PMI Removal Calculator

Under the Homeowners Protection Act of 1998, you can request PMI cancellation when your loan-to-value reaches 80% of the original home value via scheduled amortization. Lenders must automatically terminate PMI at 78% LTV (mid-point of the original amortization schedule). You can also request removal earlier if home appreciation has brought you below 80% - typically requires a new appraisal at your expense.

PMI typically runs 0.46% to 1.50% of the loan annually, depending on credit score and down payment. On a $400,000 loan, that's $153–$500/month. Borrowers with strong credit (740+) and a 10%+ down payment land near the low end; sub-680 credit with 5% down lands near the high end.

No. For FHA loans originated on or after June 3, 2013, MIP cannot be canceled if your initial LTV was over 90% - it stays for the life of the loan. If initial LTV was 90% or less, MIP drops after 11 years. The only way out is to refinance into a conventional loan once you reach 20% equity, which is the most common FHA-borrower strategy.

A borrower-requested cancellation usually closes within 30–60 days of request, provided the home value supports 80% LTV (appraisal usually required) and the loan is in good standing with no late payments in the past 12 months. Automatic termination at 78% LTV happens administratively without action needed from you.