Your loan-to-value, and the month PMI can finally go.

On a conventional loan you can request cancellation once the balance reaches 80% of the original purchase price, and the servicer must terminate it automatically at 78%. You can also request it early on the basis of appreciation, which typically needs an appraisal you pay for and often a minimum seasoning period. In a market that has moved, that appraisal can pay for itself in a few months.

No, and the difference is expensive. On most FHA loans taken out since 2013 the mortgage insurance premium lasts the life of the loan regardless of how much equity you build — it does not fall off at 80%. The usual route out is refinancing into a conventional loan once you have 20% equity, which is a calculation worth running rather than assuming.

It can, on a conventional loan, but the automatic thresholds are based on the original value — appreciation only helps if you ask for it and the servicer agrees to a new valuation. Rules vary by servicer and by how long you have held the loan. It is worth a phone call before it is worth an appraisal fee.