Conventional PMI may have cancellation paths on the existing loan. FHA mortgage insurance often follows different rules and may require refinancing to remove.
The monthly charge can feel similar on a mortgage statement, but the cancellation rules are different. A conventional loan with PMI is the cleanest fit for a borrower-requested cancellation review.
FHA loans use mortgage insurance premiums. Depending on loan age, down payment, and FHA rules, MIP may last for 11 years or the life of the loan.
If the loan is FHA, VA, or USDA, a conventional PMI cancellation letter may be the wrong tool. The first step is identifying the actual insurance type before sending a request.
CancelPMI asks for loan type in the calculator because a low LTV is only useful if the loan program has a cancellation path that matches it.
If your loan appears conventional, the next question is whether your LTV and payment history support a PMI removal request. If it appears FHA, the next question is whether MIP rules or a refinance review make more sense.
The calculator can help identify that the loan is not conventional PMI. The cancellation path may be different, and some FHA situations require refinancing rather than a simple PMI cancellation request.
Statements often use broad labels. The loan program matters: conventional loans commonly use PMI, while FHA loans use MIP.
No. VA loans do not use monthly private mortgage insurance, though they may include a VA funding fee.
PMI Removal Calculator
Use the free PMI removal calculator to check your loan-to-value ratio, estimate monthly savings, and see whether a conventional PMI cancellation request may be worth reviewing.
Read80% LTV PMI Removal Guide
Learn how the 80% loan-to-value threshold works, how it differs from automatic 78% PMI termination, and what to prepare before asking your servicer to remove PMI.
ReadSee your loan-to-value and whether a removal request makes sense.