PMI Removal Calculator
Find the month your conventional loan balance reaches 80% and 78% of your home's original value, the two dates that control when PMI can come off.
Summary
Month you can request PMI cancellation (80%)February 2038
Your balance reaches 80% of the original value in February 2038, after 11 yr 3 mo. That is when you can ask your servicer to cancel PMI. It reaches 78% in February 2039, after 12 yr 3 mo.
- Month the balance reaches 78%
- February 2039
- Payments until 80% of original value
- 11 yr 3 mo
- Starting loan-to-value
- 95%
Showing an example with default numbers. Change any field to see your own result. The rate field starts at the 30-year fixed national average (7.4%, week of October 15, 2026). Use your own quote for a closer answer.
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Breakdown
- Payments until 78% of original value
- 12 yr 3 mo
Charts
Tap or hover the chart to see values.
- Loan-to-value
- 80% (you can ask)
- 78% (automatic)
View as table
| Year | Loan-to-value | 80% (you can ask) | 78% (automatic) |
|---|---|---|---|
| 2026 | 94.11% | 80% | 78% |
| 2027 | 93.15% | 80% | 78% |
| 2028 | 92.11% | 80% | 78% |
| 2029 | 91% | 80% | 78% |
| 2030 | 89.8% | 80% | 78% |
| 2031 | 88.51% | 80% | 78% |
| 2032 | 87.12% | 80% | 78% |
| 2033 | 85.62% | 80% | 78% |
| 2034 | 84.01% | 80% | 78% |
| 2035 | 82.27% | 80% | 78% |
| 2036 | 80.41% | 80% | 78% |
| 2037 | 78.39% | 80% | 78% |
| 2038 | 76.23% | 80% | 78% |
| 2039 | 73.9% | 80% | 78% |
| 2040 | 71.39% | 80% | 78% |
| 2041 | 68.69% | 80% | 78% |
| 2042 | 65.78% | 80% | 78% |
| 2043 | 62.65% | 80% | 78% |
| 2044 | 59.28% | 80% | 78% |
| 2045 | 55.66% | 80% | 78% |
| 2046 | 51.75% | 80% | 78% |
| 2047 | 47.55% | 80% | 78% |
| 2048 | 43.02% | 80% | 78% |
| 2049 | 38.15% | 80% | 78% |
| 2050 | 32.9% | 80% | 78% |
| 2051 | 27.26% | 80% | 78% |
| 2052 | 21.18% | 80% | 78% |
| 2053 | 14.63% | 80% | 78% |
| 2054 | 7.59% | 80% | 78% |
| 2055 | 0% | 80% | 78% |
Schedule
| Year | Payment | Principal | Extra | Interest | Balance | Interest to date | Loan-to-value |
|---|---|---|---|---|---|---|---|
| 2026 | $31,573 | $3,572 | $0 | $28,000 | $376,428 | $28,000 | 94.11% |
| 2027 | $31,573 | $3,846 | $0 | $27,727 | $372,582 | $55,727 | 93.15% |
| 2028 | $31,573 | $4,140 | $0 | $27,433 | $368,442 | $83,160 | 92.11% |
| 2029 | $31,573 | $4,457 | $0 | $27,116 | $363,986 | $110,276 | 91% |
| 2030 | $31,573 | $4,798 | $0 | $26,774 | $359,187 | $137,050 | 89.8% |
| 2031 | $31,573 | $5,166 | $0 | $26,407 | $354,022 | $163,457 | 88.51% |
| 2032 | $31,573 | $5,561 | $0 | $26,012 | $348,461 | $189,468 | 87.12% |
| 2033 | $31,573 | $5,987 | $0 | $25,586 | $342,474 | $215,054 | 85.62% |
| 2034 | $31,573 | $6,445 | $0 | $25,127 | $336,029 | $240,182 | 84.01% |
| 2035 | $31,573 | $6,939 | $0 | $24,634 | $329,090 | $264,816 | 82.27% |
| 2036 | $31,573 | $7,470 | $0 | $24,103 | $321,621 | $288,918 | 80.41% |
| 2037 | $31,573 | $8,042 | $0 | $23,531 | $313,579 | $312,449 | 78.39% |
| 2038 | $31,573 | $8,657 | $0 | $22,915 | $304,921 | $335,364 | 76.23% |
| 2039 | $31,573 | $9,320 | $0 | $22,252 | $295,601 | $357,616 | 73.9% |
| 2040 | $31,573 | $10,034 | $0 | $21,539 | $285,567 | $379,155 | 71.39% |
| 2041 | $31,573 | $10,802 | $0 | $20,770 | $274,765 | $399,926 | 68.69% |
| 2042 | $31,573 | $11,629 | $0 | $19,943 | $263,136 | $419,869 | 65.78% |
| 2043 | $31,573 | $12,519 | $0 | $19,053 | $250,617 | $438,922 | 62.65% |
| 2044 | $31,573 | $13,478 | $0 | $18,095 | $237,139 | $457,017 | 59.28% |
| 2045 | $31,573 | $14,510 | $0 | $17,063 | $222,629 | $474,080 | 55.66% |
| 2046 | $31,573 | $15,621 | $0 | $15,952 | $207,009 | $490,031 | 51.75% |
| 2047 | $31,573 | $16,817 | $0 | $14,756 | $190,192 | $504,787 | 47.55% |
| 2048 | $31,573 | $18,104 | $0 | $13,468 | $172,088 | $518,256 | 43.02% |
| 2049 | $31,573 | $19,490 | $0 | $12,082 | $152,597 | $530,338 | 38.15% |
| 2050 | $31,573 | $20,982 | $0 | $10,590 | $131,615 | $540,928 | 32.9% |
| 2051 | $31,573 | $22,589 | $0 | $8,984 | $109,026 | $549,911 | 27.26% |
| 2052 | $31,573 | $24,318 | $0 | $7,254 | $84,708 | $557,166 | 21.18% |
| 2053 | $31,573 | $26,180 | $0 | $5,392 | $58,527 | $562,558 | 14.63% |
| 2054 | $31,573 | $28,185 | $0 | $3,388 | $30,343 | $565,946 | 7.59% |
| 2055 | $31,573 | $30,343 | $0 | $1,230 | $0 | $567,176 | 0% |
| Total | $947,176 | $380,000 | $0 | $567,176 |
Values are rounded to whole dollars; totals use unrounded figures.
Compare scenarios
Your numbers next to common alternatives. Each column recalculates as you change the form.
| Your numbers | +$100 a month extra | +$300 a month extra | |
|---|---|---|---|
| Month you can request PMI cancellation (80%) | February 2038 | December 2035 | July 2033 |
| Month the balance reaches 78% | February 2039 | November 2036 | March 2034 |
How to use it
- Enter your home's original value: the lower of the purchase price or the appraisal at purchase.
- Enter the amount you borrowed at closing, your interest rate and your loan term.
- Pick the month your first payment was due.
- Add any extra principal you pay each month, or leave it at 0.
- Read your 80% and 78% dates, then put the 80% date on your calendar.
This PMI removal calculator shows the two dates that matter most for private mortgage insurance (PMI) on a conventional loan. The first is when your balance reaches 80% of your home’s original value, the point where you can ask to cancel. The second is when it reaches 78%, when PMI must end on its own if you are current.
How do you use this calculator?
Enter the numbers from your closing documents, not today’s statement. The tool rebuilds your payment schedule from day one, month by month, so it needs the original loan amount, rate, term and first payment month. Then add any extra principal you pay to see how much sooner you reach 80%.
A few tips on each input:
- Original home value. Use the lower of your purchase price or the appraised value at purchase. If you refinanced, use the appraised value from the refinance.
- Original loan amount. Use the amount on your note at closing. Today’s balance would throw the schedule off.
- First payment month. This is usually the first or second month after closing. Your Closing Disclosure shows it.
- Extra principal. Enter only money that goes to principal, not to escrow.
How is the PMI date calculated?
The calculator builds a standard amortization schedule and finds the first month your balance falls to 80% and then 78% of original value. Each month, interest is the balance times the monthly rate, and the rest of your payment, plus any extra, reduces principal.
The monthly principal-and-interest payment uses the standard formula:
M = P × r(1 + r)^n / ((1 + r)^n − 1)
Here P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. The targets are simple:
- 80% target = original value × 0.80
- 78% target = original value × 0.78
- Starting loan-to-value = loan amount ÷ original value
The calculator does not include taxes, insurance or escrow, since those do not reduce your balance. It assumes every payment is made on time and in full.
Worked example
Down payment and loan term change the picture a lot. Here is the same $400,000 home at the same example rate.
| Scenario (hypothetical) | Starting LTV | Payments to 80% | Payments to 78% |
|---|---|---|---|
| 5% down, 30-year | 95% | 124 | 135 |
| 5% down, 30-year, +$200/month | 95% | 87 | 96 |
| 10% down, 30-year | 90% | 95 | 109 |
| 5% down, 15-year | 95% | 43 | 48 |
What does your result mean?
Your 80% date is the earliest month you can ask your servicer to cancel PMI based on original value. Your 78% date, read with no extra payments, is when PMI should end automatically. Your servicer must grant an 80% request if you meet the legal conditions.
The Consumer Financial Protection Bureau (CFPB) says your servicer “is legally required to grant your request” when you ask in writing, have a good payment history, are current, certify there are no junior liens, and show the home’s value has not dropped below original value (CFPB). These rules cover single-family primary homes with loans closed on or after July 29, 1999.
Several rules can change your answer:
- Payment history. Fannie Mae requires no payment 30+ days late in the last 12 months and none 60+ days late in the last 24 months (Fannie Mae Servicing Guide).
- Current value. Fannie Mae also lets owners of a one-unit primary home or second home cancel based on current value: 75% LTV or less after two to five years, or 80% or less after five years, with a new valuation.
- Property type. For investment properties and two- to four-unit homes, Fannie Mae’s request threshold is 70%.
- Midpoint. PMI must end the month after your loan’s midpoint even if 78% has not been reached.
- Lender-paid insurance. If the lender paid for mortgage insurance through a higher rate, the CFPB says different rules apply.
For a full walk-through of every path, read when you can remove PMI. If you have not bought yet, see how much down payment you need to weigh PMI against a bigger down payment.
Is this calculator right for FHA loans?
No. FHA loans carry mortgage insurance premiums set by HUD, not PMI. Under HUD’s current rates, FHA loans with 10% or more down pay annual MIP for 11 years, and most with less down pay it for the life of the loan. The 80% and 78% PMI rules do not apply.
HUD’s Mortgagee Letter 2023-05 sets those durations (HUD). Use the FHA MIP calculator for an FHA loan, and the FHA vs conventional calculator to compare the two before you buy.
Common mistakes
Most errors come from using today’s numbers instead of the original ones, or from assuming PMI drops off without a request. Check these before you rely on your dates.
- Entering today’s balance instead of the original loan amount.
- Using today’s market value instead of original value.
- Waiting for the automatic 78% date instead of asking at 80%.
- Forgetting that a second mortgage or HELOC can block a request.
- Counting extra payments that went to escrow rather than principal.
- Assuming the dates apply to an FHA or VA loan.
Questions about this calculator
Is the 80% date the day PMI comes off automatically?
No. At 80% of original value you must ask your servicer in writing to cancel PMI. The automatic cutoff happens later, when the balance is scheduled to reach 78% on your original payment schedule, as long as you are current on payments.
Why does the calculator use original value instead of today's value?
Because the federal 80% and 78% rules are based on original value. That is generally the lower of your purchase price or appraised value at purchase. Removing PMI based on a higher current value follows separate investor rules and needs a new valuation.
Do extra payments change my automatic 78% date?
Not legally. Automatic termination follows your original amortization schedule. Extra payments do move up the date your real balance reaches 80%, and you can request cancellation then. So extra payments help, but you have to ask.
What is a good payment history for PMI cancellation?
For Fannie Mae loans, no payment 30 or more days late in the past 12 months and no payment 60 or more days late in the past 24 months. You must also be current when you make the request.
Does this work for FHA loans?
No. FHA mortgage insurance follows HUD rules, not the PMI law. Most FHA loans with less than 10% down keep annual MIP for the life of the loan. Use the FHA MIP calculator for those loans.
What if my loan has never had PMI?
If your starting loan-to-value is 80% or lower, the calculator shows that you are already at or below the threshold. Loans with 20% or more down usually do not require PMI at all.
Is there a final date when PMI must end?
Yes. PMI must end the month after the midpoint of your loan term, such as after 15 years on a 30-year loan, if you are current. This matters mostly for loans whose balance falls slowly.
Can a second mortgage stop me from canceling PMI?
It can. To request cancellation at 80%, you must certify that your equity is not encumbered by a subordinate lien, such as a second mortgage or home equity line.
Sources
- When can I remove private mortgage insurance (PMI) from my loan? (opens in a new tab)Consumer Financial Protection Bureau · Checked
- B-8.1-04, Termination of Conventional Mortgage Insurance (opens in a new tab)Fannie Mae Servicing Guide · Checked
- What is private mortgage insurance? (opens in a new tab)Consumer Financial Protection Bureau · Checked
- Mortgagee Letter 2023-05: Reduction of Annual Mortgage Insurance Premium Rates (opens in a new tab)U.S. Department of Housing and Urban Development · Checked
This tool gives estimates for education, not a loan offer or financial advice. Your lender’s numbers, fees and rules may differ. How we research · Disclaimer