PMI

How much should we pay in principal to not pay PMI anymore?

PMI avoid చెయ్యాలంటే ఎంత principal pay చెయ్యాలి?

అంత principal pay చేస్తే monthly PMI ఎంత తగ్గుతుంది? అంత principal pay చేస్తే వేరే advantages ఏమైనా ఉంటాయా? Can we take a loan on that amount in the future if necessary? See if paying off the first 20% of the principal amount is worth it. If not, just keep paying the minimum amount that you need to pay every month.

PMI can be cancelled if you own 20% equity in the house. 20% of $534,000 = $106,800

But, this doesn’t mean that we have to pay off $106,800 in order for the PMi to go away. We have to take the appreciation value of the house into consideration. For example, if the current market rate of the house is $650K, and if the pending balance on the loan is $490K, my equity in the house will be $650-$490 = $160K. (160*100)/650 = 24%.

$534,000 - $106,800 = $427,200

According to the amortization spreadsheet, if you don’t make additional principal payments, the date on which you will reach $427,200 (80% of the house value) in pending principal balance is 8-1-2028.

What is the current PMI per month? $84.39

When I call customer care representatives from Loancare, this is what they tell me. Questions I had before calling them. PMI theeseyyadaaniki process enti?

As of March 2023, the pending balance (on principal) is approximately, $493,198.

So, $493,198 - $427,200 = $65,998

1. Your Private Mortgage Insurance (PMI) Information:
2. Your loan was originated on 10/22/2021.
3. Your loan to value (LTV) is estimated to be 92.2%.
4. Your loan is first scheduled to amortize to an 80% LTV on 06/01/2028.

As of October 2025, the pending balance (on principal) is approximately, $460,558.79

So, $460,558.79 - $427,200 = $33,358.79

1. Your Private Mortgage Insurance (PMI) Information:
2. Your loan was originated on 10/22/2021.
3. Your loan to value (LTV) is estimated to be 86.4%
4. Your loan is first scheduled to amortize to an 80% LTV on 06/01/2028.

Tips provided in community group

Hi all.. If you have been living in your home for 2+ years now and have PMI in your home mortgage, we are good to get it removed. Call your mortgage and ask for PMI deletion. Opt for BPO appraisal. Homes are getting appraised between $190 and $210 per sq foot. If you have 20% home equity then you are eligible to get PMI removed.

BPO: Brokers purchase opinion This won’t be a detailed appraisal as we do during purchasing or selling home.. Cost is cheaper than regular appraisal which is $190. Regular would be around $500+