PMI Removal Calculator
Find out exactly when your loan hits 80% LTV so you can cancel PMI and keep that money.
Your current LTV is — already below 80%. Contact your lender to request PMI cancellation.
How PMI removal works
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. By law (Homeowners Protection Act), your lender must cancel PMI automatically when your balance reaches 78% of the original home value. But you can request cancellation at 80% — saving several months of payments. Enter your current home value and balance to see your exact removal date.
What is PMI and why do I have to pay it?
PMI protects the lender — not you — if you default on the loan. It's required when your down payment is below 20% because lenders consider higher LTV loans riskier. The cost typically ranges from 0.5% to 1.5% of the loan balance per year, paid monthly as part of your mortgage payment.
Can I speed up PMI removal?
Yes — make extra principal payments to reach 80% LTV faster. See our Extra Payment Calculator to model how additional monthly payments accelerate your equity. A lump sum payment (from a bonus, tax refund, or savings) can be especially powerful — see our Mortgage Recast Calculator to model that scenario.
Does home appreciation count toward removing PMI?
Potentially, but it requires a formal appraisal ordered by the lender. If your home's value has increased significantly, you may have already crossed the 80% LTV threshold even without paying down the balance. Contact your lender to request a new appraisal — typically costs $300–$500 but can save you years of PMI payments.
Why is my PMI rate different from what this calculator uses?
The default PMI rate here is 0.8%, which is a common midpoint. Your actual rate depends on your credit score, LTV ratio, and loan type. Check your mortgage statement or contact your lender to find your exact PMI rate, then enter it above for accurate results.