When can I drop conventional PMI?

Homeowners Protection Act: request cancellation at 80% LTV of the original value; automatic termination at 78% on the scheduled amortization if you are current. Midpoint of the amortization also terminates PMI.

Original value or today’s appraisal?

The statutory 78/80 clock uses the original purchase value (or the original appraised value used at closing). Many servicers also accept a new appraisal for a borrower-requested cancellation — that is a separate LTV.

Does this cover FHA MIP?

No. FHA annual MIP follows the FHA rule set (often for the life of the loan if you put less than 10% down). Use the FHA vs conventional page for that comparison.

Runs in your browser · Last updated 7 September 2026

Free Mortgage PMI Removal Calculator (78% / 80%)

Free mortgage PMI removal calculator. HPA 80% request and 78% automatic on original value, plus extra principal. Browser tool — nothing is uploaded.

Original purchase value ($)Original loan ($)Current balance ($)Current value / appraisal ($)Note rate %Years leftExtra principal / month ($)Monthly PMI ($)

Homeowners Protection Act: you may request cancellation at 80% of the original value; automatic termination is 78% on the scheduled amortization (and at the midpoint if you are current). Servicers sometimes accept a new appraisal for the 80% request — that is the current-value LTV, not the statutory clock. FHA MIP is a different rule set.

LTV vs original value

85.0%

LTV vs current value

81.0%

80% cancel balance

$320,000

78% automatic balance

$312,000

Months to 80% (with extra)

46 months

Months to 78% (scheduled)

62 months

PMI until 80% request

$6,900

PMI until scheduled 78%

$9,300

PMI saved by extra (to 78%)

How to use this tool

Enter original value, original loan, and today’s balance.
Add current value if you have an appraisal, the note rate, years left, extra principal, and monthly PMI.
Read LTV versus original and current value, and months to the 80% / 78% balances.

Worked example

$400,000 original value, $380,000 original loan, $340,000 left: LTV vs original is 85%. Cancellation balance is $320,000 (80%); automatic is $312,000 (78%). Extra principal shortens both clocks and the PMI you would still write. Compare a new first mortgage on extra-payment mortgage or FHA vs conventional.

Frequently asked questions

When can I drop conventional PMI?: Homeowners Protection Act: request cancellation at 80% LTV of the original value; automatic termination at 78% on the scheduled amortization if you are current. Midpoint of the amortization also terminates PMI.
Original value or today’s appraisal?: The statutory 78/80 clock uses the original purchase value (or the original appraised value used at closing). Many servicers also accept a new appraisal for a borrower-requested cancellation — that is a separate LTV.
Does this cover FHA MIP?: No. FHA annual MIP follows the FHA rule set (often for the life of the loan if you put less than 10% down). Use the FHA vs conventional page for that comparison.
Uploaded?: No.