Calculate when PMI drops off your mortgage and how much you'll save by removing it early.
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PMI removal threshold = Home value × 80% (LTV). Monthly PMI = Original loan × PMI rate / 12. Extra payments reduce balance faster, accelerating PMI removal and saving total PMI paid.
PMI auto-cancels when your loan balance reaches 78% of original purchase price (not current value). You can request cancellation at 80% LTV.
1) Request at 80% LTV with proof (get appraisal). 2) Refinance once you have 20% equity. 3) Extra payments to reach 80% LTV faster. 4) Appreciation pushes LTV down.
PMI costs 0.5-1.5% of loan annually. On a $280K loan (10% down): $117-$350/month. Most homeowners pay $100-200/month.
Yes — if your home increased in value, you may already be at 80% LTV. Request a new appraisal and ask lender to cancel PMI. Appraisal costs $300-500.
If current rates are lower, yes. If rates are higher, compare: PMI monthly cost vs higher interest rate cost. Use the refinance calculator to break even analysis.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.