Scheduled PMI Removal Estimate
See estimated original-value cutoffs, remaining PMI coverage and conditional premium savings, built from your loan's original fixed-rate schedule.
What This Calculator Does
If you're working out how to get rid of PMI, this calculator estimates where your PMI milestones fall on schedule and what the quoted premium costs until then. It assumes a conventional loan on your primary residence, with you paying the premium, covered under the standard rules and current. From your original principal and original value, it rebuilds the fixed-rate monthly schedule and counts completed payments. It can't approve cancellation, prove your policy's real status or figure a refund.
Who Is This For
It's built for Florida homeowners and agents going through the original loan papers before calling the servicer. High-risk loans, FHA/VA loans and lender-paid insurance fall outside it. So do adjustable or modified schedules, payment histories with extra payments, and cancellation by having the home appraised again.
How It Works
Enter the loan as it was written: your current balance and today's market value never replace the original figures. You'll need the original principal, the home-value basis, the nominal fixed rate and the term (10/15/20/25/30-year), plus the monthly PMI quote and the scheduled months already elapsed, typed in. Keep the cents. Put zero for the premium or the months paid only once you've confirmed it; a zero rate is a hypothetical scenario. First make sure your loan fits the scope above. Then read the scheduled 80%/78% payment numbers, the midpoint references, the months of coverage left and the conditional costs. Whether PMI actually ends is for your servicer to verify.
Frequently Asked Questions
Which loan amount and home value do I enter?
The original ones, not today's balance. Value usually means whichever is smaller: what you paid for the home or what it was appraised at back then. Refinanced? Use the appraised figure in that loan's origination documents. From those inputs, the calculator works out the scheduled balance itself. Appreciation doesn't count here, and neither does a fresh appraised value; that separate route to cancellation sits outside the model.
Does 80% guarantee PMI cancellation?
No. Reaching 80% on schedule only lets you ask for cancellation, and the tool doesn't approve that request. Check with your servicer on the written-request requirement, your payment history and being current, the value rules, and any junior liens. The tool also can't predict when your request would actually take effect. Extra payments aren't among the six inputs, and having the home appraised again isn't covered by the six either.
How is the scheduled 78% point different from the midpoint?
Whichever comes sooner is where required coverage stops, on a standard covered loan that's current. The 78% point is the month the scheduled balance drops to that share of original value; the midpoint is counted in completed payments. When the term is 30 years, that midpoint is 180 completed months, and the final reference is the next month, 181. Zero modeled coverage at 180 doesn't prove the real policy ended. These are payment counts, not calendar dates or servicer bills.
What is the conditional premium saving telling me?
It's the future premium you could avoid, and only if your request to cancel succeeds. The math takes your flat monthly quote and multiplies it by the months of required coverage the model still shows, minus the months you'd wait to ask at 80%, counted only when that gap is positive. The 80% and 78% cost rows multiply the quote by each wait with no cap, so either can run higher than the modeled coverage cost, which stops at the midpoint. That cap touches only the required-coverage cost. The 78% row is shown before the midpoint cap and may not be what sets required coverage. Neither row is what you actually owe. The saving isn't approved, isn't money you overpaid in the past, and isn't a refund.
How do I enter months paid, zeros and cents?
Months paid go in as a whole count, from 0 up to the full original term in months. Typing 12.0 means twelve, not 120. Negatives get refused. So do fractions and any count outside that range. Leaving the field blank doesn't confirm a new loan. With a $0 premium quote you'll see a $0 estimated cost, yet that proves nothing about cancellation. A 0% rate is only a what-if. Each cost is the quote, cents included, times the full months of coverage. The cutoffs are worked out on the precise schedule, while the LTV on screen is rounded and doesn't set them.
Which cases need their own servicer check?
Anything the standard model leaves out: high-risk loans, FHA/VA loans, lender-paid insurance and homes other than your primary residence. Also out: adjustable or modified loans, extra payments, cancellation by having the home appraised again and real payment-history trouble. Your servicer settles whether the loan is covered, when coverage really ends and what the premium quote is. Change inputs only to fix a verified error or refresh the quote, never to get a better result. Don't look for settings the calculator lacks. Zero in the model doesn't mean PMI was cancelled or a refund approved.