PMI Scheduled Removal Estimate
Estimate original-value thresholds, remaining modeled coverage and conditional premium savings from your original fixed-rate loan schedule.
What This Calculator Does
Estimate scheduled PMI milestones and quoted-premium costs for a standard covered/current borrower-paid conventional primary-residence loan. The calculation uses original principal and value, a fixed-rate monthly schedule and completed payment counts. It does not approve cancellation, establish actual policy status or calculate a refund.
Who Is This For
For Florida homeowners and agents reviewing original-loan documents before speaking with the servicer. This is not for high-risk, FHA/VA, lender-paid insurance, variable or modified schedules, extra-payment histories or cancellation based on a new appraisal.
How It Works
Enter original principal, original home-value basis, original nominal fixed rate, the original 10/15/20/25/30-year term, quoted monthly PMI and explicit completed scheduled months. Include cents and confirmed zero premium or paid months where appropriate; a zero rate is hypothetical. Do not replace original data with today's balance or market value. Confirm the scope and review scheduled 80%/78% indices, midpoint references, remaining coverage counts and conditional costs. Verify real cancellation with the servicer.
Frequently Asked Questions
Which principal and home value belong in the form?
Use original principal, not the current balance. Original value generally means the lesser of purchase price and original appraisal; for a refinance, use the origination appraisal in the documents. The model reconstructs the scheduled balance. It does not use appreciation or a current appraisal to create a different cancellation route.
Does reaching 80% guarantee cancellation?
No. The scheduled 80% point supports only a conditional request. Written request, payment history/currentness, value and junior-lien requirements must be confirmed with the servicer. The tool does not approve the request or predict its actual effective date. Extra payments and new-appraisal routes are outside these six inputs.
How do scheduled 78% and the midpoint differ?
The model limits remaining required coverage by the earlier scheduled 78%-of-original-value month or completed-payment midpoint, under standard covered/current assumptions. For 30 years, midpoint coverage is 180 completed months and the final reference is the following month, 181. Zero modeled coverage at 180 does not prove the actual policy already ended. Counts are not calendar dates or servicer invoices.
What does the conditional premium saving mean?
The 80% and 78% cost rows are uncapped quote-times-wait comparisons: either can exceed the midpoint-capped modeled coverage cost. Neither is an actual amount owed. Only the required-coverage cost uses the controlling coverage cap. The conditional savings estimate is the constant monthly quote times the positive gap between remaining modeled required coverage and the wait to the 80% request threshold. It estimates potentially avoidable future premiums only if the conditional request succeeds. It is not approved savings, past overpayment or a refund. The cost to scheduled 78% is shown before the midpoint cap and may not control required coverage.
How are paid months, zeros and cents handled?
Enter paid months explicitly from 0 through original term months. 12.0 is twelve, not 120; negatives, fractions and out-of-range counts are rejected. Blank is not a new-loan confirmation. A zero quoted premium creates zero modeled cost, not proof of cancellation; explicit zero rate is hypothetical. Costs retain quoted cents times whole counts. Thresholds use the unrounded schedule, not rounded displayed LTV.
Which cases need separate servicer review?
Use verified corrections or premium-quote updates only; never alter original principal, value, rate or completed history simply to improve the result. High-risk loans, FHA/VA, lender-paid insurance, nonprimary residences, variable or modified loans, extra payments, new-appraisal cancellation and actual payment-history issues are outside the stated standard model. Confirm covered-loan applicability, effective termination and the premium quote. Do not invent unavailable calculator controls or treat a modeled zero as an actual cancellation notice or refund approval.