Conventional PMI cost and the exact date it cancels under federal law.
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Professional Financial Tools
8/25/2026
PMI applies to conventional loans with less than 20% down. FHA loans use MIP instead — different rules, and MIP usually cannot be cancelled.
Typical annual PMI runs 0.46%–1.5% of the original loan amount, per the Urban Institute Housing Finance Policy Center. Credit score is the single largest driver.
Extra principal moves the 80% request date forward. It does NOT move the 78% automatic date — that one is fixed to the original amortization schedule by statute.
Appreciation does not affect the statutory dates, which use ORIGINAL value. It matters only if you ask the servicer for a new appraisal, which is a separate, discretionary route.
$360,000 loan x 0.60% annual PMI rate / 12. PMI is charged on the ORIGINAL loan amount, not the current balance, so this figure does not shrink as you pay down. This is an estimate for planning, not an insurance quote. Actual pricing is set by the insurer or, in promulgated-rate states, by the state regulator.
You reach 80% loan-to-value in month 95. From that point the Homeowners Protection Act gives you the right to ask your servicer in writing to cancel PMI, provided you are current and the loan has no second lien. This is a request — it is not automatic, and most borrowers never make it.
Your servicer must cancel PMI without you asking once the ORIGINAL amortization schedule reaches 78% loan-to-value — month 109. Extra payments and home appreciation do not move this date, because the statute ties it to the original schedule and the original value.
$180 x 109 months of doing nothing until automatic termination.
Cancelling at 80% instead of waiting for automatic termination avoids 14 months of premiums. Put a calendar reminder on the request date — servicers are not required to remind you.