PMI Removal Calculator
Find out exactly when your loan crosses the thresholds that end private mortgage insurance.
What This Calculator Does
Enter your original purchase price, loan amount, rate, and term. The calculator projects your balance forward month by month and flags two dates: when you can request PMI cancellation, and when your servicer must terminate it automatically.
Who Is This For
Owners who bought with less than 20% down and are still paying PMI, buyers estimating how long that cost will follow them, and anyone in a market like Miami where appreciation may have already built the equity they need.
How It Works
Provide your original property value, original loan amount, interest rate, term, and how long you have been paying. The calculator shows your current loan-to-value ratio and the projected dates for the request and automatic termination thresholds.
Frequently Asked Questions
When can I ask to have PMI removed?
Under the federal Homeowners Protection Act you may request cancellation once the loan balance reaches 80% of the home's original value, provided your payment history is current. The request must be in writing, and the lender can require evidence that the property has not lost value and that there is no second lien.
When does PMI end automatically?
The servicer must terminate PMI automatically when the balance reaches 78% of the original value, assuming payments are current. No request is needed at that point, but the trigger is scheduled amortization rather than market appreciation, so it can arrive later than you expect if you have not paid extra. If the balance has not reached 78% by the midpoint of the original amortization schedule, the servicer must terminate PMI in the month after that midpoint, provided payments are current.
Does appreciation help me cancel PMI sooner?
It can, but 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 generally requires a new appraisal you pay for plus a minimum seasoning period. In a market like Miami where values have moved sharply, ask your servicer what evidence they accept.
Does this apply to FHA loans?
No. FHA mortgage insurance is a separate program with its own rules, and on many FHA loans the premium is not removable simply by reaching an equity threshold. Owners with FHA financing usually eliminate it by refinancing into a conventional loan once they have sufficient equity.
Do extra payments get me there faster?
Yes. PMI thresholds are measured on the loan balance against the original value, so any additional principal moves both dates closer. Running the extra-payment scenario is the cleanest way to see whether a modest monthly addition ends PMI a year or two ahead of schedule.