Calculator
PMI Removal Calculator
Estimate when you can drop private mortgage insurance based on equity and payments.
By True Condo Cost editorial team · Editorial standards
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.
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.
Run these next
Most buyers model HOA, insurance, and assessments in separate passes.
PMI removal on condos needs two approvals
You need 78–80% LTV on an amortization schedule and a lender acceptably appraised value—condo projects in non-warrantable status can block removal even when you have paid down principal.
One scenario: $400K purchase with 10% down hits 80% LTV around year 8 on a 30-year fixed at 6.5% without extra payments—faster with lump-sum paydowns.
Appraisal risk in soft buildings
If the association faces litigation or insurance non-renewal, appraised value may lag the broader market and delay PMI drop. Read warrantability before counting on appreciation to remove PMI.
Worked numbers for the Pmi Removal
Inputs: $400,000 purchase, 10% down, 6.5% / 30-year → 80% LTV on amortization alone near month 96 without extra principal. Extra $200/month principal cuts that timeline materially—run both paths here.
Before you rely on the Pmi Removal
It does not order or interpret appraisals for PMI removal on condos.
It does not account for non-warrantable status blocking removal even when LTV targets are met.
Last updated: June 2026
When to use this calculator
- You put less than 20% down and want a PMI drop timeline
- You are planning extra principal payments
- You need to know when to request cancellation
Inputs you need
- Purchase price, down payment, rate, and term
- Optional extra monthly principal
How to interpret the result
- Condo appraisals at removal can fail if the project is non-warrantable
- Extra principal accelerates 80% LTV on amortization schedule
What this calculator does not know
- 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
- Appraised value at removal date
- Lender-specific PMI cancellation rules
Documents to verify before relying on the estimate
- Mortgage PMI disclosure
- Association status for warrantability
Educational estimates only. Confirm figures with association documents, county tax offices, and licensed professionals before you make an offer.
Frequently asked 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 audited financials (or reviewed statements if the association is small)
- Reserve study with percent-funded and component schedules — often prepared under CAI / APRA standards
- Master insurance declarations: carrier, deductible, wind/hail sublimits, and coinsurance
- Board minutes covering the last two insurance renewals and any assessment votes
- Written special assessment notices and payment plans
- County assessor or municipal property tax estimator for the parcel (not a neighbor’s bill)
- HO-6 quote aligned to master policy gaps — confirm with your state Department of Insurance licensed agent
- Lender condo questionnaire or Fannie Mae / Freddie Mac project review status for warrantability
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. No signup required.
Related guides
Learn the basics before you run the numbers