PMI Removal Timeline Calculator
Example: Original home value: 350000 $ · Original loan amount: 322000 $ · Interest rate (APR): 6.5 % · Loan term: 30 years · Annual PMI rate: 0.6 % · Home appreciation rate: 0 % · Count appreciation toward 80%?: 0
| Months to request removal (80%) | 107 |
| Months to automatic removal (78%) | 120 |
| PMI paid until you can request | $17,227 |
Worked example
You buy a $350,000 home with a $322,000 loan — about 92% loan-to-value — at 6.5% over 30 years. Your payment slowly chips at principal, reaching the 80% threshold ($280,000 balance) at which you can request removal after roughly 60 months, and the automatic 78% cutoff ($273,000) a few months later. At a 0.6% PMI rate that is about $161 a month, so you pay close to $9,700 in PMI before you are eligible to request cancellation — money worth pursuing the moment you qualify.
Frequently asked questions
What is the difference between 80% and 78% LTV?
At 80% loan-to-value of the original value you may request that PMI be canceled, provided you are current and meet the servicer's conditions. At 78% the lender must cancel it automatically. Requesting at 80% gets you off PMI sooner.
Can rising home value get me out of PMI faster?
Sometimes. If your home appreciates, a new appraisal may show you have reached 80% equity based on current value, letting you request removal earlier. Turn on the appreciation option here to model that path.
How do I actually cancel PMI?
Submit a written request to your servicer once you hit 80%, be current on payments, and have no second liens; the servicer may require an appraisal. Do not assume it drops automatically until 78% — request it as soon as you qualify.
Does making extra payments remove PMI sooner?
Yes. Extra principal payments lower your balance faster, so you reach the 80% and 78% thresholds earlier. Pair this tool with an extra-payment plan to accelerate cancellation.