Homeowner calculator
PMI & FHA MIP Removal Calculator
See when mortgage insurance can come off your loan, how much you will pay until then, and which path is fastest: waiting, requesting cancellation, paying down principal, getting a new appraisal, or refinancing.
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- Updated 2026-09-24
- Equal Housing Lender · NMLS #466690 (verify)
Educational estimate, not a loan offer.
PMI & FHA MIP Removal Calculator
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Loan type
How this calculator works
Conventional PMI. We amortize your current balance at your note rate and original payment. The request date is the first month your balance, including any extra principal, reaches 80% of the original value. The automatic date is the first month the scheduled balance reaches 78% of the original value, or the loan midpoint if sooner. The appraisal path compares your balance with today’s value grown at your appreciation rate.
FHA MIP. Annual MIP ends 11 years after the loan started when your original LTV was 90% or less, and otherwise lasts for the life of the loan. FHA MIP is shown declining with the balance as it is recalculated each year.
Refinance. The new loan is your balance plus financed closing costs. If it is above 80% of today’s value we add an illustrative PMI estimate. Break-even is closing costs divided by the monthly savings on principal, interest, and mortgage insurance.
Frequently asked questions
›When can I stop paying PMI on a conventional loan?
Under the Homeowners Protection Act you can ask your servicer to cancel PMI once your balance reaches 80% of the original value, if you have a good payment history and the value has not declined. PMI must end automatically when the balance is scheduled to reach 78% of the original value, or at the midpoint of the loan term, if you are current.
›Can I remove PMI based on my home’s current value?
Many servicers allow it with a new appraisal. Requirements vary, but a common pattern is 75% LTV after two to five years of ownership, or 80% after five years. Improvements that add value may qualify sooner. You usually pay for the appraisal.
›Does FHA mortgage insurance ever go away?
For FHA loans with case numbers assigned on or after June 3, 2013, annual MIP lasts 11 years if your original LTV was 90% or less. If you put down less than 10%, MIP lasts for the life of the loan. Paying down the balance does not end it early. Refinancing into a conventional loan is the usual way to remove it.
›Is it worth refinancing to get rid of FHA MIP?
It can be if you have at least about 20% equity on today’s value and the new rate does not raise your payment. Compare the monthly savings with the closing costs to find your break-even month, and consider how long you will keep the loan.
›Do extra payments help me drop PMI sooner?
Yes, for conventional loans. Borrower-requested cancellation is based on your actual balance, so extra principal moves that date up. Automatic termination is based on the original schedule, so extra payments do not change it.
Mortgage insurance rules summarized here are educational, not legal advice. Your servicer’s requirements, investor guidelines, and your loan documents control. PMI rates for refinance scenarios are illustrative, not quotes.
Calculators provide educational estimates only. They are not a loan offer, credit decision, or commitment to lend. Actual terms depend on underwriting, credit, property, and program availability.
Equal Housing Lender · NMLS #466690