PMI Removal Calculator
See whether you can drop PMI (private mortgage insurance) today, where you sit on the LTV (loan-to-value) curve, and what your servicer needs to cancel under the federal Homeowners Protection Act.
Conventional, FHA, or VA — each follows different PMI/MIP rules.
Principal you still owe.
Recent appraisal, automated estimate (AVM), or market estimate.
What you borrowed at closing — determines the 78% LTV (loan-to-value) auto-cancel threshold.
The PMI line item on your monthly statement.
Used to confirm how long you've had the loan and whether you're eligible to request cancellation.
Estimated annual savings if PMI comes off
Auto cancelYour LTV is at or below 78% — your servicer should be dropping PMI automatically.
- Current LTV
- 69.2%
- Estimated equity
- $127,000
- Monthly PMI
- $185
Eligibility checklist
- LTV is 69.2% — at or below 80%MetYou can request cancellation under the federal Homeowners Protection Act.
- No 30-day lates in the past 12 monthsMetRecent payment record looks clean.
- No 60-day lates in the past 24 monthsMetNo serious delinquencies on file.
- No second mortgage or HELOC on the propertyMetNo second mortgage or home equity line reported.
PMI should already be coming off
At 78% LTV (loan-to-value) based on the original schedule, federal law requires servicers to cancel PMI automatically. We can confirm with yours in writing.
Free during pilot
How this is calculated
We use the same amortization framework the federal Homeowners Protection Act (12 U.S.C. § 4901–4910) tells your mortgage company to use. We check your loan balance against two thresholds: 80% of your home's value (the borrower-request threshold) and 78% (the automatic-cancellation threshold based on the original amortization schedule). PMI cost is taken from your statement — actual rates vary by LTV, credit score, and insurer.
U.S. home values rose sharply from 2019 Q4 to 2024 Q4 (FRED, USSTHPI), so for many homeowners a current home value qualifies them years before the original-price path does.
When this estimate is wrong
- You made extra principal payments your mortgage company recorded differently than expected.
- You modified or recast the loan.
- You refinanced — the new loan starts a fresh HPA clock.
- Your loan is non-conforming (jumbo, certain VA / USDA structures, lender-paid PMI).
- Your servicer's appraisal comes in below the value you entered.
FHA loans are different
FHA's mortgage insurance is called MIP. If you closed an FHA loan after June 3, 2013 with less than 10% down, MIP lasts the entire life of the loan — you can only get rid of it by refinancing into a conventional loan. For that scenario, use the FHA → Conventional refi calculator.
Go deeper on the appreciation path
Dropping PMI early using your home's rising value walks through the appreciation math, the Fannie/Freddie LTV matrix, and how to structure the request.
Frequently asked questions
What is PMI and why do I have to pay it?
PMI — private mortgage insurance — is a monthly fee your lender charges when your down payment was less than 20% of the home's purchase price. It protects the lender (not you) if you stop making payments. Once you've paid your loan balance down far enough, federal law gives you the right to ask for it to be removed.
At what loan-to-value ratio can I cancel PMI?
Under the federal Homeowners Protection Act, you can ask your loan servicer — the company that collects your monthly payment — to cancel PMI when your loan balance drops to 80% of your home's value. If you don't ask, the law requires servicers to remove it automatically when the balance reaches 78% of the original purchase price, based on the scheduled payment timeline. This calculator estimates where you stand on that curve; your servicer makes the final determination.
Does this calculator work for FHA and VA loans?
No. FHA loans use a different insurance called MIP (mortgage insurance premium), which is governed by HUD rules — not the Homeowners Protection Act. For most FHA loans closed after June 3, 2013 with less than 10% down, the only way to remove MIP is to refinance into a conventional loan. VA loans don't have PMI at all. This calculator is for conventional loans only.
My home value has gone up a lot — can I use that to cancel PMI sooner?
Possibly. The Homeowners Protection Act allows lenders to consider a current certified appraisal — not just the original purchase price — when you request PMI cancellation. If your home has appreciated and your current loan balance is below 80% of today's value, that's worth requesting. The calculator lets you enter a current estimate to see whether you're in range, but your lender will require a formal appraisal and you'll need a clean payment history. The estimate here is a starting point, not a guarantee.
Estimate, not a determination. Your servicer makes the final call under the Homeowners Protection Act. Conventional loan PMI is generally cancelable at 80% LTV (by request) and removed automatically at 78% based on the original amortization schedule. FHA MIP and VA loans follow different rules. TrueOwn outputs are estimates and drafts, not legal or financial advice. Methodology last reviewed: April 29, 2026.