PMI Removal Calculator
Find out when you'll reach 20% equity and can request PMI removal, or 22% when it drops automatically by federal law, based on your loan and expected appreciation.
Results update automatically
Think you're close to 20% equity? Let's confirm with a real valuation.
Talk to a Loan OfficerHow PMI Removal Actually Works
Under federal law (the Homeowners Protection Act), lenders must automatically cancel PMI once your loan balance reaches 78% of the home's original value, based on your original amortization schedule. You can also proactively request removal once you reach 80% loan-to-value (20% equity), which can happen sooner than the automatic date if your home has appreciated.
Appreciation-based removal usually requires a new appraisal to confirm current value, since lenders won't take your estimate alone — this calculator gives you a planning estimate to know when it's worth requesting that appraisal.
Frequently Asked Questions
Can I remove PMI before I reach 20% equity through payments alone?
Yes, if your home has appreciated in value, you may reach 20% equity sooner than your amortization schedule alone would suggest. You'll typically need to request this from your lender and may need to pay for a new appraisal.
Is PMI removal automatic?
Federal law requires automatic PMI cancellation once your loan balance reaches 78% of the home's original value, based on your original payment schedule, regardless of whether you request it.
Does this apply to FHA mortgage insurance too?
No. This applies to conventional loan PMI. FHA mortgage insurance follows different rules and often cannot be removed without refinancing into a conventional loan, especially on loans with less than 10% down.
