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Conventional PMI Cost and Removal Estimate

Estimate illustrative PMI cost, current-value LTV, and original-value 80% request and 78% scheduled-termination thresholds.

Quick answer: Estimate illustrative PMI cost and separate current-value LTV from original-value HPA thresholds and servicer conditions. Enter Loan amount to personalize the estimate. It returns Estimated loan amount so you can compare the impact before choosing a next step. Use it to compare payment, equity, rate, and timing tradeoffs before applying or changing a loan.

Loan Details

Credit Score Tier

PMI Breakdown

Current LTV

15.0% equity

85.0%

PMI Rate (good)

of loan/year

0.52%

Monthly PMI

$165.75

Annual PMI Cost

$1,989

80% of Original Value

Estimated paydown $22,500

$360,000

78% of Original Value

Estimated paydown $31,500

$351,000

Projected Month to 80%

contact servicer; conditions apply

Month 63

Projected Month to 78%

schedule estimate, not servicer record

Month 82

Estimated PMI Through 78%

declining-balance estimate

$13,084

Request, not guarantee: You may request cancellation at 80% of original value, but the federal criteria include a written request, current payments, good payment history, no junior liens, and evidence the property value has not declined. Confirm the controlling date and balance with your servicer.

Illustrative PMI-rate bands do not represent a quote; actual premiums depend on full underwriting and insurer coverage. This projection rebuilds a level-payment schedule from the current balance and remaining term, so use the PMI disclosure or servicer schedule for the controlling dates. Source: CFPB guidance on PMI cancellation. Not legal or financial advice.

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Frequently Asked Questions

Everything you need to know.

How do I get rid of PMI?
Two paths: (1) REQUEST cancellation once your loan balance reaches 80% of the original appraised value by sending a written request to your servicer. Your lender may require a new appraisal. (2) AUTOMATIC cancellation under the Homeowners Protection Act when your balance reaches 78% of the original value — this happens without any action required from you. FHA MIP has different rules and does not follow the same automatic removal threshold for all borrowers.
Is PMI tax deductible?
Tax treatment can change. Check current IRS guidance for the filing year or consult a qualified tax professional; this calculator does not model a deduction.
Is the Conventional PMI Cost and Removal Estimate free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the Conventional PMI Cost and Removal Estimate 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 compare 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.

Why This Matters

The Homeowners Protection Act uses original-value and scheduled-amortization concepts and includes loan-status conditions. PMI pricing also varies by insurer and underwriting, so the displayed rate is an editable illustration rather than a quote.

How to Use It

  1. 1Enter current market value, original value, and current balance
  2. 2Set your mortgage interest rate and remaining term
  3. 3Select your credit score tier (affects your PMI rate)
  4. 4Review estimated premium and threshold timing, then confirm the actual schedule and requirements with the servicer
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