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PMI Removal Calculator

Private mortgage insurance on a conventional loan ends at two Homeowners Protection Act milestones, and servicers treat them differently. This worked example uses a $400,000 purchase ($410,000 appraised), $380,000 loan at 6.5% over 30 years.

You may request cancellation once the loan hits 80% loan-to-value using your real balance, including extra principal. Automatic termination at 78% follows the original amortization schedule, so lump-sum payments do not pull that date earlier. Original value is the lesser of purchase price and appraised value at closing, not a Zestimate today.

The PDF includes month rows around each milestone plus a cancellation checklist you can mail or upload: current balance, original value, and the date you believe you qualify. FHA and VA loans show program notes instead of PMI dates. Controls below change loan type, extras, and paper layout. Not financial advice.

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Scope

Scope: private mortgage insurance on conventional loans, US, single-family primary residence, under the Homeowners Protection Act (HPA). FHA and VA loans follow different rules — see loan type selector.

Original value (lesser of purchase price and appraised value): $400,000.00

80% cancellation request: Month 124 — actual balance, extras count

78% automatic termination: Month 135 — scheduled balance, extras ignored

Midpoint backstop: Month 180 (original 30-year term)

Some servicers cancel PMI earlier when a new appraisal shows appreciation or improvements. That is not an HPA right — investor guidelines vary, seasoning applies, and you pay for the appraisal. This tool does not put a date on that path.

This is an estimate for planning, not financial advice.

Schedule rows around milestones

MonthBalanceLTVMilestone
122$320,831.7380.21%
123$320,167.7180.04%
124$319,500.0979.88%80% request (actual balance, extras count)
125$318,828.8679.71%
126$318,153.9979.54%
133$313,326.4278.33%
134$312,621.7478.16%
135$311,913.2577.98%78% automatic (scheduled balance, extras ignored)
136$311,200.9277.80%
137$310,484.7377.62%

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Cancellation request checklist

  • Written cancellation request to your servicer (certified mail recommended)
  • Proof of good payment history on the loan
  • Evidence the property has not declined in value (servicer may require an appraisal at your cost)
  • Confirmation there is no subordinate lien on the property
  • Loan number, property address, and contact information in the letter

Cancellation worked example

Worked example: $400,000 purchase, $410,000 appraised at closing, $380,000 loan at 6.5% for 30 years. Original value is $400,000 (lesser of price and appraisal). You may request PMI cancellation near payment month 96 when balance hits 80% of $400,000. Automatic termination on the original schedule lands near month 110 at 78%. Extra $200 per month might pull the 80% request earlier, but it does not move the 78% automatic date.

PMI removal FAQs
What do I send the servicer to cancel PMI?
Use the PDF checklist: current balance, original value, and the date you qualify. Some servicers want a written request even when you are clearly at 80% loan-to-value.
Does a higher Zestimate remove PMI faster?
Market value alone does not replace the statutory 80% and 78% dates. A separate appraisal-based cancellation path exists; ask your servicer rather than assuming online estimates count.
Why show FHA and VA on a PMI tool?
Borrowers search PMI broadly. FHA mortgage insurance premium and VA funding fee rules differ; those loan types show program notes instead of cancellation months.

More PMI worksheets

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