PMI Calculator
See what PMI costs each month, and the exact dates you can ask to drop it, the date it ends by itself, and how much sooner extra payments let you ask.
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Educational estimates only. Not financial, tax, or lending advice.
Updated
When does PMI go away?
On a conventional loan, PMI can be cancelled on request when the balance is scheduled to reach 80% of the original value, and must end automatically at 78%. In the example below, a $360,000 loan on a $400,000 home at 6.5% pays $165 a month. You can ask in payment 95 (7 years 11 months in), and it ends on its own in payment 109 (9 years 1 month in), after about $17,985 of premiums.
An extra $200 a month lets you ask in payment 64, which is 2 years 7 months sooner and saves $7,425 of premiums. The automatic date does not move.
What PMI costs and when it can go
Monthly PMI
$165.00
Loan-to-value 90%. Principal and interest is $2,275.44.
You can ask to drop it
Apr 01, 2031
2 years 7 months sooner than the Nov 01, 2033 on the original schedule.
Ends on its own
Jan 01, 2035
When the scheduled balance reaches 78% of the original value.
PMI paid if you wait
$17,985
$7,425 less if you ask at the earlier date.
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Your PMI removal dates
| Milestone | Date | What happens |
|---|---|---|
| Ask at 80% | Nov 01, 2033 (payment 95) | You can ask in writing to cancel, if you are current and have no second mortgage. |
| Ask at 80%, with $200 extra a month | Apr 01, 2031 (payment 64) | 2 years 7 months sooner, $7,425 less PMI than waiting for the automatic date. |
| Automatic at 78% | Jan 01, 2035 (payment 109) | The servicer must end it if you are current. Extra payments do not move this date. |
| Midpoint of the term | Dec 01, 2040 (payment 180) | The latest it can run, even if 78% has not been reached. |
All three lines use the original value, not what the home is worth today. A servicer can ask for proof that the value has not dropped before it cancels at 80%. These rules cover conventional loans on a main home closed since July 29, 1999. FHA and VA loans follow different rules.
How extra payments change the date you can ask
| Extra each month | Ask to cancel | Sooner by | PMI paid until then |
|---|---|---|---|
| None | Nov 01, 2033 | None | $15,675 |
| $100 | May 01, 2032 | 1 year 6 months | $12,705 |
| $200 | Apr 01, 2031 | 2 years 7 months | $10,560 |
| $250 | Dec 01, 2030 | 2 years 11 months | $9,900 |
| $500 | Aug 01, 2029 | 4 years 3 months | $7,260 |
| $1,000 | May 01, 2028 | 5 years 6 months | $4,785 |
To see the schedule behind these dates, use the amortization calculator.
The three PMI removal dates
Under the Homeowners Protection Act, all three use the original value of the home.
| Rule | Payment | Time in |
|---|---|---|
| You can ask to cancel (80%) | 95 | 7 years 11 months |
| Servicer must end it (78%) | 109 | 9 years 1 month |
| Latest possible (midpoint of the term) | 180 | 15 years |
A made-up $360,000 loan on a $400,000 home at 6.5% over 30 years. The balance is measured after each payment. PMI is charged through the payment shown, so the 78% line costs $17,985 in total.
The CFPB describes the rules for conventional loans closed on or after July 29, 1999 on a main home. You can ask your servicer in writing to cancel when the balance is scheduled to reach 80% of the original value, or earlier when extra payments get you there. You need to be current with a good payment history, show there is no second mortgage, and prove the home has not lost value. The servicer must end PMI automatically when the scheduled balance reaches 78%, if you are current. It must also end it the month after the midpoint of the loan’s schedule even when 78% has not been reached.
The original value is the lower of the price you paid and the appraisal at purchase. Your home rising in value does not change these dates. FHA and VA loans follow different rules: for FHA, use the FHA loan calculator. For the plain-English version, read when can I stop paying PMI.
How much sooner extra payments let you ask
Principal paid early shortens the climb to 80%.
| Extra each month | Ask in payment | Sooner by |
|---|---|---|
| None | 95 | None |
| $100 | 77 | 1 year 6 months |
| $200 | 64 | 2 years 7 months |
| $250 | 60 | 2 years 11 months |
| $500 | 44 | 4 years 3 months |
| $1,000 | 29 | 5 years 6 months |
With $200 extra, you can ask 2 years 7 months sooner and pay $10,560 of PMI, against $17,985 if you wait for the automatic date.
The saving is real only if you ask, and the servicer agrees. Send the request in writing, with the evidence it lists. To see the balance month by month, open the amortization calculator. To compare the extra payment with investing the money, use the invest vs extra payments calculator.
Avoiding PMI in the first place
A bigger down payment is the direct way.
PMI usually applies when the loan is more than 80% of the home’s value. To see what different down payments do to the loan and the monthly payment, use the down payment calculator. The PMI glossary entry covers the types of premium, and the mortgage calculator adds PMI to the whole payment.
PMI questions
- Does extra principal make PMI go away sooner?
- It lets you ask sooner, but it does not move the automatic date. The law sets automatic termination by the original schedule, so extra payments do not change that date. If your actual balance reaches 80% of the original value early, you can ask your servicer in writing to cancel, and it can require a good payment record, no second mortgage and proof that the home has not lost value.
- What is the difference between asking at 80% and automatic at 78%?
- At 80% of the original value the cancellation is your request and the servicer can check conditions. At 78% on the original schedule the servicer has to end it on its own, provided you are current. The calculator shows both dates, and the gap between them is the PMI you pay if you never ask.
- What is the midpoint rule for PMI?
- PMI has to end the month after the halfway point of the loan's schedule, 15 years into a 30-year loan, even when the balance has not yet reached 78%. On most 30-year loans the 78% date comes first. The midpoint matters for loans that amortize slowly, such as a long term at a high rate.
- Does my home's higher value help me drop PMI?
- Not under the automatic rules, which use the original value: the lower of the price you paid and the appraisal at purchase. Lenders and investors can offer better terms than the law requires, such as using a new appraisal, so ask your servicer. That is a lender policy, not the statute.
- How is the monthly PMI amount worked out?
- The loan amount times the annual PMI rate, divided by 12. The rate here is an assumption you can change. Your actual rate depends on your credit score, your down payment and the type of policy, and it is printed on page 1 of your Loan Estimate.
- Do these dates apply to FHA and VA loans?
- No. The Homeowners Protection Act covers conventional loans on a single-family main home closed on or after July 29, 1999. FHA mortgage insurance follows HUD's rules, and VA loans do not carry monthly mortgage insurance. If you have an FHA loan, ask your servicer how and when the premium ends.