Can I refinance to remove PMI?

Short answerYes. If your home has appreciated or you have paid down enough that you owe 80% or less of the current value, refinancing into a new conventional loan drops the mortgage insurance. A new appraisal establishes the value. Compare the refinance costs against your monthly PMI savings to confirm the break-even makes sense.

Reviewed by Juan Fernando Romero, NMLS 2557318Updated October 14, 2026

The details

Ask your current servicer first; they may drop PMI without a refinance if you meet their equity and payment-history requirements.

FHA loans with mortgage insurance generally require refinancing to remove it, since FHA MIP rules differ from conventional PMI.

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Refinance Break-Even Calculator

When does a refinance pay off?

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Related loan programs

Home loan

Rate-and-Term Refinance

A rate-and-term refinance replaces your mortgage with a new one to change the rate, the term or the loan type, without taking cash out.

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