From the video
How Do You Get PMI Removed and Keep $181 a Month?
What the video covers
If you put less than 20% down on a conventional loan, one line on your statement is private mortgage insurance. It protects the lender, and federal law already gives it end dates. In the video that line is $181.69 a month.
You may ask to cancel it the month your balance is scheduled to reach 80% of the original value: payment 95 on the video's loan. Say nothing and it comes off on its own at 78%, payment 109. Those 14 payments cost $2,543.66.
The ask is a letter to your servicer: request cancellation, give your loan number, say you are current with no second loan, and ask what proof of value they need. FHA, VA and USDA loans and lender-paid mortgage insurance follow different rules.
Run your own numbers in the free mortgage payoff calculator →
Get the Debt Freedom Blueprint, free
A plain guide and an Excel workbook that put every debt you carry in one place, with your balances, rates and minimum payments side by side. It is free, and it comes to your inbox.
More from the channel
All the channel's videos and worksheets Mortgage Payoff Calculator
The four questions to answer on your own loan
Can you recast your loan, or is it FHA and cannot be recast at all? When can your PMI come off, and against which value? What will escrow do next year? Should retirement money go near the house at all? The Payoff Planner Pro answers all four on your own numbers.
See the Payoff Planner Pro →One payment of $97. Nothing renews. 30 days to change your mind.