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PMI Removal Guide and Calculator

Private mortgage insurance (PMI) is usually required on conventional loans with under 20% down. Here is when it can come off, and a calculator to find your date. To estimate the premium itself, use the PMI calculator.

Request removal (80%)

7 yr 11 mo

Automatic end (78%)

9 yr 1 mo

PMI paid until 78%

$19,620

Assumes a 30-year fixed loan and a flat PMI premium of $180 a month. Your actual premium and lender rules may differ.

How to get PMI removed

  1. Check your PMI disclosure for the scheduled 80% and 78% dates.
  2. Make extra principal payments to reach 80% sooner, if that fits your budget.
  3. Send a written cancellation request to your servicer once you reach 80%.
  4. Stay current: lenders usually require no 30-day late payments in the past year.
  5. If your home value has risen, ask whether a new appraisal can be used.

Rules summarized from the Homeowners Protection Act of 1998 (see consumerfinance.gov). This is general information, not financial advice.

Questions

When can I remove PMI?

Under the US Homeowners Protection Act, you can ask your lender to cancel PMI once your balance reaches 80% of the home's original value, if you are current on payments and have a good payment history.

When does PMI end automatically?

Lenders must end PMI automatically when the balance is scheduled to reach 78% of the original value, or at the loan's midpoint, as long as you are current.

Can a higher home value remove PMI sooner?

Often yes. Many lenders allow removal based on a new appraisal, typically at 75% loan-to-value after 2 to 5 years, or 80% after 5 years. Rules vary by lender and loan investor.

Does this apply to FHA loans?

No. FHA mortgage insurance follows separate rules; on most FHA loans with under 10% down it lasts for the life of the loan unless you refinance.