Free PMI Removal Calculator — When Can You Drop PMI?

Private mortgage insurance protects your lender, not you — and on a typical loan it costs $100–$200 a month. The good news: on conventional loans you can request removal once your balance hits 80% of the home’s original value, and it must terminate automatically at 78%. This calculator shows your current loan-to-value, both dates, the total PMI you will still pay, and how extra principal payments pull the finish line closer. Our full guide on how to remove PMI walks through the request letter and appraisal options.

How it works

The tool divides your current balance by the original home value to get today’s LTV, then projects the balance downward by your monthly principal paydown (plus any extra you enter) until it crosses the 80% request threshold and the 78% automatic-termination threshold from the Homeowners Protection Act. Dates are counted forward from today. Note the thresholds use the original value on the original amortization schedule — a new appraisal can change the picture, which the linked guide explains.

Everyday uses

• Recent buyers with small down payments — know your PMI end date from day one.
• Homeowners near 80% — decide whether a lump-sum payment or appraisal is worth it.
• Refinance shoppers — compare “wait and remove” against refinancing costs.

Frequently asked questions

Can I remove PMI on an FHA loan the same way?

Usually not — FHA charges mortgage insurance premiums (MIP) that often last the life of the loan for low down payments. Many FHA borrowers refinance into a conventional loan to drop it.

Does my home’s appreciation count?

It can: after enough seasoning (often 2–5 years), many servicers accept a new appraisal showing 80% LTV on the current value. Rules vary by investor.

Is the 78% date guaranteed?

For conventional loans covered by the Homeowners Protection Act, PMI must auto-terminate at 78% LTV on the original schedule if you are current on payments.