment acceleration, appraisal ROI analysis
There are three distinct methods to remove PMI. Timeline and cost varies:
Method 1: Automatic Removal at 78% of Original Value
Under HOPA (Homeowners Protection Act), your lender must automatically cancel PMI when your balance reaches 78% of the original purchase price ($273,000) based on the original amortization schedule. You need to pay balance down from $290,000 to $273,000 — 48 more payments.
Cost: $0 (automatic). PMI paid until then: $8,400.
Cost: $0 (automatic). PMI paid until then: $8,400.
Method 2: Request Removal at 80% of Original Value
You can request PMI cancellation (in writing, to your servicer) when your balance drops to 80% of the ORIGINAL purchase price ($280,000). Requirements: good payment history (no 30-day lates in last 12 months, no 60-day lates in last 24 months), no subordinate liens. Estimated 30 months at current payment.
Saves $3,150 vs waiting for automatic removal.
Saves $3,150 vs waiting for automatic removal.
Method 3: Reappraisal Based on Current Value
If your home has appreciated, your current LTV may be below 80% based on current market value (not original price). Current LTV based on your estimated value of $390,000: 74.4%. You are eligible now! Order an appraisal (~$450), submit to servicer. ROI: $5,250 in PMI saved vs $450 appraisal cost.
Pro
Professional Simulator
FHA MIP cancellation analysis (only via refi), borrower-initiated process steps, PMI savings investment projection
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FHA Upfront MIP (1.75%)
$5,425
Paid at closing (or financed)
FHA Annual MIP Rate
0.6%
Lasts full 30 years — cannot cancel
FHA Monthly MIP
$142
FHA Total Monthly (P&I + MIP)
$2,101
Conventional Monthly (P&I + PMI)
$2,192
At conventional rate with temporary PMI
Monthly Difference
$90
FHA costs less monthly
Critical: FHA MIP Cannot Be Cancelled
With less than 10% down, FHA MIP remains for the life of the loan (30 years). Lifetime FHA MIP cost: $56,575. The only way to eliminate MIP is to refinance into a conventional loan.Consider refinancing when: (1) Your LTV reaches 80% based on current value. (2) You qualify for conventional financing. (3) Rates are favorable. Total MIP saved by refinancing now (over remaining term): $51,150.
With less than 10% down, FHA MIP remains for the life of the loan (30 years). Lifetime FHA MIP cost: $56,575. The only way to eliminate MIP is to refinance into a conventional loan.Consider refinancing when: (1) Your LTV reaches 80% based on current value. (2) You qualify for conventional financing. (3) Rates are favorable. Total MIP saved by refinancing now (over remaining term): $51,150.
How to Use This PMI Removal Calculator
Enter your Original Home Price and Original Loan Amount from when you purchased — these set the 78% and 80% thresholds. Enter your Current Balance from your latest statement and your best estimate of Current Home Value (check Zillow or recent neighborhood sales). Input your Monthly PMI from your mortgage statement. The calculator shows all three removal methods and which you currently qualify for.
This calculator is specifically about PMI removal — not what PMI costs. If you want to calculate how much PMI you would pay, use the PMI Calculator.
PMI Removal Thresholds
Automatic Removal Balance = Original Purchase Price × 78%
Borrower-Requested Removal = Original Purchase Price × 80%
Reappraisal Route: LTV = Current Balance ÷ Current Appraised Value ≤ 80%
Months to 80% = From amortization schedule, month where balance ≤ 80% of original price
Borrower-Requested Removal = Original Purchase Price × 80%
Reappraisal Route: LTV = Current Balance ÷ Current Appraised Value ≤ 80%
Months to 80% = From amortization schedule, month where balance ≤ 80% of original price
Example: Three Routes to PMI Removal
Original Purchase $350,000 / Loan $315,000 / Current Balance $290,000 / Current Value $390,000
| Method | Threshold | Status | Cost |
| Auto-Remove (78%) | $273,000 balance | 17 more months | Free (automatic) |
| Request (80%) | $280,000 balance | 11 more months | Free + letter to servicer |
| Reappraisal (current value) | $312,000 at 80% | Eligible now (74.4% LTV) | ~$450 appraisal fee |
The reappraisal route eliminates PMI immediately for $450, versus waiting 11 more months and paying $1,925 in PMI to reach the 80% request threshold. Net savings: $1,475.
Frequently Asked Questions
Under the Homeowners Protection Act (HOPA), your lender must automatically cancel PMI when your loan balance reaches 78% of the original purchase price, based on the original amortization schedule — not based on any home appreciation. You do not need to request this; it is automatic. However, you must be current on payments. This date is specified in your mortgage documents and your lender must send you an annual disclosure showing when automatic cancellation will occur.
Send a written cancellation request to your mortgage servicer when your balance drops to 80% of the original purchase price. Requirements: (1) No payments 30+ days late in the last 12 months. (2) No payments 60+ days late in the last 24 months. (3) No subordinate liens on the property. (4) The servicer may require proof of value (that the property has not declined). Send via certified mail. The servicer has 30 days to respond. Approval eliminates PMI starting the next billing cycle — saving you the months between 80% and the automatic 78% threshold.
Yes, for conventional loans. If your home has appreciated and your current LTV is below 80% based on current market value, you can request cancellation based on the new value. The servicer will order a formal appraisal or BPO (broker price opinion) — typically costing $400–600 — to verify current value. You pay this fee. Requirements: generally must be 2 years since origination (24 months), good payment history, no subordinate liens. If the appraisal confirms your LTV is under 80%, PMI is cancelled. This is often the fastest and most economical route for homeowners in appreciating markets.
No — FHA MIP rules are very different from conventional PMI. For FHA loans originated after June 3, 2013 with less than 10% down: MIP lasts for the entire life of the loan and cannot be cancelled regardless of LTV. With 10% or more down: MIP cancels after 11 years. The only way to eliminate FHA MIP on a less-than-10%-down loan is to refinance into a conventional loan once you have enough equity (20%+ to avoid any PMI, or less with PMI that can eventually be cancelled). Compare refinance costs against lifetime MIP savings to determine if refinancing makes financial sense.
It depends on the math. Extra principal payments accelerate PMI removal and eliminate future PMI payments, but cost you money upfront. The break-even analysis: if $200/month in extra principal saves you 6 months of $175/month PMI ($1,050 saved in PMI), but costs you $1,200 in extra payments over those months, the PMI route does not save money net. However, extra payments also reduce total interest paid over the life of the loan — factor this in. If your home has appreciated significantly, the reappraisal route (one-time $450 fee) often has better ROI than years of extra payments to reach 80% LTV based on original price.