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Home loans

PMI Calculator

Not just what PMI costs each month — when it actually ends, what it will have cost by then, and how much sooner you could be rid of it.

InputsLTV-90
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Asking for cancellation at 80% instead of waiting for automatic termination saves $3,150.

PMI you will pay in total$225.00/mo
$24,750
you can request removal8 yr
servicer must cancel9 yr 2 mo
midpoint backstop15 yr
total if you ask at 80%$21,600
loan amount
$360,000
starting LTV
90.0%
asking saves
$3,150

On a $400,000 home with 10% down at 6.55%, PMI costs $225.00 a month. You can request cancellation after about 8 years, and your servicer must cancel it automatically at about 9 years 2 months — a total of $24,750 if you simply wait.

Asking at the 80% mark rather than waiting for automatic termination saves $3,150. Figures use a 0.75% annual PMI rate on a 30-year conventional loan; the benchmark rate is the Freddie Mac average as of 2026-07-16.

Three rules decide when PMI ends

All three are keyed to the original value of the home, not what it is worth today, and they come from the Homeowners Protection Act.

At 80% you may ask. Once the balance reaches 80% of the original value you can request cancellation in writing. It is a request, not automatic — the servicer can ask for a current appraisal, require a clean payment record, and refuse if there is a second lien.

At 78% they must cancel. No request needed and no appraisal: the servicer is required to drop it once the original amortization schedule reaches 78% LTV, as long as you are current.

At the midpoint, it ends regardless. If neither threshold has been hit, PMI must still stop halfway through the term — month 180 of a 30-year loan — whatever the balance is. This one catches slowly-amortizing loans, and most calculators do not model it at all.

Asking is worth real money

The gap between 80% and 78% looks small but takes over a year of payments to cross. On the example above that is $3,150 for writing one letter at the right moment. Nobody will remind you — set a reminder for the month the calculator shows.

Paying extra principal moves it much further. An extra $500 a month on the same loan reaches the 80% mark at 3 years 8 months rather than 8 years, cutting total PMI to about $11,475. See the extra payment calculator for what that does to the loan as a whole.

This is conventional PMI, not FHA

FHA loans carry a different animal: mortgage insurance premium (MIP), which with less than 10% down generally lasts the life of the loan and can only be escaped by refinancing into a conventional mortgage. VA loans have no monthly mortgage insurance at all, just an up-front funding fee. If your loan is FHA or VA, the timings on this page do not apply to you.

Common questions

When does PMI automatically drop off?
When your balance reaches 78% of the home's ORIGINAL value on the original amortization schedule, provided you are current on payments. Your servicer must cancel it themselves — you do not have to ask. On a $400,000 home with 10% down at 6.55%, that is about 9 years 2 months in.
Can I get PMI removed earlier?
Yes — at 80% you can request cancellation, which on the same loan is about 8 years in. It is a request rather than a right, so the servicer may require a current appraisal, a clean payment history and no second lien. Asking instead of waiting is worth $3,150 on this example.
What is the midpoint rule?
If neither the 80% nor 78% threshold has been reached, PMI must still end at the midpoint of the loan term — month 180 of a 30-year mortgage — regardless of your balance. It exists for loans that amortize too slowly to get there, and most PMI calculators leave it out entirely.
How much is PMI per month?
Typically 0.3%–1.5% of the original loan per year, depending on credit score and down payment; 0.75% is a common middle figure. On a $360,000 loan at 0.75% that is $225.00 a month. Your lender sets the exact rate — check your loan estimate.
Does paying extra principal remove PMI sooner?
Yes, and substantially. Adding $500 a month to the same loan reaches the 80% mark at about 3 years 8 months instead of 8 years. It does not move the midpoint backstop, which is date-based rather than balance-based.
Does this apply to FHA loans?
No. FHA mortgage insurance follows different rules — with less than 10% down, MIP generally lasts the life of the loan and is only removed by refinancing out of FHA. VA loans have no monthly mortgage insurance at all. This calculator covers borrower-paid PMI on conventional loans.

How we calculate this

Monthly PMI is the annual rate applied to the original loan amount. We then walk the amortization schedule month by month — including any extra principal — and find the first month the balance falls to 80% and 78% of the original purchase price, plus the statutory midpoint. Whichever comes first decides the end date.

Borrower-paid PMI on a conventional loan only. Rising home values can justify an early cancellation request via appraisal, which is not modelled here because it depends on a valuation we cannot know. Lender-paid PMI, which is priced into the rate instead, is also outside this calculation.

Full methodology & sources →
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Estimates based on the original amortization schedule. Your servicer's exact timing can differ, and cancellation at 80% is a request they may condition. Not financial advice.