PMI Drop-Off Calculator

See the month your private mortgage insurance will drop off, based on the federal 80% (request) and 78% (automatic termination) loan-to-value thresholds. Optional inputs for home appreciation and extra payments show how to reach those dates sooner.

Your loan

Home value at purchase

Original purchase price or appraised value at origination

Loan amount

Interest rate

Illustrative rate. Not an available or quoted rate.

Loan term

yrs

PMI monthly cost

From your loan estimate. Typical: 0.3%–1.5% of loan per year, divided by 12.

Home appreciation

%/yr

Optional. Used for the appreciated-value line on the chart.

Extra monthly principal

Optional. Added to every monthly payment.

One-time lump sum

Optional. Applied once at loan start.

Request PMI removal (80% LTV)

Reached onSep 2034 (7 yrs 11 mo)

Under the Homeowners Protection Act you can request PMI cancellation once the scheduled balance reaches 80% of the original home value.

Automatic termination (78% LTV)

Reached onNov 2035 (9 yrs 1 mo)

Under HPA, your servicer must end PMI when the scheduled balance reaches 78% of the original value. Extra payments do not move that scheduled date. Ask your servicer about earlier cancellation based on your actual balance.

80% based on appreciated value

Reached onAug 2029 (2 yrs 10 mo)

If your home has truly appreciated this much, you may be able to request early cancellation based on current value. Servicers typically require a borrower-paid appraisal and may apply a seasoning period.

PMI cost summary

Total PMI paid until 80% (request)$17,860

Total PMI paid until 78% (auto)$20,492

Results are estimates based on user inputs and do not represent loan terms, APR, or a financing offer. Pre-filled values are illustrative examples, not available or quoted rates. Actual terms depend on credit, property, program, and underwriting. Every result applies to the entered planning scenario, not an observation period or local market statistic. Replace price, tax, insurance and fee allowances with dated, property-specific figures. Missing inputs are not assumed to be zero.

Loan-to-value over time

LTV vs original valueLTV vs appreciated value

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Frequently asked questions

When can I cancel PMI on a conventional loan?

Under the federal Homeowners Protection Act (HPA), you can request PMI cancellation once your loan-to-value reaches 80% of the original purchase value (or appraised value at origination, whichever is less), as long as you're current on payments and have a solid payment history. Your servicer must automatically terminate PMI when the scheduled balance hits 78% of the original value.

Can I drop PMI early if my home has appreciated?

Often yes, but it's a different process. If your home has gained value, your current LTV can be at 80% well before the scheduled date. Most servicers will allow a request based on current value, but they typically require a borrower-paid appraisal (and sometimes a minimum seasoning period, often 2–5 years). The appreciated-value date below is a best-case estimate.

Is FHA mortgage insurance (MIP) the same as PMI?

No. This calculator is for conventional PMI. FHA loans carry Mortgage Insurance Premium (MIP), which on most modern FHA loans lasts the life of the loan if you put less than 10% down. The only way off FHA MIP in that case is to refinance into a conventional loan once you have 20% equity.

Do extra payments really speed up PMI removal?

Yes. Every extra dollar of principal lowers the scheduled balance and brings the 80% and 78% dates closer. For borrower-requested cancellation at 80%, extra payments absolutely count. Automatic termination at 78% is based on the original amortization schedule, but many servicers will honor a request based on the actual (lower) balance if you ask.

Does this calculator use my actual loan?

No. It uses plain amortization math based on the inputs you provide. Your servicer's exact PMI removal date can differ slightly based on payment timing, escrow, and servicer policy. Treat this as a planning estimate, not a loan document.

Related glossary terms

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Want the story behind the numbers?

ArticleHow much do you need for a down payment?Why the 20% line matters for PMI in the first place.Read
Try: Closing costs
HubLow down payment optionsPrograms that change how (and when) PMI applies.Read
ArticleHow much house can you actually afford?How PMI changes the price you can carry.Read
Try: Affordability

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