Rules
Under the Homeowners Protection Act, you can ask to cancel PMI when the balance reaches 80% of the original value, and it must end automatically at 78% (based on the original schedule). FHA loans use MIP instead, which often lasts for the life of the loan.
FAQ
How much is PMI on a $360,000 loan?
At 0.6% a year, $180 a month.
Sources (checked Nov 6, 2026): Homeowners Protection Act of 1998; CFPB.