Private Mortgage Insurance (PMI) typically goes away automatically when your mortgage balance drops to 78 percent of the home's original purchase price, or when you reach the midpoint of your loan term (e.g., 15 years on a 30-year loan), whichever happens first. You can also request PMI cancellation sooner, when your mortgage balance reaches 80 percent of the home's original value, as long as you are current on payments and meet other requirements such as no additional liens on the home and possibly a home appraisal confirming no decline in value.

Key Points on When PMI Goes Away:

• Automatic cancellation : Required by law when your loan-to-value (LTV) ratio hits 78% of the home's original purchase price or at the loan term's halfway point.
• Early cancellation request : You can request cancellation when your LTV reaches 80% if current on payments and meeting lender requirements.
• PMI applies to conventional loans ; FHA loans have different mortgage insurance rules.
• The "original value" refers to the home's purchase price or the appraised value at purchase or refinancing.
• PMI removal may also require a good payment history and no subordinate liens on the property.

This means PMI typically goes away between when your loan balance falls to 80% (you can request removal) and automatically at 78% or loan midpoint, reducing your monthly mortgage payment expenses once removed.