Costs and break-even
PMI Removal Calculator: When Does PMI Go Away?
See how many payments it takes before you can ask your servicer to cancel private mortgage insurance, and when federal law ends it automatically.
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PMI removal date
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In plain words
Your loan starts at 93% of the home's original value. On the normal payment schedule you could ask to cancel PMI after 124 months (10 yrs 4 mo), and it would end automatically after 137 months (11 yrs 5 mo). At $155 a month, PMI would cost about $21,235 if you wait for automatic termination.
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Key figures
- Ask to cancel PMI (80%)Feb 2037
- PMI ends automatically (78%)Mar 2038
- Monthly PMI$155
- Total PMI paid$21,235
- Starting loan-to-value93%
- LTV
View chart as table
| Year | LTV |
|---|---|
| Year 0 | 93% |
| Year 1 | 92.13% |
| Year 2 | 91.18% |
| Year 3 | 90.17% |
| Year 4 | 89.08% |
| Year 5 | 87.91% |
| Year 6 | 86.64% |
| Year 7 | 85.28% |
| Year 8 | 83.82% |
| Year 9 | 82.24% |
| Year 10 | 80.54% |
| Year 11 | 78.71% |
| Year 12 | 76.74% |
| Year 13 | 74.63% |
| Year 14 | 72.34% |
| Year 15 | 69.89% |
| Year 16 | 67.25% |
| Year 17 | 64.4% |
| Year 18 | 61.34% |
| Year 19 | 58.04% |
| Year 20 | 54.49% |
| Year 21 | 50.66% |
| Year 22 | 46.55% |
| Year 23 | 42.12% |
| Year 24 | 37.35% |
| Year 25 | 32.21% |
| Year 26 | 26.68% |
| Year 27 | 20.73% |
| Year 28 | 14.32% |
| Year 29 | 7.43% |
| Year 30 | 0% |
With and without extra payments
| Scenario | Months to 80% | Months to 78% | Total PMI paid |
|---|---|---|---|
| No extra payments | 124 months (10 yrs 4 mo) | 137 months (11 yrs 5 mo) | $21,235 |
| +$100 | 100 months (8 yrs 4 mo) | 111 months (9 yrs 3 mo) | $17,205 |
| +$300 | 72 months (6 yrs 0 mo) | 81 months (6 yrs 9 mo) | $12,555 |
| Difference: +$100 | −24 months (2 yrs 0 mo) | −26 months (2 yrs 2 mo) | −$4,030 |
| Difference: +$300 | −52 months (4 yrs 4 mo) | −56 months (4 yrs 8 mo) | −$8,680 |
Amortization schedule
| Year | Payment (P&I + extra) | Principal | Interest | Extra | Mortgage insurance | Balance |
|---|---|---|---|---|---|---|
| Year 1 · Nov 2026 | $30,908 | $3,497 | $27,411 | $0 | $1,860 | $368,503 |
| Year 2 · Nov 2027 | $30,908 | $3,765 | $27,143 | $0 | $1,860 | $364,739 |
| Year 3 · Nov 2028 | $30,908 | $4,053 | $26,855 | $0 | $1,860 | $360,686 |
| Year 4 · Nov 2029 | $30,908 | $4,363 | $26,545 | $0 | $1,860 | $356,323 |
| Year 5 · Nov 2030 | $30,908 | $4,697 | $26,211 | $0 | $1,860 | $351,626 |
| Year 6 · Nov 2031 | $30,908 | $5,057 | $25,851 | $0 | $1,860 | $346,569 |
| Year 7 · Nov 2032 | $30,908 | $5,444 | $25,464 | $0 | $1,860 | $341,125 |
| Year 8 · Nov 2033 | $30,908 | $5,861 | $25,047 | $0 | $1,860 | $335,264 |
| Year 9 · Nov 2034 | $30,908 | $6,309 | $24,598 | $0 | $1,860 | $328,955 |
| Year 10 · Nov 2035 | $30,908 | $6,793 | $24,115 | $0 | $1,860 | $322,162 |
| Year 11 · Nov 2036 | $30,908 | $7,313 | $23,595 | $0 | $1,860 | $314,850 |
| Year 12 · Nov 2037 | $30,908 | $7,872 | $23,035 | $0 | $775 | $306,977 |
| Year 13 · Nov 2038 | $30,908 | $8,475 | $22,433 | $0 | $0 | $298,502 |
| Year 14 · Nov 2039 | $30,908 | $9,124 | $21,784 | $0 | $0 | $289,378 |
| Year 15 · Nov 2040 | $30,908 | $9,823 | $21,085 | $0 | $0 | $279,555 |
| Year 16 · Nov 2041 | $30,908 | $10,575 | $20,333 | $0 | $0 | $268,981 |
| Year 17 · Nov 2042 | $30,908 | $11,384 | $19,524 | $0 | $0 | $257,597 |
| Year 18 · Nov 2043 | $30,908 | $12,256 | $18,652 | $0 | $0 | $245,341 |
| Year 19 · Nov 2044 | $30,908 | $13,194 | $17,714 | $0 | $0 | $232,147 |
| Year 20 · Nov 2045 | $30,908 | $14,204 | $16,704 | $0 | $0 | $217,942 |
| Year 21 · Nov 2046 | $30,908 | $15,292 | $15,616 | $0 | $0 | $202,650 |
| Year 22 · Nov 2047 | $30,908 | $16,463 | $14,445 | $0 | $0 | $186,188 |
| Year 23 · Nov 2048 | $30,908 | $17,723 | $13,185 | $0 | $0 | $168,465 |
| Year 24 · Nov 2049 | $30,908 | $19,080 | $11,828 | $0 | $0 | $149,385 |
| Year 25 · Nov 2050 | $30,908 | $20,541 | $10,367 | $0 | $0 | $128,844 |
| Year 26 · Nov 2051 | $30,908 | $22,113 | $8,794 | $0 | $0 | $106,731 |
| Year 27 · Nov 2052 | $30,908 | $23,806 | $7,101 | $0 | $0 | $82,924 |
| Year 28 · Nov 2053 | $30,908 | $25,629 | $5,279 | $0 | $0 | $57,295 |
| Year 29 · Nov 2054 | $30,908 | $27,591 | $3,316 | $0 | $0 | $29,704 |
| Year 30 · Nov 2055 | $30,908 | $29,704 | $1,204 | $0 | $0 | $0 |
| Totals | $927,235 | $372,000 | $555,235 | $0 | $21,235 |
How to use this calculator
- Enter the home's original value: the purchase price or the appraisal at closing, whichever is lower.
- Enter the amount you borrowed at closing.
- Enter your interest rate and loan term. The rate box starts at the national weekly average; use your note rate instead.
- Enter your PMI rate from your loan documents.
- Read how many payments it takes to reach 80% and 78%, and how much PMI you pay along the way.
Private mortgage insurance (PMI) protects the lender, not you, when you put less than 20% down on a conventional loan. The good news is that it does not last forever. Federal law sets two dates when it can stop, and this calculator finds both from your original loan details.
How this PMI removal calculator works
The calculator follows your loan’s normal payment schedule, one month at a time. Each month, part of your payment goes to interest and the rest lowers the balance:
New balance = old balance − (monthly payment − old balance × monthly rate)
The monthly payment comes from the standard formula M = P × r ÷ (1 − (1 + r)^−n). The calculator counts
payments until the balance first falls to or below two targets:
80% target = original value × 0.80 (you may request cancellation)
78% target = original value × 0.78 (PMI ends automatically)
Monthly PMI is loan × PMI rate ÷ 12. The total is that amount times the payments until automatic termination,
or until the loan’s midpoint if that comes first.
Worked examples
Example 1: 7% down on a 30-year loan
Assume a $400,000 home with a $372,000 loan (7% down), an assumed 6.5% rate over 30 years and PMI at 0.5% a year.
- Starting loan-to-value: $372,000 ÷ $400,000 = 93%.
- Monthly principal and interest: about $2,351.29. Monthly PMI: $372,000 × 0.5% ÷ 12 = $155.
- 80% target: $320,000. The scheduled balance gets there after 113 payments (9 years 5 months).
- 78% target: $312,000. The balance gets there after 126 payments (10 years 6 months).
- PMI until automatic termination: $155 × 126 = $19,530. Asking at 80% instead stops it after 113 payments, for $17,515, a saving of about $2,015.
Example 2: 5% down on a 15-year loan
A $300,000 home with a $285,000 loan (95% LTV), an assumed 6.5% rate over 15 years and PMI at 0.6%. The payment is about $2,482.66, and PMI is about $142.50 a month. Because a 15-year loan pays principal down much faster, the balance reaches 80% after just 43 payments (3 years 7 months) and 78% after 48 payments (4 years). Total PMI to automatic termination is about $6,840, or about $6,128 if you ask at 80%.
What your result means
The first number is the earliest scheduled date you can send a written cancellation request. Your servicer must grant it if you have a good payment history, are current, have no second liens and can show the home has not lost value. The second number is the date PMI must stop even if you do nothing. If your loan would not reach 78% until after its midpoint, PMI stops the month after the midpoint instead.
Program rules that change the answer
| Loan type | Monthly insurance | When it can end |
|---|---|---|
| Conventional | PMI | Request at 80% of original value; automatic at 78% or the loan midpoint |
| FHA, 10% or more down | Annual MIP | After 11 years |
| FHA, under 10% down | Annual MIP | Life of the loan, unless you refinance |
| VA | None (one-time funding fee unless exempt) | Not applicable |
| USDA | Annual guarantee fee | Life of the loan |
Loan investors such as Fannie Mae and Freddie Mac can set PMI removal rules that are more generous than the law, such as removal based on a new appraisal, but never less favorable. For FHA loans, use the FHA MIP calculator, and see our explainer on mortgage insurance for the full comparison.
Assumptions
- Counts scheduled monthly payments only; extra payments are not included.
- Uses the original value you enter, not today’s market value.
- PMI is a flat yearly percentage of the original loan amount. Some policies charge differently.
- The rule dates apply to loans on a single-family primary residence closed on or after July 29, 1999.
- If the loan starts at 80% LTV or less, no PMI is shown and both dates are zero.
Common mistakes
- Entering today’s balance. Use the original loan amount from closing so the schedule lines up.
- Using today’s home value. The federal rules use the original value. A new appraisal is a separate path.
- Waiting for the automatic date. You can usually stop PMI about a year earlier by asking at 80%.
- Missing payments. Being late can delay both cancellation and automatic termination.
- Assuming FHA works the same way. FHA MIP does not drop off at 78%.
Limits of this estimate
Your PMI disclosure from closing shows the first date you can ask to cancel and the date PMI ends automatically on your actual loan. If you have paid extra or your home has gained value, call your servicer and ask what it needs. If you are weighing a refinance to drop mortgage insurance, the conventional loan guide explains the requirements.
For context, the national average 30-year fixed rate was 7.40% as of October 15, 2026 (Freddie Mac). FHA, VA and USDA rates are set by each lender and often differ.Source: Freddie Mac Primary Mortgage Market Survey, via FRED
Frequently asked questions
When can I remove PMI?
You can ask your servicer in writing to cancel PMI once your balance is scheduled to reach, or actually reaches, 80% of the home's original value. You need a good payment history, be current, have no second liens, and may need to show the value has not fallen.
When does PMI end automatically?
Under the Homeowners Protection Act, your servicer must end PMI on the date your balance is scheduled to reach 78% of the original value, as long as you are current. If you are behind, it ends once you catch up.
What if my loan never reaches 78% on schedule?
PMI must end the month after the midpoint of the loan's amortization schedule, such as after 15 years on a 30-year loan, even if the balance has not reached 78%, as long as you are current on payments.
Can extra payments remove PMI sooner?
Yes, for the 80% request. If extra principal payments bring your balance to 80% early, you can ask to cancel before the scheduled date. Automatic termination at 78% still follows the original schedule.
Can a higher home value get rid of PMI?
The federal rules use the original value, so rising prices do not count toward them. Investors can set rules that are more generous than the law, and some allow removal based on a new appraisal. Ask your servicer what its investor allows.
Does this work for FHA loans?
No. FHA loans have mortgage insurance premium (MIP), which follows HUD's own rules: 11 years if you put at least 10% down, otherwise the life of the loan. Use the FHA MIP calculator instead.
What does original value mean?
For a purchase, it is the lower of the contract sales price and the appraised value at closing. After a refinance, it is the appraised value from the refinance.
Why does my servicer's date differ from this result?
Servicers use your actual first payment date, exact rate and any extra payments you have made. This calculator counts scheduled payments from your first payment, so treat the result as an estimate and check your PMI disclosure.
Sources
Read the guides
Related calculators
- Mortgage payment See what a home would really cost each month, not just principal and interest, but the taxes, insurance, HOA dues and mortgage insurance that lenders count too.
- FHA MIP Work out the 1.75% upfront premium, the annual premium rate HUD assigns to your loan, the monthly cost and whether you pay it for 11 years or the life of the loan.
- Closing costs Get a planning range for your closing costs and the total cash you will need on closing day, before you have a Loan Estimate in hand.
- FHA vs conventional Put the same home through both loan types and see which one costs less each month and over the years you plan to stay, with FHA mortgage insurance and conventional PMI both counted.