PMI Removal Calculator
Calculate when private mortgage insurance can be removed from your loan
About this calculator
The PMI Removal Calculator helps homeowners determine when they can eliminate private mortgage insurance from their monthly payments. PMI is typically required when your down payment is less than 20% of the home's value, and it can be removed once you reach 20% equity through payments or appreciation. This calculator shows your timeline to PMI removal, potentially saving you hundreds of dollars monthly and thousands over your loan term.
How to use
Enter your original loan amount, current balance, home's current value, and monthly payment details. The calculator will show when you'll reach 20% equity based on scheduled payments and any home value appreciation, displaying your projected PMI removal date and total savings.
Frequently asked questions
When can I remove PMI from my mortgage?
PMI can typically be removed when you reach 20% equity in your home through mortgage payments, home appreciation, or both combined.
Do I need an appraisal to remove PMI?
Most lenders require a new appraisal to confirm your home's current value before approving PMI removal based on appreciation.
Is PMI removal automatic at 20% equity?
PMI automatically cancels at 22% equity, but you can request removal at 20% equity by contacting your lender directly.