When does PMI go away?

Federal law (the Homeowners Protection Act) gives you the right to request PMI cancellation when your scheduled balance reaches 80% of the original home value, provided you're current on payments and meet your servicer's other reasonable conditions. "Scheduled" means the balance the amortization schedule says you'd be at on that date — not necessarily your actual balance, which could be lower if you've paid extra.

Under the same federal law, your servicer is generally required to terminate PMI automatically when your scheduled balance reaches 78% of the original home value, again provided you're current on payments. You don't need to do anything for this milestone — but it's worth verifying that the servicer actually terminated PMI on the right month.

Both thresholds are based on original value — the lower of your purchase price or original appraisal — not your current market value. If your home has appreciated, the original-value milestones may be slow. Many servicers will accept a new appraisal as evidence that your current LTV is below 80% (or 75% with newer ownership) and cancel PMI early. Servicer rules vary; ask in writing.

• Borrower-paid PMI (BPMI) follows the 80%/78% framework above.
• Lender-paid PMI (LPMI) isn't cancellable because it's rolled into a higher rate for the life of the loan.
• FHA loans use MIP, which generally lasts the life of the loan unless you refinance into a conventional loan.
• VA loans don't carry monthly mortgage insurance.
• Servicer requirements often include a clean payment history, no junior liens, and a written request — sometimes with a small fee for a current valuation.

On a 30-year conventional loan with 5% down (95% start LTV) at 6.5%, scheduled amortization alone reaches 78% LTV around year 8–10. With 10% down (90% start), it's closer to year 6–8. Run your specific numbers in the PMI calculator — extra payments and home appreciation can pull these dates forward significantly.