As of Oct. 16, 2026
Sources: CFPB · 12 U.S.C. § 4902 · HUD FHA Connection help
Use the numbers from your Closing Disclosure or monthly statement. Nothing you type leaves your phone.
Fannie Mae's rule for removing PMI based on today's value. Other loan owners set their own rules.
Put a reminder on the date your balance hits 80% and send a written request. Waiting for the automatic 78% end works, but it usually means paying PMI for more than a year longer. If you can afford extra principal and your PMI is large, paying extra moves the 80% date up. If your home's value has jumped, a Fannie Mae or Freddie Mac loan may let you remove PMI even sooner based on today's value.
The math:
Sources: CFPB · 12 U.S.C. § 4902 · 12 U.S.C. § 4901 · Fannie Mae Servicing Guide B-8.1-04 · Fannie Mae Loan Lookup · Freddie Mac Loan Look-Up Tool
A best fit for the situation described, not financial advice or a buy/sell recommendation. Partner links never change a pick.
For conventional loans on a single-family primary home that closed on or after July 29, 1999 (CFPB).
| Rule | When | Conditions | Source |
|---|---|---|---|
| Ask to cancel | Balance scheduled to reach 80% of original value, or actually reaches it through extra payments | Written request, good payment history, current on payments, no junior lien; lender may require proof the value hasn't dropped | 12 U.S.C. § 4902 · 12 U.S.C. § 4901 |
| Automatic end | Balance scheduled to reach 78% of original value | You must be current; if not, it ends the first day of the month after you catch up | 12 U.S.C. § 4902 · CFPB |
| Final end | First day of the month after the midpoint of the loan term (15 years into a 30-year loan) | Applies even if the balance isn't at 78%; you must be current | 12 U.S.C. § 4902 · CFPB |
| High-risk loans | Lender may skip the 80%/78% rules | Must still end at the midpoint; non-conforming high-risk loans end when scheduled to reach 77% | 12 U.S.C. § 4902 |
| After it ends | No PMI payments more than 30 days later | Unearned premiums refunded within 45 days | 12 U.S.C. § 4902 |
The law uses your home's original value. But Fannie Mae and Freddie Mac, which own many conventional loans, let you ask based on today's value. Fannie Mae's rule for a one-unit primary home or second home:
New in 2026: on Sept. 16, 2026, Fannie Mae began allowing servicers to contact borrowers who may qualify based on current value (before, the request had to come from you). Don't wait for the call; you can ask.
Sources: Fannie Mae Servicing Guide B-8.1-04 · Fannie Mae Lender Letter LL-2026-07 · Fannie Mae Loan Lookup · Freddie Mac Loan Look-Up Tool. Freddie Mac's current-value rules were not verified for this page; ask your servicer.
FHA loans don't follow the PMI law above. For FHA case numbers assigned on or after June 3, 2013, how long you pay annual MIP depends on your starting loan-to-value: 90% or less (10%+ down) means 11 years; over 90% means the whole loan term. Paying extra doesn't shorten it. Most people who want it gone refinance into a conventional loan once they have about 20% equity, which costs closing fees, so compare with a refinance break-even check.
| Term and loan size | Starting LTV | Annual MIP | How long |
|---|---|---|---|
| 30-year (over 15 yrs), loan ≤ $726,200 | 90% or less | 0.50% | 11 years |
| 〃 | Over 90% up to 95% | 0.50% | Loan term |
| 〃 | Over 95% | 0.55% | Loan term |
| Over 15 yrs, loan > $726,200 | 90% or less | 0.70% | 11 years |
| 〃 | Over 90% | 0.70%–0.75% | Loan term |
| 15 years or less, loan ≤ $726,200 | 90% or less | 0.15% | 11 years |
| 〃 | Over 90% | 0.40% | Loan term |
Rates: HUD Mortgagee Letter 2023-05, for case numbers endorsed on or after Mar. 20, 2023 (most purchase and refinance loans; streamline refinances of loans endorsed by May 31, 2009 differ). Up-front MIP: 1.75% of the base loan. Older FHA loans (case number before June 3, 2013, closed after 2000): MIP ends at 78%, with at least 5 years on terms over 15 years. Sources: HUD Mortgagee Letter 2013-04 · HUD FHA Connection help · HUD Mortgagee Letter 2023-05
Send it by mail or through your servicer's secure message center, and keep a copy:
To: [servicer name], [address from your monthly statement] Re: Request to cancel private mortgage insurance, loan number [number] I am requesting cancellation of private mortgage insurance on this loan under the Homeowners Protection Act (12 U.S.C. 4902(a)). My principal balance [is scheduled to reach / has reached] 80% of the original value. I am current on my payments, and there is no second mortgage or other junior lien on the home. Please tell me in writing what proof of value you require and its cost, and the date PMI will stop being charged. [Your name, property address, phone]
Your servicer's mailing address for requests is on your monthly statement.
Sources: CFPB · 12 U.S.C. § 4905 · VA
The lower of the contract sales price or the appraised value when you bought. If you refinanced, it's the appraised value used for the refinance (12 U.S.C. 4901(12)). If you changed the loan through a modification, the dates are recalculated on the new terms (12 U.S.C. 4902(d)).
Why trust this: every rule here links to the federal law, agency or loan-owner guide it comes from, with the date we checked it. Example numbers are labeled as examples, and the math is shown.
Not financial or legal advice. We republish federal rules and loan-owner guidelines with dates and do simple math on what you type. Confirm your dates with your servicer.
On a conventional loan for a single-family primary home closed on or after July 29, 1999, PMI must end on the date your balance is scheduled to reach 78% of the home's original value, if you're current on payments. If that hasn't happened by the midpoint of the loan term, it must end the month after the midpoint (12 U.S.C. 4902).
Yes. You can ask your servicer in writing to cancel PMI once your balance is scheduled to reach, or actually reaches through extra payments, 80% of the original value. You need a good payment history, current payments, no second mortgage, and the lender may require proof the home's value hasn't dropped (CFPB; 12 U.S.C. 4902(a)).
Sometimes. The federal law uses original value, but Fannie Mae lets you ask based on today's value if your loan-to-value is 75% or less (loan 2 to 5 years old) or 80% or less (over 5 years old), with a new valuation. Freddie Mac and other loan owners have their own rules.
For FHA case numbers assigned on or after June 3, 2013: if you started at 90% loan-to-value or less, annual MIP lasts 11 years; above 90%, it lasts for the loan term. Many borrowers refinance into a conventional loan to drop it (HUD Mortgagee Letter 2013-04).
No. VA-backed loans don't require monthly mortgage insurance. Most borrowers pay a one-time VA funding fee at closing instead (VA).
No PMI payments can be required more than 30 days after cancellation or termination, and unearned premiums must be returned within 45 days (12 U.S.C. 4902(e)-(f)).
Estimates, not financial advice. Taxes, insurance, PMI and fees vary by lender, county and city; confirm with your lender, dealer and state agency before acting.