How do I get rid of mortgage PMI faster?

The Homeowners Protection Act (HPA) gives conventional mortgage borrowers the right to cancel PMI at 80% LTV and requires automatic termination at 78% LTV based on the original amortization schedule — but you don't have to wait that long. The CFPB's PMI explainer outlines the three main routes to early cancellation.

Route 1: Make extra principal payments

Every extra dollar applied to principal reduces your balance toward the 80% threshold. Even one extra payment per year can shave years off your PMI obligation. Use your lender's amortization tool — or the CFPB's mortgage payoff calculator — to model how additional monthly payments accelerate your cancellation date. When your balance hits 80% of the original purchase price, submit a written cancellation request to your servicer. You must be current on payments and may need to certify no subordinate liens.

Route 2: Request a new appraisal after appreciation

If your home has appreciated significantly, your current LTV may already be below 80% even without extra payments. Most lenders allow a borrower-requested appraisal after two years of on-time payments (some require five years). If the appraisal establishes that your balance is at or below 80% of current market value, you can request PMI cancellation. The appraisal typically costs $300–$600 and must be ordered through the lender, not independently. Check your servicer's specific seasoning requirements before ordering.

That path has gotten a real tailwind lately: FHFA's House Price Index shows home values up 2.2% nationally on loans for the year ending May 2026 (released July 28, 2026), broad-based enough that plenty of borrowers who bought in 2023–2024 are already sitting on 20%+ equity without having made a single extra payment.

Route 3: Refinance

Refinancing into a new conventional loan with at least 20% equity eliminates PMI entirely on the new loan. This also resets your loan term and rate, so run the full break-even analysis — closing costs typically run 2%–5% of the loan amount. Refinancing is the primary path for FHA borrowers who want to escape MIP, since FHA MIP on loans originated after June 2013 with less than 10% down does not automatically cancel.

Before running that math, check where rates actually sit: Freddie Mac's Primary Mortgage Market Survey put new 6.65% loans (30-year fixed) at the national average the week of August 20, 2026 — refinancing into a rate meaningfully above that median usually costs more in interest than the PMI it removes.