Most borrowers land between 0.3% and 1.5%. Your exact rate depends on credit score and down payment — it's on your closing disclosure, or your monthly statement shows the dollar amount directly.
| Milestone | Reached | PMI paid by then |
|---|---|---|
| 80% LTV — you can request cancellation in writing | 124 months (November 2036) | $19,633 |
| 78% LTV — servicer must cancel automatically | 135 months (October 2037) | $21,375 |
Everything above assumes your home is worth exactly what you paid. It usually isn't. Under Fannie Mae and Freddie Mac servicing rules, you can also cancel based on your home's current value — 75% LTV if your loan is 2–5 years old, 80% if it's older than five years. After a few years of appreciation, many owners cross that line years before the schedule above says they will.
That path is the one servicers never mention, because it requires them to act and earns them nothing.
Check your real eligibility — free, 60 seconds →Typically 0.3%–1.5% of the loan amount per year, divided into monthly payments. On a $380,000 loan at 0.5%, that's about $158 a month. Credit score and down payment size drive the rate — a 760 score with 10% down pays far less than a 640 score with 3% down.
Yes, but later than it has to. Under the Homeowners Protection Act your servicer must terminate PMI automatically when your scheduled balance hits 78% of the original value — but you can request cancellation at 80%. The difference is real money, shown above.
Yes. Cancellation by written request is a federal right and doesn't require a refinance. Refinancing to shed PMI often costs more in closing costs and a higher rate than simply cancelling — especially if your current rate is below today's market.
No. PMI is on conventional loans and is cancellable. MIP is on FHA loans and, for most loans originated after June 2013 with less than 10% down, lasts the life of the loan — the only exit is refinancing into a conventional loan. See our FHA MIP guide.