PMI Removal Calculator
The month you can ask, when the balance reaches 80% of the original value, and the automatic month at 78% on the original schedule. Extra principal only moves the request.
Key concepts
Request
The month the balance reaches 80% of the original value. Extra principal, a payment every two weeks, and a lump sum can move this month earlier.
Automatic month
The month the original schedule, with no extra, reaches 78% of the same original value. Extra principal does not move it.
What this tool does
Two dates
One date is the month you can ask, when the balance reaches 80% of the original value. The other is the automatic month, when the original schedule reaches 78% of that value with no extra. The original value does not grow. Monthly PMI is a dollar amount you type. It is added up until the request and it does not reduce the balance.
What moves, and what does not
Extra principal, every two weeks, and a lump sum move only the request. The three columns stand alone and do not add together. The chart follows the frequency you picked plus the lump. Scenario B is a second loan, not a second date on the first one. This page does not price the interest a payoff comparison would save.
80% to ask, 78% on the original schedule
M = P × [r(1+r)^n] / [(1+r)^n − 1] Request when balance ≤ 0.80 × original value Automatic when balance ≤ 0.78 × original value, with no extra PMI until the request = monthly PMI × request months
P is the balance you type. r is the annual rate divided by 12. n is the term in months. The schedule is the same fixed-rate engine as the payoff page. A monthly extra applies after that month’s interest. Once a year applies the extra in month 12, 24, and so on. Every two weeks pays half the scheduled payment, 13 full payments a year, and does not use the extra amount. A lump comes off on the date you pick, or before the first interest charge if the date is blank. None of those change the automatic month.
Worked example
A 400,000 original value and a 360,000 balance at 6.5% for 30 years has a scheduled payment near 2,275. With no extra, the balance reaches 80% (320,000) in month 95 and 78% (312,000) in month 109. Monthly PMI of 120 costs 11,400 until that request. An extra 200 a month moves the request to month 64 and the PMI cost to 7,680. Month 109 does not move.
Request versus the automatic month
Threshold
- Request
- 80% of original value
- Automatic month
- 78% of original value
Extra principal
- Request
- Moves the month earlier
- Automatic month
- Stays on the original schedule
Monthly PMI
- Request
- Counted until this month
- Automatic month
- Not part of the balance
| Question | Request | Automatic month |
|---|---|---|
| Threshold | 80% of original value | 78% of original value |
| Extra principal | Moves the month earlier | Stays on the original schedule |
| Monthly PMI | Counted until this month | Not part of the balance |
Common mistakes
- Expecting extra principal to move the automatic month. It moves only the request.
- Typing PMI as a percent of the loan. The field wants a dollar amount, and that amount does not reduce the balance.
- Letting the original value rise over time. This page keeps the value you type.
Methodology on this page
Fixed-rate amortization for principal and interest, the same engine as the payoff calculator. The request is the first month the balance is at or under 80% of the original value on the path you pick. The automatic month is the first month the balance is at or under 78% of that value on the scheduled payment alone. Extra principal, every two weeks, and a lump sum are excluded from the automatic month. Monthly PMI is multiplied by the request month and is excluded from the balance. The original value does not change. This is an educational model, not financial advice and not a servicer’s cancellation quote.
Read the full FinTools4U methodology →Frequently asked questions
When can I ask to cancel PMI?
On this page, in the month the balance reaches 80% of the original value you type. Extra principal can make that month earlier. The page does not send the request.
Does extra principal move the automatic month?
No. The automatic month is 78% of the original value on the original schedule, with no extra, no biweekly payments, and no lump sum.
Does monthly PMI reduce the balance?
No. It is a fixed dollar amount. The page multiplies it by the request month and leaves it out of the amortization.
Is this financial advice?
No. The schedule runs in your browser. It does not replace the servicer’s cancellation quote or a decision about your loan.
Sources & further reading
- CFPB — What is private mortgage insurance? — Borrower-facing explanation of private mortgage insurance. This page models the 80% request and the 78% original schedule. It is not a cancellation quote.