Calculator
PMI Removal Calculator
Estimate when you can drop private mortgage insurance based on equity and payments.
If you put less than 20% down, PMI adds to your payment until you reach roughly 20% equity. Appreciation and extra principal payments can accelerate removal.
Model your timeline and monthly savings once PMI ends.
Last updated: May 2026
Your numbers
What this means
At these inputs, you may pay PMI for most or all of the loan term without additional equity gains or prepayments.
Assumptions and limitations
- PMI estimated at 0.75% annually.
- Uses amortization plus monthly appreciation on home value.
Frequently asked questions
- When can I remove PMI on a condo?
- Often at 80% LTV via request or 78% LTV by automatic termination on conventional loans, subject to lender rules.
When this matters
- You put less than 20% down and want to know when PMI might end
- You plan extra principal payments to reach 20% equity sooner
What this calculator does not include
- Live tax bills, insurance quotes, or HOA budgets from any database
- Lender approval, HOA questionnaire results, or project eligibility
- Future HOA increases unless you change the inputs yourself
- Exact lender PMI removal policies and appraisal requirements
See our methodology page for how each input is defined and how to interpret results.
Common questions
- Does appreciation count toward PMI removal?
- Many lenders require an appraisal or automatic termination at 78% loan-to-value based on the original amortization schedule. Policies vary.
Sources to verify before buying
Use this checklist during due diligence. Calculators help you plan; these documents tell you what a specific building actually costs.
- HOA budget and most recent financial statements
- Reserve study and percent-funded summary
- Master insurance policy declarations and renewal terms
- Board meeting minutes from the past 12–24 months
- Pending or approved special assessment notices
- County or municipal property tax estimator for the unit
- HO-6 insurance quote matched to master policy coverage
- Lender condo questionnaire or project approval status
Assumptions and limitations
- Outputs are planning estimates only, not quotes from lenders, insurers, or tax authorities.
- Actual HOA dues, insurance premiums, and tax assessments vary by building, location, and ownership status.
- PMI, special assessments, and reserve risk are modeled with simplified assumptions unless you enter your own figures.
- Always confirm numbers with association documents, your agent, and qualified professionals before making an offer.
Related calculators
Explore more tools for your condo search
- Condo Down PaymentCalculate down payment amounts and remaining loan balance for a condo purchase.
- Condo AffordabilityFind out how much condo you can afford based on income, debts, and total housing payment.
- Condo ExpensesFree condo expenses calculator: estimate monthly mortgage, HOA, taxes, insurance, PMI, utilities, and assessment buffer in one payment.
Related guides
Learn the basics before you run the numbers