PMI Removal Calculator
Find out your current LTV ratio and exactly how much you need to pay to cancel Private Mortgage Insurance.
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PMI Removal Calculator
Our PMI Removal Calculator helps homeowners determine when they can remove private mortgage insurance (PMI) from their mortgage. By entering your home value and current loan balance, you can quickly see your loan-to-value (LTV) ratio and how much you need to pay to cancel PMI.
When Can I Remove PMI?
Most lenders allow PMI removal when your mortgage balance reaches 80% loan-to-value (LTV). Lenders are required to automatically cancel PMI at 78% LTV based on the original home value.
How to Remove PMI Early
- Make extra principal payments on your mortgage
- Increase your home equity through renovations
- Request a new home appraisal if your property value increased
- Refinance your mortgage to eliminate PMI
Frequently Asked Questions
What is PMI?
PMI (Private Mortgage Insurance) protects lenders if a borrower stops making mortgage payments. It is usually required when the down payment is less than 20% of the home's value.
How do I calculate PMI removal?
Divide your current loan balance by your home value to find the LTV ratio. When the LTV drops below 80%, you may qualify to remove PMI.
Can I remove PMI early?
Yes — by making extra payments toward your mortgage principal, increasing your home's value, or refinancing your mortgage.
Does refinancing remove PMI?
Yes, if the new loan balance is less than 80% of the home's current value.