When you can ask the lender to remove PMI

You can ask when the balance reaches 80% of the original price. The calculator dates that month from the schedule.

The 80% line

The request point is 80% of the home price you typed. On a $400,000 price, that balance is $320,000. The tool walks the amortization schedule until the balance is at or under that number, and it names that month.

If the loan already starts at or under 80%, the message says you can ask now. PMI is also left out of the payment in that case, because the loan did not start above the line.

What the date assumes

The date assumes the scheduled payment, the note rate, and the term you typed. Extra principal would reach 80% sooner. This schedule does not apply extra principal.

The original price stays the measuring stick. A higher market value does not move the date inside this calculator.

If the loan never gets there

If the schedule never reaches 80% of the original price, the month says this loan does not reach that balance. That can happen when the payment is too small relative to the rate to retire the loan on the usual path. Check the term and the rate you typed.

Asking the lender still depends on their rules and on payments being current. The date here is the math of the schedule, not an approval.

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