There are four ways out of mortgage insurance, and most homeowners only hear about the slowest one. Here are all four, with the date you qualify for each.
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Mortgage insurance you would still pay
Write to your servicer once the balance hits 80% of the original price. This is your right under federal law.
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Your servicer must cancel it on schedule. No request, no appraisal, no cost — just the slowest route.
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Uses what the home is worth today, not what you paid. Needs 2 years at 75% LTV, or 5 years at 80%.
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A one-time payment that drops the balance straight to 80% of the original price, ending PMI now.
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Estimates based on the numbers you enter. Not financial advice. Cancellation at 80% and automatic termination at 78% are rights under the federal Homeowners Protection Act for most conventional loans; appraisal-based cancellation follows Fannie Mae and Freddie Mac servicing rules and is at your servicer's discretion. You must be current on payments with no subordinate liens. FHA mortgage insurance follows entirely different rules and generally cannot be cancelled this way. Confirm everything with your servicer.