Are you still paying PMI you could cancel?
Your servicer won't call to tell you. If your home's value has climbed, or you've paid your balance down, you may have the right to drop private mortgage insurance today. Answer a few questions and get an honest read.
Educational tool, not financial advice.
Where you stand
Green zone = at or below the 78% automatic-termination trigger · gold band = the 80% request threshold · your two dots show loan-to-value against original value (HPA rights) and current value (servicer current-value path).
What to do next
Compare refinance options
Rates and fees vary widely; comparing 3+ lenders is the single highest-leverage move. Quotes open on the comparison site.
Sitting on serious equity
Your loan-to-value suggests substantial untapped equity. If you have a real use for it (renovation, consolidation), a HELOC lets you borrow against it without touching your first mortgage's rate.
Our value estimate is exactly that: an estimate. Your servicer will use its own appraisal or BPO as the official number, and rules vary by servicer and loan investor (Fannie/Freddie vs portfolio); this reflects the general federal (HPA) and GSE framework. Cancellation generally requires being current on payments with a good payment history. Disclosure: we may earn a commission through comparison links, at no extra cost to you. It never changes the read above.
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PMI cancellation, quick answers
When can I cancel PMI?
Under the Homeowners Protection Act, you can request cancellation once your loan balance reaches 80% of the home's original value, and your servicer must cancel it automatically at 78%, as long as you're current on payments.
Can I cancel PMI using my home's current value?
Often yes. Most servicers will cancel PMI based on today's value under GSE guidelines, generally at 75% LTV or below with 2 to 5 years of seasoning, or 80% or below after five years, using their own appraisal or BPO.
Can I cancel FHA mortgage insurance (MIP)?
Usually not. FHA loans since June 2013 with less than 10% down carry MIP for the life of the loan, and the only exit is refinancing into a conventional loan.
Does PMI ever come off on its own?
Yes. On your scheduled amortization it must terminate automatically at 78% of original value, and at the midpoint of your loan term regardless of LTV, as long as you're current.
Can I get a refund if my servicer kept charging PMI?
If premiums were charged after the automatic-termination date, those unearned premiums must be returned to you, and you can request a refund in writing.
How much does PMI cost, and who does it protect?
PMI typically runs $30 to $300+ per month, and it protects your lender, not you.