Conventional PMI uses the original price

Both the 80% request and the 78% automatic end are measured against the home price you typed, not a later value.

The price is the yardstick

The original value in this tool is the home price field. Eighty percent of it is the ask target. Seventy-eight percent of it is the automatic-end target. The schedule’s balance is compared with those fixed dollars.

If you type the price you paid, the dates match that purchase price. If you type a later guess of market value, the dates move, and they no longer mean “original price.” Type the price the rule should use.

Market value is a different request

Borrowers sometimes ask a servicer to drop PMI because the home is worth more, with a new appraisal. This calculator does not do that test. It will not take a new value unless you replace the price field, which also changes the loan if you leave the down payment alone.

Changing the price without changing the down payment changes the amount borrowed. Do not use the price field as a what-if appraisal unless you also set the down payment so the loan stays the real loan.

Payments current

The automatic 78% end, in the rule this screen describes, also assumes payments are current. The calculator cannot see your payment history. It only knows the schedule.

The household month repeats the 80% ask, not a promise from a servicer. Keep the servicer’s date if they have sent one.

This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.