PMI Removal Calculator: When Can You Drop PMI?
If you put less than 20% down on a conventional loan, you're probably paying private mortgage insurance (PMI). You don't have to pay it forever. Enter your loan details to see the date you can ask to drop it, the date it must end on its own, and whether your home's current value could get you there sooner. Everything runs in your browser and nothing is saved.
News: the October 2026 executive order on mortgage insurance
Executive Order 14438 ↗ (signed Oct. 22, published Oct. 28, 2026) asks the FHFA to consider having Fannie Mae and Freddie Mac set up a pilot that checks home values with automated models and cancels mortgage insurance without the borrower having to ask. The order says the pilot would apply only to mortgages made after it starts, and no pilot exists yet. If you already have a loan, the rules below still apply, and you have to ask.
The cheapest way to drop PMI
Start with the free option: write to your servicer on your 80% date (it's on the PMI disclosure you got at closing). Prepaying principal moves that date up, and you keep the savings. If your home has gained a lot of value and Fannie Mae or Freddie Mac owns your loan, a current-value request may work sooner, but the servicer orders a valuation, so ask what it costs and compare it with a few months of PMI first. Refinancing just to drop PMI usually costs far more in closing costs; it's rarely worth it for PMI alone. Not sure who owns your loan? Use the Fannie Mae loan lookup ↗ or Freddie Mac loan lookup ↗.
How we calculate
- Request date: the first payment after which your balance is at or below 80% of the original value: on the original schedule, and with your extra payments (CFPB).
- Automatic end: the first payment after which the original schedule reaches 78% of the original value, or the month after the loan's midpoint, whichever comes first. Extra payments don't move this date (CFPB).
- Current-value check: today's estimated balance ÷ today's value, against Fannie Mae's limits for a one-unit principal residence or second home: 75% or less after 2 to 5 years, 80% or less after more than 5 years. Freddie Mac and other investors set their own similar rules, so confirm with your servicer.
Sources
- CFPB: When can I remove private mortgage insurance (PMI) from my loan? ↗
- Fannie Mae Servicing Guide B-8.1-04: Termination of Conventional Mortgage Insurance ↗
- Federal Register, Oct. 28, 2026: Executive Order 14438, Decreasing Housing Costs for the American People ↗
Related: first-year homeowner costs · cash-to-close calculator · how much down payment help could you get? (a bigger down payment can avoid PMI)
Educational estimate only, not a loan offer or legal advice. Your servicer applies the actual rules; FHA, VA and lender-paid mortgage insurance work differently.
Common questions
When can I ask to remove PMI?
Under federal law (the Homeowners Protection Act, as explained by the CFPB), you can ask your servicer in writing to cancel PMI on the date your balance is scheduled to fall to 80% of your home's original value, or earlier if extra payments get you there. You need a good payment history, no junior liens such as a second mortgage, and may have to show the home's value hasn't fallen below the original value.
When does PMI end automatically?
Your servicer must end PMI on the date your balance is scheduled to reach 78% of the original value on the original payment schedule, if you are current on payments. If that hasn't happened, PMI must end the month after the midpoint of the loan term (after 15 years on a 30-year loan).
Can a higher home value get PMI removed sooner?
Often, if Fannie Mae or Freddie Mac owns your loan. Fannie Mae's servicing guide lets borrowers ask for removal based on current value when the balance is 75% or less of the new value after 2 to 5 years, or 80% or less after more than 5 years, for a one-unit principal residence or second home. The servicer orders the valuation; ask about any cost before you request it.
What did the October 2026 executive order change?
Executive Order 14438, signed October 22, 2026 and published in the Federal Register on October 28, asks the FHFA director to consider directing Fannie Mae and Freddie Mac to set up a pilot that reviews loans with automated valuations and cancels mortgage insurance proactively. It applies only to mortgages made after the pilot is set up. It doesn't change the rules for existing loans, so you still need to ask.
Does this work for FHA or VA loans?
No. The CFPB notes FHA and VA loans have different mortgage insurance rules. Contact your servicer for those.
Is this calculator private?
Yes. It runs in your browser, and nothing you type is sent or saved.
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