PMI Removal Calculator
Work out exactly when you can stop paying private mortgage insurance — and how to get there sooner.
United StatesQuick answer
On a conventional loan you can ask to cancel PMI once your balance is scheduled to reach 80% of the home's original value, and it ends automatically at 78%. With 5% down on a $400,000 home ($380,000 at 6.5%, 30 years), that is payment 124 (about 10.3 years) for a request and payment 135 (about 11.3 years) for automatic removal.
Appraised value or price, whichever is lower.
95% of home value
You can ask to cancel PMI in
Apr 2036
- Balance reaches 80% of value
- Payment 124
- PMI ends automatically
- Mar 2037 (payment 135)
- Monthly PMI cost
- $190
- PMI paid until you can cancel
- $23,560
- Monthly principal & interest
- $2,402
Conventional loans under the Homeowners Protection Act. FHA mortgage insurance follows different rules.
Years until PMI can be cancelled, $400,000 home, 6.5%, 30 years
| Down payment | Request at 80% | Automatic at 78% |
|---|---|---|
| 3% ($12,000) | 11.1 years | 12 years |
| 5% ($20,000) | 10.3 years | 11.3 years |
| 10% ($40,000) | 7.9 years | 9.1 years |
| 15% ($60,000) | 4.7 years | 6.3 years |
How it works
Private mortgage insurance (PMI) protects the lender, not you, when you put down less than 20% on a conventional loan. It usually costs 0.3% to 1.5% of the loan a year, added to your monthly payment. Under the Homeowners Protection Act, it does not last forever.
You can ask your lender in writing to cancel PMI once your balance reaches 80% of the home's original value — the lower of the purchase price or the appraisal at purchase. You need a good payment history and may need to show the home has not lost value. If you do nothing, PMI must end automatically when the balance is scheduled to reach 78%, and in any case at the midpoint of the loan term.
The request date depends on your actual balance, so extra principal payments bring it forward; the automatic date follows the original schedule. A large lump sum followed by a mortgage recast can get you to 80% in one step. If your home has risen in value, some lenders will also cancel PMI based on a new appraisal — often at 75% of the new value after two years, or 80% after five.
To see what PMI adds to your total monthly payment before you buy, use the mortgage calculator.
More mortgages & home loans calculators
- Mortgage CalculatorSee your full monthly house payment — not just principal and interest — and how much interest you pay over the loan.
- Mortgage Extra Payment CalculatorFind out what paying a little extra each month really saves — in dollars and in years.
- Mortgage Recast CalculatorPay a lump sum, keep your rate, and see how far your monthly payment drops.
Frequently asked questions
How do I get rid of PMI?
Pay your balance down to 80% of the home's original value and ask your lender in writing to cancel it. It also ends automatically at 78%, or at the halfway point of the loan.
Do extra payments help remove PMI sooner?
Yes — for a cancellation request. Extra principal lowers your actual balance, so you reach 80% sooner. Automatic termination at 78% follows the original schedule.
Does PMI apply to FHA loans?
FHA loans have their own mortgage insurance premium (MIP). With less than 10% down it usually lasts for the life of the loan; removing it typically means refinancing into a conventional loan.
Can rising home value remove PMI?
Often, yes. Many lenders will cancel PMI based on a new appraisal if your loan is at or below 75%–80% of the current value, subject to how long you have owned the home.