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.
Purchase price (or appraised value) at closing — sets the 78% automatic-cancellation threshold under federal law.
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
Not yetThis is what you’ll save once eligibility is fully met. Final determination is made by your servicer.
- Current LTV
- 69.2%
- Estimated equity
- $127,000
- Monthly PMI
- $185
At 80% you can request cancellation; at 78% your servicer must remove PMI automatically on the original schedule — no action needed.
Eligibility checklist
- LTV is 85.1% (original basis) — needs to reach 80%Not yetPay the balance down ~$17,000 to reach 80% on the original purchase price.
- No 30-day lates in the past 12 monthsNot metServicer requires a clean 12-month record.
- No 60-day lates in the past 24 monthsNot metA 60-day late within 2 years blocks cancellation.
- No second mortgage or HELOC on the propertyNot metA second mortgage must be paid off first.
Not eligible yet — keep paying down
On your original purchase price, your balance is at 85.1% LTV. PMI becomes cancelable by request at 80% on the scheduled payoff. We’ll track your balance and notify you the moment you cross it.
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. The two thresholds come straight from 12 U.S.C. § 4902: subsection (a) gives you the right to request cancellation when your balance reaches 80% of the original value, and subsection (b) requires your servicer to automatically terminate PMI at 78% on the original amortization schedule. We check your loan balance against both. PMI cost is taken from your statement — actual rates vary by LTV, credit score, and insurer.
We estimate eligibility on the conservative basis — your scheduled balance against the original purchase price — which is the path servicers apply automatically with no appraisal. Cancelling against a higher current value is possible under the HPA, but it requires a lender-ordered appraisal and the servicer's sign-off, so we don't assume it. Your current value is shown as equity context only.
PMI removal methods compared
| Method | Requires appraisal | Typical timeline | Cost |
|---|---|---|---|
| Amortization-based (what this tool estimates) | No | ~1 month after a written request | $0 |
| Appreciation-based (current value) | Yes — lender-ordered | 2–4 months | $300–$500 |
| Refinance into a no-PMI loan | Yes | 30–45 days | ~2–3% of the loan |
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.
What about my home's rising value?
If your home has appreciated, you may be able to request cancellation against the current value rather than waiting for the scheduled payoff — but that path requires a lender-ordered appraisal, a clean payment history, and your investor's LTV and seasoning rules. Dropping PMI early using your home's rising value walks through the appraisal-based request, the Fannie/Freddie LTV matrix, and how to approach your servicer. This calculator's estimate stays on the conservative original-price basis.
Ready to act on it? How to cancel PMI covers the full process end to end — the HPA automatic-termination date, the written request your servicer must honor, and what to do if they stall.
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.
How do I ask my servicer to remove PMI?
Send your loan servicer a written cancellation request once your balance reaches 80% of the home's value. Under the Homeowners Protection Act they can require that your payments be current, that there's no second lien, and — if you're relying on your home's current value — evidence that the value hasn't dropped. Keep a copy; the servicer makes the final determination.
How long does it take to remove PMI after I request it?
Once your written request meets the Homeowners Protection Act's conditions, servicers typically process an amortization-based cancellation within about 30 days, with no appraisal needed. A request based on your home's higher current value usually takes a few months because the servicer orders an appraisal first. Exact timelines vary by servicer and loan investor.
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?
The Homeowners Protection Act does let servicers consider a current value when you request cancellation, but it requires a lender-ordered appraisal (typically $300–$500), a clean payment history, and meeting your investor's seasoning and LTV rules — and the servicer makes the final call. Most conventional loans require at least two years of ownership before an appreciation-based request is considered, and if your original down payment was under 10%, that wait is typically five years; ask your servicer about your specific investor's rules before ordering an appraisal. This calculator estimates eligibility on the conservative, automatic basis: your scheduled balance against the original purchase price. It does not assume your home's appreciation cancels PMI. We show your current value as equity context, not as an eligibility shortcut.
By TrueOwn Editorial · Methodology last reviewed: April 29, 2026.
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.