Does PMI drop automatically at 20% equity?

Usually no. A request at 80% LTV is different from automatic termination at the scheduled 78% point when applicable conditions are met.

Can extra payments remove PMI faster?

Extra principal may reduce the balance faster, but ask the servicer how it applies payments and whether the loan permits borrower-requested cancellation based on actual payments.

Is FHA mortgage insurance the same as PMI?

No. FHA MIP follows different HUD rules. Use the FHA calculator and do not apply conventional PMI rules to an FHA loan.

Do I need an appraisal to cancel PMI?

Not necessarily for the scheduled-payment path. An appraisal or other valuation may be required for an appreciation-based request, depending on investor and servicer rules.

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Reviewed September 12, 2026 · Homeowners Protection Act planning

PMI Removal Calculator

Quick answer: Eligible conventional borrowers commonly request PMI cancellation at 80% of original value; scheduled automatic termination generally uses 78%. This tool is not for FHA MIP.

Original home value$Current loan balance$Annual PMI premium$

Estimated LTV

82.5%

80% target balance

$320,000

Current PMI estimate

$200/mo

Planning result: About $10,000 of principal remains above the 80% target. This is an estimate, not an automatic cancellation decision.

How this PMI removal calculator works

Enter the original value, current balance and annual PMI premium to estimate current LTV, the 80% target balance and monthly premium. The output is a planning estimate; your servicer controls the official date, payment history review and documentation.

80% request vs. 78% automatic termination

The Consumer Financial Protection Bureau describes borrower-requested cancellation and automatic termination as separate paths. Ask the servicer for written requirements before stopping or changing a payment.

Use related tools

Compare the full PITI payment in the Mortgage Calculator, model principal timing with the Amortization Calculator, and compare a refinance in the Refinance Calculator. FHA borrowers should use FHA Calculator.

Educational estimate only—not a servicing instruction, lending offer or guarantee of cancellation. Your note, investor rules and applicable law control.

PMI Removal FAQs

For many eligible conventional loans, you can request cancellation when the scheduled balance reaches 80% of the original value, subject to the Homeowners Protection Act and servicer requirements.

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