Enter your home's original value, your original loan amount, your rate and term, your monthly PMI, and when your loan started. The calculator shows the month you can request PMI cancellation at 80%, the month it ends automatically at 78%, how much PMI you'll pay in total, and how much sooner you could drop it with extra payments.
With your extra payments, you can request cancellation sooner than PMI would end automatically, and save in PMI compared with waiting for 78%.
80%: request it. Once your balance reaches 80% of the original value, you can ask your servicer in writing to cancel PMI.
78%: it ends automatically. Based on your original payment schedule, as long as you're current on payments.
Halfway: it ends no matter what. On a 30-year loan, after 15 years.
See when PMI comes off automatically for the full rules.
On a $360,000 loan at 6.5% with $150 a month in PMI, requesting cancellation at 80% instead of waiting for 78% saves 14 months of PMI, about $2,100. Adding $200 a month in extra principal gets you to 80% in 5 years and 4 months instead of 7 years and 11 months. See how to get rid of PMI early.
This calculator uses your original value, which is what the automatic rules use. If your home is worth more today, you may be able to remove PMI sooner with a new appraisal. See whether a new appraisal can remove PMI.
The money you were paying for PMI is free to go to principal. Ridgewell's Mortgage Accelerator Program is designed to help qualifying households pay off a home in as little as 5 to 7 years.
Payoff timelines are illustrations for qualifying households and are not guaranteed.
Run your numbers, then put your 80% date on the calendar. For your full payoff picture, get a free payoff projection from a licensed agent.
Estimates assume a fixed-rate conventional loan on a primary residence covered by the Homeowners Protection Act, borrower-paid monthly PMI that stays level, and on-time payments. FHA, VA, and lender-paid PMI follow different rules. Your servicer's records control.
On most conventional loans, you can request cancellation when your balance reaches 80% of your home's original value. It ends automatically when your balance is scheduled to reach 78%, or at the loan's halfway point.
The lower of your purchase price or the appraised value when you got the loan.
Yes, they bring you to 80% sooner, but you have to request cancellation in writing. The automatic 78% date is based on your original schedule, not extra payments.
Often, with a new appraisal. Many lenders allow cancellation at 75% of current value after two years, or 80% after five. This calculator uses original value, so ask your servicer about current-value requests.