When PMI ends on its own

Automatic removal is at 78% of the original price, when payments are current. That month is separate from the day you can ask.

78% is later than 80%

You can ask at 80% of the original price. The lender is also expected, on a conventional loan, to end PMI on its own when the balance reaches 78% of that original price, if payments are current.

WiseCalculator shows both ideas. The ask date is the one placed on the household month. The mortgage screen also states the automatic end at 78%.

Same schedule, lower target

Both dates use the amortization of the note rate and term. The 78% target is a lower balance, so it falls on a later month than the 80% ask. The gap is the months it takes the principal portion to cover that extra 2% of the original price.

Fees and APR do not move these dates. PMI removal follows the balance, not the fee estimate.

What is left out

The tool does not know if you are behind on payments, and it does not apply the midpoint-of-the-loan rule some servicers use. It also does not model FHA insurance, which does not follow this 78% cutoff.

Treat the month as the scheduled date on the numbers you typed. Confirm the servicer’s letter before you stop budgeting for PMI.

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