Formulas and 2026 figures checked & updated: July 2026
Leave equal to original price if you don't have a recent appraisal
How to Use the PMI Removal Calculator
- Enter your original home price, down payment, rate, and loan term.
- Enter how many months you've already paid.
- Enter your monthly PMI amount to see what you'd save by removing it sooner.
- Optionally enter your home's current appraised value to check if appreciation already qualifies you for removal.
What This Calculator Does
This calculator runs your loan's amortization schedule forward to find two milestones: the month your balance falls to 80% of your original home value (when you can request PMI removal in writing) and 78% (when your servicer must terminate it automatically under federal law).
It also checks an appreciation scenario — if you enter a current appraised value higher than your original price, it shows whether your actual current loan-to-value already qualifies for removal, even before your amortization schedule would naturally get you there.
Formula
Months to 80% LTV = First month where Balance ≤ 0.80 × Original Home Price- 80% LTVBorrower-requested removal threshold
- 78% LTVAutomatic termination threshold (Homeowners Protection Act)
Examples
Example: $400,000 home, $20,000 down, 6.5% rate, 24 months paid
$180/month PMI.
Reaches 80% LTV in the low 100s of months from origination — subtract months already paid to see how much longer from today, and multiply by $180 to see total remaining PMI cost.
Methodology
Current balance is calculated from a standard amortization schedule based on your original loan terms and months paid. Months to 80% LTV = the point where scheduled balance first falls to or below 80% of the original home price (borrower-requested removal, per the Homeowners Protection Act). Months to 78% LTV = automatic termination point. The appreciation scenario recalculates LTV using your current appraised value instead of the original price.
Frequently Asked Questions
What's the difference between 80% and 78% LTV for PMI?+
At 80% LTV of the original home value, you can request PMI removal in writing — the lender may require a good payment history and no additional liens. At 78% LTV, the Homeowners Protection Act requires your servicer to automatically terminate PMI as long as you're current on payments, with no request needed.
Can I remove PMI faster than the amortization schedule suggests?+
Yes — if your home has appreciated, you may be able to request removal sooner based on a new appraisal showing your current loan-to-value at or below 80%, even if your original amortization schedule hasn't reached that point yet. Lenders typically charge for the appraisal and may require you to have owned the home for at least 2 years.
Does refinancing remove PMI too?+
Yes, if your new loan amount is 80% or less of your home's current value, the new loan typically won't require PMI at all. It's worth comparing the refinance closing costs against how many months of PMI you'd save by waiting for natural amortization.
Is PMI the same as FHA mortgage insurance (MIP)?+
No. Private mortgage insurance (PMI) applies to conventional loans and can be removed under the rules above. FHA mortgage insurance premium (MIP) follows different rules — on most FHA loans originated after 2013 with less than 10% down, MIP lasts for the life of the loan and can only be removed by refinancing out of FHA.
Can I save my results?+
Yes. Use “Save results” to store a snapshot. Without an account it remains in this browser. If you log in, saved scenarios sync securely to your SmartRates account so they are available on your other devices.
How do I share my calculation?+
Click “Share” in the toolbar to copy a link (or open your device’s share sheet). The link encodes your exact inputs, so whoever opens it sees the calculator pre-filled with the same numbers and the same result.
Can I email my calculator results?+
Yes. Click “Email results” to open your default email application with the current inputs, results, and calculator link already included. Review the message and choose the recipient before sending.
Can I export or print my results as a PDF?+
Yes. Click “Export PDF” to open a clean, printable summary of your inputs and results that you can save as a PDF or print. It includes a timestamp and a link back to the calculator.
How accurate are the calculator results?+
The arithmetic follows the formula and assumptions documented on this page. The result is still an estimate because actual rates, fees, taxes, timing conventions, eligibility rules, and provider calculations can differ. Use figures from your official quote, statement, contract, or tax form before making a financial decision.
Which inputs have the biggest effect on the result?+
Rate, time, starting balance, recurring payments or contributions, and fees usually have the largest effects. Change one input at a time to create a conservative, expected, and optimistic scenario instead of relying on a single forecast.
Are taxes, fees, and inflation included?+
Only when they appear as an input or are explicitly described in the methodology. Do not assume an omitted cost is zero. Review the formula and methodology sections to see exactly what is included before comparing the result with an outside quote.
Can this calculator predict future rates or returns?+
No. A calculator projects the assumptions entered; it cannot predict market returns, inflation, variable interest rates, tax-law changes, or provider decisions. Rerun the calculation with several assumptions to understand the range of possible outcomes.
Why might my lender, bank, broker, or tax software show a different result?+
Professional systems may use daily timing, transaction dates, compounding conventions, rounding rules, account-specific fees, credits, eligibility details, or regulations that a general-purpose calculator cannot know. A small difference can be rounding; a large difference usually means an assumption or included cost is different.
Disclaimer: Calculations are for informational purposes only and do not constitute professional financial advice. Please consult with a certified professional before making financial decisions.