PMI Removal Calculator
When your mortgage insurance can be cancelled.
Enter your values
Enter the original home value in $.
Enter the current balance in $.
Enter the interest rate in %.
Enter the monthly principal and interest in $.
Enter the monthly pmi in $.
Enter the extra principal per month in $.
Results update instantly as you type — no submit needed. Your values are remembered on this device, and the shareable link reopens the calculator with exactly these numbers.
- Months to 80% LTV
- 72 (6 years)
- With extra payments
- 50 months (4.2 years)
- Automatic cancellation at 78%
- 86 months
- Current LTV
- 88%
- PMI paid until 80% without extra
- $11,880.00
- PMI saved by paying extra
- $3,630.00
Quick answer
Lenders must cancel PMI at 78% LTV of the original value automatically, and must consider a request at 80% — extra principal payments get you there sooner.
Cancel when balance ÷ original value ≤ 80%
At a glance
| What it does | When your mortgage insurance can be cancelled. |
|---|---|
| Category | Finance |
| Inputs needed | Original home value, Current balance, Interest rate, Monthly principal and interest, Monthly PMI, Extra principal per month |
| Main output | Months to 80% LTV |
| Formula | Cancel when balance ÷ original value ≤ 80% |
| Cost | Free — no sign-up, no download |
How to use the PMI Removal Calculator
- 1Enter the original purchase value — PMI rules use that, not today's value.
- 2Enter your current balance, rate and payment.
- 3Try an extra principal amount to see how much PMI it saves.
Inputs explained
- Original home value($)
- Enter the original home value in $.
- Current balance($)
- Enter the current balance in $.
- Interest rate(%)
- Enter the interest rate in %.
- Monthly principal and interest($)
- Enter the monthly principal and interest in $.
- Monthly PMI($)
- Enter the monthly pmi in $.
- Extra principal per month($)
- Enter the extra principal per month in $.
Worked example
Using the values the calculator loads with:
Inputs
- Original home value400000 $
- Current balance352000 $
- Interest rate6.5 %
- Monthly principal and interest2277 $
- Monthly PMI165 $
- Extra principal per month200 $
Results
- Months to 80% LTV72 (6 years)
- With extra payments50 months (4.2 years)
- Automatic cancellation at 78%86 months
- Current LTV88%
- PMI paid until 80% without extra$11,880.00
- PMI saved by paying extra$3,630.00
Frequently asked questions
Can a new appraisal remove PMI sooner?
Many lenders allow cancellation based on a current appraisal once you have 20–25% equity, which helps a lot in a rising market.
Does FHA mortgage insurance ever drop off?
On loans with less than 10% down it lasts the life of the loan; the usual escape is refinancing into a conventional mortgage at 20% equity.
What do I need to enter into the PMI Removal Calculator?
Just 6 values: original home value, current balance, interest rate, monthly principal and interest, monthly pmi, extra principal per month. Every field starts with a realistic example, so you can change one number at a time and watch the result update instantly.
How does the PMI Removal Calculator work out the answer?
Lenders must cancel PMI at 78% LTV of the original value automatically, and must consider a request at 80% — extra principal payments get you there sooner. It applies the formula Cancel when balance ÷ original value ≤ 80% and shows the working so you can check each step by hand.
Is the PMI Removal Calculator free, and do I need an account?
It is completely free with no sign-up, no download and no usage limit. Everything is calculated in your browser, so the numbers you type never leave your device.
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.