Is FHA mortgage insurance the same as conventional PMI?

No. FHA loans use mortgage insurance premiums (MIP) with different rules and durations. We model conventional PMI here.

What can I do to remove PMI faster?

Pay extra principal, request a new appraisal (servicer rules apply), or refinance once your equity reaches the threshold.

PMI Calculator and Removal Timeline

See an estimate of your monthly PMI payment and when your loan balance is projected to reach the 80% and 78% LTV milestones.

PMI Removal Estimate

Generated … · Assumption set 2026-04-30

Estimated monthly PMI

$190.00/mo

Reaches 80% LTV

Sep 1, 2036

month 124

Reaches 78% LTV

Aug 1, 2037

month 135

Months paying PMI

135

Estimated total PMI

$25,650.00

80% LTV is when many borrowers can request cancellation; 78% is the typical automatic-termination milestone for conventional loans. Your servicer's rules and timing may differ.

PMI removal is an estimate
Cancellation depends on your servicer, payment history, occupancy, liens, and applicable law. Confirm requirements with your loan servicer.

Assumptions used

Assumption set 2026-04-30

Home price (original value): $400,000user input
Loan amount: $380,000calculated
Annual interest rate: 6.50%user input
Loan term: 30 yearsuser input
PMI rate: 0.60%user input

How this calculator works

Conventional loans typically charge private mortgage insurance (PMI) when your loan-to-value (LTV) is above 80%. Many borrowers can request cancellation around 80% LTV based on the original value, and the loan usually auto-terminates PMI around 78% LTV. Actual cancellation depends on your servicer, payment history, and applicable law.

Reviewed for calculation accuracy and clarity by Mortgage Well calculation team · April 30, 2026

When to use this

You put less than 20% down and want to plan when PMI will fall off.
You're deciding whether extra payments would shorten your PMI timeline.
You want to see how home appreciation might let you cancel PMI early.

Methodology

We run an amortization schedule for your loan and find the first month where the remaining balance crosses 80% and 78% of the original home value. Monthly PMI is computed from your loan amount and your PMI rate (or a flat dollar amount).

monthly_PMI = (loan_amount * pmi_annual_rate) / 12
80% milestone = first month where balance ≤ 0.80 * original_home_value
78% milestone = first month where balance ≤ 0.78 * original_home_value

Assumptions

Conventional loan rules — FHA MIP follows different durations and is modeled separately.
Cancellation is calculated against original value; many servicers also accept a new appraisal.
Payment history, occupancy, and lien status affect actual cancellation eligibility.

Example

A $380,000 loan on a $400,000 home (95% LTV) at 6.5% over 30 years might pay PMI for roughly the first 8 years before reaching 78% LTV through scheduled amortization alone. Extra payments accelerate the milestone.

Frequently asked

Is FHA mortgage insurance the same as conventional PMI?: No. FHA loans use mortgage insurance premiums (MIP) with different rules and durations. We model conventional PMI here.
What can I do to remove PMI faster?: Pay extra principal, request a new appraisal (servicer rules apply), or refinance once your equity reaches the threshold.

Estimates only. This calculator is not a loan offer, loan approval, official Loan Estimate, Closing Disclosure, tax advice, legal advice, or financial advice. Actual payments, rates, taxes, insurance, mortgage insurance, closing costs, and loan terms may vary. Contact a qualified lender, tax professional, or financial advisor for guidance.