PMI Removal & Equity Calculator

Find out when you'll hit 20% equity and can drop PMI — with or without home appreciation.

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    When Can You Remove PMI?

    Under the Homeowners Protection Act (HPA), lenders must automatically cancel PMI when your balance reaches 78% of the original purchase price. You can request cancellation at 80%. If your home has appreciated significantly, a new appraisal may qualify you earlier.

    How to Speed Up PMI Removal

    • Make extra principal payments each month
    • Request a new appraisal if values have risen (lender may require 2+ years of ownership)
    • Refinance if you now have sufficient equity and can get a better rate
    Can my lender refuse to remove PMI at 20% equity?
    For conventional loans, lenders must comply with HPA requirements. However, FHA MIP has different rules — if you put less than 10% down on an FHA loan after June 2013, MIP lasts the life of the loan.
    Does a refinance remove PMI?
    Yes — if you refinance with at least 20% equity, your new loan will not require PMI. However, factor in closing costs (typically 2–5%) against the PMI savings to ensure it's worthwhile.