PMI Cancellation / Termination
The month and balance at 80% LTV (borrower may request cancellation) and 78% LTV (automatic termination), the amortization-midpoint backstop, and PMI months saved.
Formula and source
Amortized balance B(m) = P*((1+r)^n - (1+r)^m)/((1+r)^n - 1), r = APR/12; the first month where B(m) <= 0.80*value and <= 0.78*value; midpoint backstop = ceil(n/2).
Per the Homeowners Protection Act of 1998 (12 USC 4901-4910) - automatic termination at 78% and borrower-requested cancellation at 80% of original value, with the amortization-midpoint requirement, by name.
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