: You can ask your lender to remove PMI once your loan balance reaches 80% of the home's original value, provided you have a good payment history.

: Lenders are legally required to cancel PMI automatically when your balance drops to 78% of the original value.

: The lender pays the premium in exchange for you accepting a higher interest rate for the life of the loan. Removal and Termination

: Taking out two loans simultaneously (e.g., an "80-10-10" loan) can keep the primary mortgage at the 80% LTV threshold.

: Providing 20% or more upfront eliminates the requirement entirely.

Understanding Private Mortgage Insurance (PMI) Private Mortgage Insurance (PMI) is a supplemental insurance policy required by lenders for conventional home loans when the buyer makes a down payment of less than of the home's purchase price.