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PMI Removal Calculator
Don't pay PMI longer than you have to. Find out exactly when your Private Mortgage Insurance is scheduled to drop off, and how you can remove it earlier.
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How to use this calculator
- Enter your original home price and original loan amount.
- Input your current loan balance and current estimated home value.
- Add your interest rate and the date your loan started.
What your results mean
By federal law, lenders MUST automatically cancel PMI when your loan balance is scheduled to reach 78% of the original value. However, you can REQUEST cancellation when it hits 80% of the original value, or 80% of the current value if the home has appreciated.
5 tips to get rid of PMI faster
- Make extra principal payments every month. Even $100 extra can shave years off your PMI sentence.
- If your home's value has surged, order a new appraisal. Many lenders allow PMI removal based on current value after 2 years.
- Remodel the home (kitchen, bath) to force appreciation, then request a reappraisal.
- Refinance your mortgage if rates are lower and your new LTV is under 80%.
- Keep a clean payment history. Lenders can deny early PMI removal if you've had a late payment in the last 12 months.