When can I remove PMI?

You can request PMI removal once you reach 80% LTV (based on original value, typically). Your lender must automatically cancel PMI when you reach 78% LTV based on the original amortization schedule. You can also get a new appraisal if your home has appreciated — if the current LTV is below 80%, you can request PMI removal based on the appraised value.

How is PMI calculated?

PMI rates vary by lender, credit score, and LTV. Typical rates range from 0.5% to 1.5% of the loan amount annually. At 0.85% on a $320,000 loan, that is $2,720 per year or $227 per month. The default rate in this calculator (0.8%) is a commonly cited benchmark.

What is the difference between LTV and CLTV?

LTV uses only your first mortgage. CLTV (combined LTV) includes all liens — first mortgage + HELOC or home equity loan. Lenders typically limit CLTV to 85-90% for home equity products. If you are applying for a HELOC, add your proposed HELOC amount to your mortgage balance in the loan field to see CLTV.

Does using the LTV Calculator — Your Equity, PMI Cost, and Distance to 80% affect my credit score?

No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.

Are the results personalized financial advice?

No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.

What should I do after seeing the result?

Use the recommendation module on this page to see current mortgage rates, or run Money Map to compare this home & mortgage decision with your other opportunities.

How does SwitchWize choose related offers?

Related offers are matched by the calculator surface (mortgage) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.

How fresh are the rates and offers shown?

Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.

Where can I see the ranking methodology?

The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.

Can Money Map use this result?

Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

New

LTV Calculator — Your Equity, PMI Cost, and Distance to 80%

Calculate your loan-to-value ratio, equity percentage, monthly PMI cost, and exactly how much you need to pay down to eliminate private mortgage insurance.

Current LTV

80.00%

Current LTV

80.00%

Equity

20.00%

Balance Needed to Cancel PMI (80% LTV)

$320,000

Balance for Auto PMI Removal (78% LTV)

$312,000

Current LTV: 80.00%Equity: 20.00%Balance Needed to Cancel PMI (80% LTV): $320,000Balance for Auto PMI Removal (78% LTV): $312,000

Paydown to Request PMI Cancellation

Estimated Monthly PMI Cost

Estimated Annual PMI Cost

Diagnostic

At 80.00% LTV you can request PMI cancellation once your balance reaches $320,000, saving about $0/mo.

You need to pay down $0 more to reach that threshold.

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What to do next

See current mortgage rates

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This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.

Coach Insight

At 80% LTV you can request PMI removal. At 78% LTV your lender is required by law to cancel PMI automatically. The difference between 81% and 79% LTV on a $400,000 home can be $1,200-$2,000 per year in PMI premiums. This calculator shows the exact paydown target to hit those thresholds.

About mortgage rates

Mortgage rates depend on loan type (30-yr fixed, 15-yr fixed, ARM, FHA, VA, jumbo), your credit score, down payment, points paid, loan amount, property state, and whether you're purchasing or refinancing. The calculator above uses a representative market rate for payment estimates — your actual rate will vary.

For a personalized rate comparison, use the tool below to see lenders ranked by APR, loan type, and your profile.

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30-yr fixed · 15-yr fixed · FHA · VA · ARM — ranked by APR

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Mortgage rates shown on SwitchWize compare pages include loan type, assumed FICO, LTV, and points. Representative only — verify all terms directly with the lender. Advertising disclosure

Frequently Asked Questions

Everything you need to know.

Why This Matters

How to Use It

1Enter your home's current value (or appraised value)
2Enter your current mortgage balance
3See your LTV, equity, and PMI cost
4Find the exact paydown amount to reach 80% (PMI removal) and 78% (automatic cancellation)

Find the best account for this goal

Money Map matches your numbers to the strongest available accounts in 90 seconds.

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