About the PMI Removal Date Calculator
This calculator finds the dates that matter for removing private mortgage insurance (PMI) on a conventional US mortgage. Under the Homeowners Protection Act you can ask your servicer to cancel PMI once your balance reaches 80% of the home’s original value, PMI must end automatically when the balance is scheduled to reach 78%, and it ends at the midpoint of the loan term regardless.
Enter the original value (the lower of the purchase price or appraised value), the loan amount, rate, term and first payment date, plus any extra principal you pay each month. The calculator shows the month you can request cancellation, the month automatic termination kicks in, how many PMI payments that means and how much PMI your extra payments save.
Extra payments bring the 80% request date forward, because cancellation can be requested when the actual balance reaches 80%. Automatic termination at 78% follows the original amortization schedule (for a fixed-rate loan; adjustable-rate loans use the schedule currently in effect), so extra payments do not move it. Removal based on a new appraisal showing a higher value is set by your servicer’s or investor’s rules and is not modelled here.
How to use the pmi removal date calculator
- 1Enter the original home value and the original loan amount.
- 2Enter the interest rate, term and first payment date from your closing documents.
- 3Enter the yearly PMI rate (or divide your monthly PMI × 12 by the loan).
- 4Add any extra principal you pay each month.
- 5Read the request, automatic and midpoint dates and the PMI you save by requesting early.
Formula and method
The loan is amortized month by month with the standard level payment. The request date is the payment after which the balance — including any extra principal you pay — first reaches 80% of the original value. The automatic termination date uses the original amortization schedule without extra payments, as the Homeowners Protection Act specifies, and is the payment at which the scheduled balance first reaches 78%.
If neither threshold is reached by the midpoint of the term, PMI ends the month after the midpoint. Total PMI is the monthly premium multiplied by the number of payments before PMI stops. Original value means the lower of the sales price and the appraised value when the loan was made. Premiums are assumed level; some policies decline over time.
- k
- Payment number (1 = first payment)
- balance_k
- Loan balance after payment k
- original value
- Lower of purchase price or appraised value at closing
Worked examples
$350k home with 5% down at 6.5%
A $332,500 loan on a $350,000 home starts at 95% LTV with PMI of $166.25 a month (0.6%). The balance reaches $280,000 (80%) after payment 124 in May 2036, and is scheduled to reach $273,000 (78%) after payment 135 in April 2037. Requesting cancellation at 80% means $20,615 of PMI in total instead of $22,443.75.
Same loan with $300 extra each month
Adding $300 of principal every month brings the balance to 80% after just 72 payments, in January 2032 — 52 months earlier. If you request cancellation then, total PMI falls to $11,970. Automatic termination still follows the original schedule (April 2037), so you must make the request.
Frequently asked questions
When does PMI go away automatically?+
On conventional loans, PMI must end automatically on the date your principal balance is scheduled to reach 78% of the original home value, as long as you are current on payments. If that has not happened by the midpoint of the loan term, PMI ends the month after the midpoint.
Can I remove PMI at 80%?+
Yes. You can ask your servicer in writing to cancel PMI once your balance reaches 80% of the original value, either on schedule or sooner through extra payments. You need a good payment history, no second liens, and you may have to show the home has not lost value.
Do extra payments make PMI end sooner?+
Extra principal payments bring forward the date you can request cancellation at 80%. Automatic termination at 78% is tied to the original amortization schedule, so to benefit from extra payments you need to make the request yourself.
Can a new appraisal get PMI removed?+
Many servicers allow removal based on current value after home price gains or improvements, often requiring 75% to 80% LTV and two to five years of seasoning. These rules come from the servicer or investor, not from the Homeowners Protection Act.
Does this apply to FHA mortgage insurance?+
No. FHA mortgage insurance premiums follow HUD rules: for most FHA loans with less than 10% down, MIP lasts for the life of the loan. Refinancing into a conventional loan is the usual way to drop it.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.