PMI Removal Calculator
When your mortgage insurance can be cancelled.
Enter your values
ⓘ Live results
Results
- Months to 80% LTV
- 72 (6 years)
- With extra payments
- 50 months (4.2 years)
- Automatic cancellation at 78%
- 86 months
- Current LTV
- 88%
- PMI paid until 80% without extra
- $11,880.00
- PMI saved by paying extra
- $3,630.00
Quick answer
Lenders must cancel PMI at 78% LTV of the original value automatically, and must consider a request at 80% — extra principal payments get you there sooner.
Cancel when balance ÷ original value ≤ 80%
How to use the PMI Removal Calculator
- 1Enter the original purchase value — PMI rules use that, not today's value.
- 2Enter your current balance, rate and payment.
- 3Try an extra principal amount to see how much PMI it saves.
Worked example
Using the values the calculator loads with:
Inputs
- Original home value400000 $
- Current balance352000 $
- Interest rate6.5 %
- Monthly principal and interest2277 $
- Monthly PMI165 $
- Extra principal per month200 $
Results
- Months to 80% LTV72 (6 years)
- With extra payments50 months (4.2 years)
- Automatic cancellation at 78%86 months
- Current LTV88%
- PMI paid until 80% without extra$11,880.00
- PMI saved by paying extra$3,630.00
Frequently asked questions
Can a new appraisal remove PMI sooner?
Many lenders allow cancellation based on a current appraisal once you have 20–25% equity, which helps a lot in a rising market.
Does FHA mortgage insurance ever drop off?
On loans with less than 10% down it lasts the life of the loan; the usual escape is refinancing into a conventional mortgage at 20% equity.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.