PMI Removal Calculator

This calculator works out when private mortgage insurance comes off a conventional loan. Enter the loan amount, rate, term and the value the lender used at closing, and it returns the payment number at which the schedule reaches 80% of that original value, the 78% point where the servicer must end the insurance without being asked, and the midpoint of the term where it ends regardless. Add the monthly premium, any extra principal, the payments made so far or a current appraisal, and it shows what each of those changes and what it does not. The three dates come from the Homeowners Protection Act, which fixes them to the original value, so a higher appraisal never moves them.

Enter the loan as it was written and the value the lender used at the time. The two automatic dates in the Homeowners Protection Act are both worked out from that original value and the original schedule, so they do not move when the balance does.

The lesser of the sale price and the appraisal at the time the loan was made. This is the figure both automatic cancellation rules run off, for the life of the loan.
From the closing disclosure. Fill it in to see what the wait costs.
Leave at zero to skip. A new appraisal is outside the Act, so it is the servicer and the investor who decide whether it counts.
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