See the exact month you can ask your servicer to cancel private mortgage insurance, the month it must end on its own, and how much PMI you save by asking early, paying extra or using a new appraisal.
Your loan
$
$
%
%
year
Ways to end it sooner
$
$
Your PMI dates
You can ask to cancel PMI (80%)
$0
PMI must end automatically (78%)
$0
Original loan-to-value—
Monthly PMI—
Payments until you can ask—
Payments until it ends automatically—
Final cutoff (loan midpoint)—
With a new appraisal (Fannie Mae rule)—
Total PMI if you ask at 80%—
Total PMI if you wait for 78%—
PMI saved by asking—
Total PMI you payBy how PMI endsHow this is calculated
Each month: interest = balance × rate ÷ 12; principal = payment − interest (+ any extra principal). Payment: M = P × r(1+r)n ÷ ((1+r)n − 1). Original value = the lower of the price or the appraisal at purchase.
You can ask (Homeowners Protection Act, CFPB): the first payment after which the balance is at or below 80% of the original value, using your actual payments including extra principal. Automatic end: the first payment at which the ORIGINAL schedule (no extra payments) is at or below 78%. Final cutoff: the month after the loan midpoint (payment 180 on a 30-year loan). All dates are capped at the midpoint.
New appraisal (Fannie Mae Servicing Guide B-8.1-04): from payment 24, the first payment at which the balance is at or below 75% of today's value (payments 24–60) or 80% (after payment 60). Monthly PMI = original loan × PMI rate ÷ 12; total PMI = monthly PMI × the number of payments until it ends.
The federal Homeowners Protection Act sets three dates for most conventional loans on a primary home. According to the Consumer Financial Protection Bureau, you can ask your servicer in writing to cancel PMI on the date your balance is scheduled to fall to 80% of the original value, if you have a good payment history, are current, have no second mortgage and can show the home has not lost value. PMI must end automatically when the balance is scheduled to reach 78%, and in any case the month after the midpoint of the loan (after payment 180 on a 30-year loan). Original value is the lower of the purchase price or the appraisal at purchase.
Extra payments only move one of those dates. The CFPB's Bulletin 2015-03 says you can request cancellation once your balance reaches 80% "based on actual payments", but you "cannot advance the 'termination date' by making additional payments": the automatic 78% date stays on the original schedule. So if you pay extra, you have to ask. A higher home value is a separate route set by the loan owner, not the law. For loans owned by Fannie Mae, the Servicing Guide B-8.1-04 allows removal on the current value at 75% loan-to-value after 2 to 5 years, or 80% after 5 years, with no payment 30 days late in the last 12 months or 60 days late in the last 24. Ask your servicer who owns your loan and what appraisal it accepts.
Common questions
When can I get rid of PMI?
You can ask to cancel it when your balance reaches 80% of the home's original value, and it must end automatically at 78% if you are current. On a $315,000 loan at 6.5% on a $350,000 home, that is payment 95 (7 years 11 months) and payment 109 (9 years 1 month).
Do extra payments make PMI end automatically sooner?
No. Extra payments let you reach the 80% request point sooner, but the automatic 78% date stays on the original schedule. If you prepay, send your servicer a written cancellation request once your balance is at 80%.
Can a new appraisal remove PMI?
Often, depending on who owns the loan. For Fannie Mae loans, PMI can be removed on the current value at 75% loan-to-value after 2 to 5 years, or 80% after 5 years, with a clean recent payment history. You usually pay for the appraisal.
Does this apply to FHA loans?
No. FHA mortgage insurance (MIP) follows HUD rules: 11 years with 10% or more down, otherwise the life of the loan. Use the FHA loan calculator for FHA loans.