Your roadmap to dropping private mortgage insurance
Stage 2: it ends on its own
Your next move
Your servicer must end PMI automatically on the date the balance is first scheduled to reach 78 percent of the original value, as long as you are current. The date comes from the original amortization schedule, so extra payments do not move it, although they can let you request cancellation earlier. If you are behind, it ends once you become current.
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Find your date
Your servicer must disclose the date at closing and annually. If you cannot find it, ask in writing.
Final termination
If neither event has happened, PMI must end at the midpoint of the loan's amortization period if you are current.
PMI questions on the road
Does PMI automatically go away?
Yes, under the Homeowners Protection Act, on the scheduled 78 percent date if you are current, for most conventional loans on a principal residence.
How do I calculate when PMI ends?
Find the balance equal to 78 percent of original value and the date the original schedule reaches it. The estimator gives the target balance.