When Will My Private Mortgage Insurance Drop Off?

Here is a very good tool to use to find out when the MI is supposed to drop off based on the amortization time line from the Mortgage Insurance Companies of America’s website PMI Calculator.

If the loan being refinanced was a purchase you can just put in the purchase price for the appraised value otherwise you will need the borrower to provide their old appraisal if it was a refinance. You cannot get rid of the MI by paying down principle if values are declining but by law it is supposed to drop off based on the amortization time line based on LTV, rate and payments.