Free tool

    Mortgage Insurance Removal Calculator

    See whether your home's current value may let you ask your servicer to remove private mortgage insurance (PMI). No sign-up and no documents: just a few details about your home and loan.

    Your home

    Major improvements means a remodel or added square feet since you bought the home, not repairs.

    Your loan

    This is an estimate, not an appraisal. Your servicer's BPO or appraisal decides eligibility. Not financial advice.

    Questions

    When can I remove PMI on a conventional loan?

    Under Fannie Mae's rules you can ask based on current value when your LTV is 75% or less and the loan is 2–5 years old, or 80% or less after 5 years. With substantial improvements it's 80% and the 2-year wait is waived. Investment homes and 2–4 units need 70% and more than 2 years.

    Does this calculator replace an appraisal?

    No. It's an estimate from a ZIP-level price per square foot. Your servicer decides with a BPO or appraisal.

    Can I remove FHA mortgage insurance this way?

    No. FHA MIP for loans from June 3, 2013 lasts for the life of the loan with less than 10% down, or 11 years with 10% or more down. Most owners remove it by refinancing into a conventional loan.

    Financing options