How to Remove PMI and Save $200 a Month (WITHOUT Refinancing)

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Издатель Jul 27, 2026

Go pull up your mortgage statement. Buried under the principal and the interest, there may be a line costing you about $200 every single month — labeled PMI — and your mortgage company is never going to call and tell you that you can legally delete it. Not lower it. Delete it. Without refinancing and without touching your rate.

I'm David Lurvey, a licensed mortgage broker (NMLS 410420), and here's the plan on a clean $400,000 example:
- PMI is private mortgage insurance. If you bought with less than 20% down, you're likely paying it — and it protects the LENDER, not you. On a $360,000 loan at ~0.7%/year that's about $210/month (~$2,520/year) for coverage that pays you nothing.
- The villain is the SCHEDULE. Federal law (the Homeowners Protection Act) says you can REQUEST cancellation at 80% of your home's ORIGINAL value (a $320,000 balance) and it auto-cancels at 78% ($312,000) — but on the normal schedule that request line is ~8 years away, ~$20,000 of PMI protecting someone else's money.
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