Tools · Run the numbers
PMI / MIP removal tracker
When your mortgage insurance can come off — and how conventional PMI and FHA MIP play by very different rules.
Mortgage insurance doesn't have to last forever — but the rules differ sharply between conventional PMI and FHA MIP. This estimates when (and whether) yours can come off.
Conventional PMI
Request removal around May 2031
Under the Homeowners Protection Act you can request removal at 80% of the original value, and it cancels automatically at 78% (or the loan's midpoint). Appreciation-based removal needs an appraisal plus seasoning — Fannie/Freddie generally allow it around 75% LTV after ~2 years or 80% after 5, but it varies by investor. You must be current with no junior liens, and servicer rules vary.
Estimates only — not a quote, pre-approval, or offer of credit. Your actual terms come from a lender's Loan Estimate. Your servicer's records decide — cancellation also requires being current, and servicers can require an appraisal under your investor's rules.
Terms on this page
- Private mortgage insurance (PMI)Insurance on a conventional loan when you put less than 20% down; cancellable as you build equity.
- Mortgage insurance premium (MIP)FHA's mortgage insurance; depending on your down payment it can last the life of the loan.
- Loan-to-value ratio (LTV)The loan amount divided by the home's value; lower LTV (more equity) usually means better terms and no PMI.
- EquityThe part of the home you own — its value minus what you still owe.
- FHA loanA government-backed loan with lower down-payment and credit requirements, in exchange for mortgage insurance.
- Conventional loanA loan not backed by a government program (FHA/VA/USDA); usually needs decent credit and 3%+ down.
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