When Could I Remove PMI?

Find a possible PMI review date and see how extra payments could move it closer.

For a fixed-rate conventional loan with monthly borrower-paid PMI on a single-family main home, closed on or after July 29, 1999. These are standard-rule illustrations, not confirmation that insurance will be removed.

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Choose your loan typeWhich loan do you have?

Use this only for the main-home and closing-date scope described above. Other loan types need your servicer’s rules.

1. The loan when it started

Original mortgage amount ($)

Find the original loan amount in your closing papers. If you refinanced, use the start of the current refinance, not your first mortgage.

Use the amount borrowed when this loan began.

Original home value for PMI ($)

For a purchase, generally use the lower of the sale price and original appraisal. For a refinance, use the appraisal at that refinance. Today’s estimated value is not the same number.

Use the PMI value from your closing papers.

Fixed interest rate (%)

Use the loan’s fixed interest rate, not APR. Adjustable loans and modified schedules need different calculations.

For 6.5%, enter 6.5.

Original loan length (months)

This original length lets us reconstruct the scheduled balance used for standard automatic PMI termination. Do not enter just the time left.

15 years = 180; 30 years = 360.

2. Where your loan is now

Payments already completed (months)

Count the monthly payments completed since this loan started. The next payment is month 1 of our projection. Missed payments, forbearance and modifications are not modeled.

2 years of payments = 24 months.

What you still owe ($)

Use your actual unpaid principal balance. Previous extra payments can make it lower than the original schedule. Do not use the full payoff quote with daily interest and fees.

Find principal balance on your statement.

PMI you pay each month ($)

Find the monthly mortgage-insurance charge on your statement. This money protects the lender. Removing it would reduce your bill by this amount if the servicer approves.

Use mortgage insurance, not home insurance.

Extra principal each month ($)

This is on top of the normal loan payment. We assume the servicer applies it to principal every month. Paying extra does not reduce the normal required loan payment.

Try $100 or $200. Use 0 for no extra.

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Your estimated results

Enter your numbers or try the example. We’ll explain the payment, cost and timing differences.

How this estimate works

We reconstruct the original monthly fixed-rate schedule. A possible request milestone uses 80% of the entered original value and your actual balance, with or without future extra principal. The standard automatic milestone uses 78% on the original schedule, not the extra-payment schedule; the midpoint safeguard is also shown. Estimated PMI avoided assumes a successful request and removal before the next payment, compared with requesting at the first modeled milestone without future extras. It is not guaranteed savings. No appreciation-based cancellation, lender-paid insurance, FHA/VA rules, high-risk exceptions, modifications or late payments are modeled.

Monthly calculations use full precision; displayed dollars are rounded. The lender or servicer’s figures may differ.

Read the CFPB explanation → · Source checked October 5, 2026.