Calculators
PMI Removal Calculator
Find the month you can ask to cancel private mortgage insurance and the month it ends on its own, from your own loan papers. FHA loans get the FHA rule.
- From your own loan papers
- Nothing you enter is sent anywhere
When does your mortgage insurance end?
Use the figures from your loan papers and your latest statement. The calculator finds the month your balance is scheduled to reach the points where private mortgage insurance can be cancelled or ends on its own, or applies the FHA rule. Nothing you enter is sent anywhere.
Enter the original value, the loan amount, the rate, the term and when the first payment was due.
Arithmetic on the figures you entered and the rules described in our guide to mortgage insurance. Your servicer applies the rules to your loan and can list any conditions, such as a good payment history. Not a quote or an offer. Align Lending LLC, NMLS #2041154. Equal Housing Opportunity.
The terms
What mortgage insurance is, and how it ends
Mortgage insurance
Mortgage insurance protects the lender, not you, if a loan made with a small down payment defaults. Conventional loans call it PMI, and you can have it removed once you reach enough equity. FHA calls it MIP, and on most FHA loans it lasts for the life of the loan. VA loans charge a one-time funding fee instead.
Cancelling it
On a conventional loan, you can ask to cancel private mortgage insurance once the balance reaches 80% of the home's original value, and it ends automatically at 78%, as long as payments are current. Some lenders allow removal earlier based on a new appraisal. FHA mortgage insurance follows its own rules, and often the only way out is a refinance.
Questions about removing mortgage insurance
If yours is not here, send Samantha your loan details and she will look at your options.
When can I ask to cancel PMI?
On a conventional loan, once the balance reaches 80% of the home’s original value, as long as payments are current. The calculator finds the month your balance is scheduled to get there; if you have paid ahead, your actual balance can get you there sooner.
What is original value?
Generally the lower of your contract sales price or the appraised value when you bought. If you refinanced, it is the appraised value at the time of the refinance. Rising home prices do not move the scheduled dates, because original value never changes.
What if my loan never reaches 78%?
Private mortgage insurance still ends at the midpoint of the loan, year 15 of a 30-year loan, as long as you are current. See our guide to mortgage insurance for the full rules.
Does FHA mortgage insurance ever end?
For FHA loans with a case number assigned on or after June 3, 2013, the annual premium lasts 11 years when the original loan-to-value was 90% or less on a term over 15 years, and the entire mortgage term when it was above 90%. Older FHA loans follow an earlier rule.
Can a new appraisal get it removed sooner?
Some lenders allow removal earlier based on a new appraisal. Your servicer can tell you what it requires.
How does refinancing remove mortgage insurance?
Refinancing removes mortgage insurance when the new loan is 80% or less of your home’s current appraised value. Our guide to refinancing to remove mortgage insurance walks through when that makes sense.
Keep going
Other ways to look at your mortgage
Pay it off sooner
How much sooner extra payments or a lump sum pay off your loan.
Pay it off soonerRefinance break-even
Months until a refinance pays for itself, against how long you keep the loan.
Refinance break-evenHome equity strategy
What your equity is, what you owe, and what the money would be for.
Home equity strategyAll calculators
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All calculatorsAlign Lending LLC, NMLS #2041154, is a mortgage broker. Samantha Shelton, NMLS 1647301. Equal Housing Opportunity. Licensed in Michigan, Ohio, North Carolina, Florida, Louisiana and Texas. The calculator shows arithmetic on the figures you enter and the rules in our mortgage insurance guide. Your servicer applies the rules to your loan. It is not a quote, an offer of credit or advice.
