Free educational tools for Texas home buyers · Identify federal, state, and local homeownership assistance programs you may qualify for. Educational information only - not a loan offer or guarantee of eligibility.
Conventional PMI auto-cancels at 78% LTV - but you can request cancellation at 80%. Two years of difference can be over $3,000.
Your inputs
Monthly PMI
$142
0.55% of $308,750
Request cancel at 80% LTV
4y 2m
You must write a letter
Auto-cancel at 78% LTV
4y 9m
Federal HPA - automatic
Savings by requesting early
$991
Don't wait for the auto trigger
How to drop PMI faster
• Request cancellation at 80% LTV based on original or current value. Lender may require a $400–$650 BPO/appraisal.
• Pay extra principal. An extra $100/mo on a $280K loan can shave 6+ months off PMI.
• Document home improvements. Kitchen, bath, structural - these support a higher current-value appraisal.
• FHA loans do NOT auto-drop MIP. If your home appreciates significantly, a refinance to conventional can eliminate FHA MIP entirely.
HPA = Homeowners Protection Act of 1998. Servicers must auto-terminate PMI at 78% LTV of original value if loan is current. VA and USDA do not carry PMI.
