PMI Removal Calculator
Find out when you can cancel PMI and explore strategies to remove it faster.
PMI Removal Analyzer
Enter your mortgage details to see when and how you can eliminate PMI
Understanding PMI Removal
Ways to Remove PMI
- Request removal at 80% LTV (original value)
- Automatic cancellation at 78% LTV
- Pay down principal faster with extra payments
- Make a lump sum payment to reach 80% LTV
- Get a new appraisal if home value increased
Reappraisal Requirements
- Loan must be at least 2 years old for 75% LTV
- Loan must be at least 5 years old for 80% LTV
- Must use lender-approved appraiser
- Cost ranges from $300-$600 typically
- Home improvements may increase value
Steps to Request PMI Removal
- Contact your mortgage servicer in writing
- Request a PMI cancellation review
- Pay for required appraisal if needed
- Ensure good payment history
- Provide proof of no second liens
Important Considerations
- FHA loans require refinancing to remove MIP
- Some lenders have additional requirements
- Request must be in writing
- Keep copies of all correspondence
- Review your loan documents for specific terms