Keyword focus: pmi removal calculator
PMI Removal Calculator
Track principal paydown and home appreciation to cancel PMI sooner.
Plan your PMI exit
Compare principal paydown, home value appreciation, and refinance options to remove PMI.
PMI protects lenders but costs you every month. This guide helps you project the payoff date or new appraisal needed to drop PMI and free up cash flow.
What to review
- Project when your loan-to-value reaches 80% and 78% for automatic cancellation.
- Calculate savings from extra principal payments toward faster PMI removal.
- Evaluate appraisal costs versus monthly savings if your home value jumped.
Quick tips
- Check investor rules
- Fannie Mae, Freddie Mac, and FHA all have different PMI removal timelines. Pick the right rule set for your loan.
- Request a value estimate
- Use a broker opinion or automated valuation to confirm appreciation before paying for a full appraisal.
- Aim for 78% LTV
- Servicers must drop PMI automatically at 78% LTV if you are current. Track the amortization schedule to know exactly when.
Common questions
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Can I remove PMI early?
Yes, once you reach 80% LTV and have good payment history. Provide an appraisal if your value increased significantly.
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Does PMI apply to FHA loans?
FHA uses mortgage insurance premiums. Many borrowers refinance into conventional loans once they hit 20% equity.
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Is paying extra principal worth it?
Often. Enter extra payments to see how many months you can shave off PMI and the cumulative savings.