How this number is made
Private mortgage insurance is often cancellable once the balance is 80% of the home’s value. This page uses the value you type today and does not assume the house appreciates. It also assumes you pay exactly the scheduled payment, with no extra principal. Servicers use the original value unless you ask for a new appraisal, and the note can add conditions this page does not know.
- Years left are the years remaining on the loan, not the original term.
- If you expect appreciation, raise the value yourself. The page will not invent it.
Formula
Target balance = value × 0.80. Months are the scheduled payments until the amortized balance falls to that target.
Worked example
With the figures already in the form, until 80% of today’s value is 7 yr 4 mo.
Questions
Does 80% happen automatically?
Borrower-requested cancellation and automatic termination are different, and both have rules. This is only the month the balance crosses 80% of the value you typed.
What about FHA mortgage insurance?
FHA premiums follow different rules and often cannot be cancelled the way PMI can. Do not use this page for an FHA loan.