PMI removal calculator
When mortgage insurance can come off a conventional loan, when it ends without asking, and what it has cost by each date.
5.0% of the price.
As a share of the loan. 0.6% is our guess; your lender sets the real rate.
Against principal. It brings the request date forward.
Enter the two shares of the price to see a result. The fields start empty because these are the government’s figures to publish, not ours, and we have not yet checked them against the source ourselves. They are on CFPB — When can I remove private mortgage insurance (PMI) from my loan?.
Published rule
As a share of the home’s original value, on the CFPB page on removing PMI.
The same page.
Questions
- Why are there two dates?
- One is when you may ask your servicer to remove it; the other is when it must end without a request. Extra payments bring the first forward. The second follows the original payment schedule and does not move.
- Does this apply to an FHA loan?
- No. It is for private mortgage insurance on a conventional loan. FHA and VA loans charge for insurance under different rules.
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