For buyers with a small down payment and owners paying PMI
Estimate your PMI and the dates it is scheduled to end
Private mortgage insurance protects the lender, and you pay for it. Enter the original value, the loan and the PMI rate from your quote or statement, and the calculator shows the premium, the total and three dates from the Homeowners Protection Act.
Calculate for free- No account needed
- No credit check
- No lender contact
Cindrus is a calculation tool, not a financial advisor. We give no personal advice and do not arrange loans.
The result is a calculation on your figures. It is not a guaranteed saving or an offer.
At 20 percent down or more, conventional loans usually carry no PMI, so there is nothing to calculate here.
Three dates on your original schedule
The month your scheduled balance reaches 80 percent of the original value. You have to ask in writing and meet the conditions below.
The month your scheduled balance reaches 78 percent of the original value, if you are current on payments.
The month after the midpoint of the loan term, if you are current, even if the balance is still higher.
What a cancellation request needs
Your servicer makes the final decision. Cancellation requires a written request and a good payment history, and the servicer may ask you to show that the home has not lost value, for example with an appraisal, and that there are no other liens on it.
For illustrative purposes only. Not a loan offer or commitment to lend. Cindrus is not a lender, mortgage broker or loan originator, we pass no information to lenders, and no lender pays us.
This calculation is not a loan offer or a personal recommendation about mortgage insurance.
Basis: your original value, loan, rate, term and PMI rate, and the thresholds in the Homeowners Protection Act. The rate and costs you can actually get may differ.
- A fixed rate and the original amortization schedule.
- Payments in full and on time every month.
- A loan for a single-family principal residence closed on or after July 29, 1999. Other loans can follow other rules.
- The PMI rate stays the same until the end date.
Your next step.
Take the result with you.
Free. No account.
- Write down the figures you used: you find them under «Understand the number».
- Ask what it costs in total, not only what the payment will be.
- Ask whether the rate is fixed and what can change it.
- Ask for the offer in writing, so you can compare it calmly.
- Ask what is not included in the figure.
Ready to talk to the bank?
Your figures and the right questions, on one page.
- Costs and rate
- Fees and remaining balance
- The assumptions behind the figure
Follow your loan.
Your loan and your calculations, in one place.
- Your calculations saved in one place
- Your financial overview
The account is free.
The calculator is free without an account. Not personal advice.
Your bank conversation
Ask the bank about these six things.
Based on your calculation. Not personal advice.
From your premium to the last PMI payment
Your premium, not ours
Type the PMI as an annual rate or as the monthly dollar amount on your Loan Estimate. We don't assume one.
The schedule decides the dates
The law measures the scheduled balance against the home's original value, regardless of what you actually owe on that date. The calculator does the same.
Extra principal is shown separately
If you add extra payments, a separate line shows when your actual balance gets to the request threshold.
Three dates the law sets
For a mortgage on a single-family principal residence that closed on or after July 29, 1999, the Homeowners Protection Act gives you rights to end PMI. Loans through FHA or VA follow different rules, and so does insurance your lender pays for.
On request at 80 percent
You can ask your servicer in writing to cancel PMI from the date your principal balance is scheduled to fall to 80 percent of the original value. You need a good payment history, to be current, no junior liens, and, if asked, evidence the value hasn't fallen below the original value.
Automatically at 78 percent
Once the schedule shows the balance at 78 percent of the original value, the servicer has to stop PMI, provided your payments are current. If they are not, it stops after you catch up.
At the midpoint, at the latest
If PMI is still in place, it cannot be required past the month after the midpoint of the loan's amortization period, again provided you are current.
Why a conventional loan can carry mortgage insurance
Private mortgage insurance may be required on a conventional loan when the down payment is less than 20 percent of the price, and on a refinance when your equity is below that share. The lender arranges it with a private insurer, and you pay for it.
It protects the lender, not you. If payments stop, PMI covers the lender's loss; you can still lose the home through foreclosure. That is why the act focuses on when you can stop paying for it.
What «original value» means
For a purchase, it is the lower of the contract sales price and the appraised value when the loan closed. After a refinance, it is the appraised value at the refinance. Enter that figure, not today's estimate of the home.
Other names for the same question
PMI calculator · private mortgage insurance calculator · when does PMI come off · how much is PMI per month. All of them ask what mortgage insurance costs you and for how long.
The statute's dates, worked out on your own loan
Empty to start
You bring the loan terms and the premium. Nothing is guessed.
Not a lender, not an insurer
We don't sell mortgage insurance and nothing here reaches a servicer.
Cited line by line
Each rule points to the section of the act or the consumer bureau page it comes from.
Our commitments
- Your information is not for sale.
- Each assumption sits next to the number it affects.
- Every figure on the page can be explained.
- We don't rush you.
- You can export or erase your data at any time.
PMI questions
What if I put less than the usual amount down?
On a conventional loan with less than 20 percent down, the CFPB says lenders may require PMI. Enter the rate from your quote to see the monthly premium and how long it is scheduled to run.
What happens if I pay extra each month?
Your actual balance reaches the request point sooner, and the calculator shows the new month. You would still need to ask your servicer, and the automatic date does not move.
Does PMI end on its own?
Under the Homeowners Protection Act, it is scheduled to end automatically when the balance on the original schedule reaches 78 percent of the original value, or at the midpoint of the term, as long as you are current on payments.
What if my home has gone up in value?
The federal dates use the original value. Some servicers will consider a request based on a new appraisal. Ask your servicer which rules apply to your loan.
Is FHA mortgage insurance the same thing?
No. FHA loans carry an upfront and an annual premium under HUD rules, and the Homeowners Protection Act dates do not apply to them.
Will Cindrus contact my servicer?
No. Cindrus is not your lender or servicer and never acts for you with them. Any request is one you send yourself.
Working out your PMI costs nothing.
A free Cindrus account keeps your mortgage, assets and other debt together in one overview. The plans and where each feature works are listed on the pricing page.
Plans and prices →Know your PMI end dates.
There is no charge for the dates. If you want the mortgage on file afterward, open a free account; no card is asked for.