<prompt> Human: 122,382 is my mortgage balance. A letter I received after requesting ridding my PMI states:At your loan closing, HUD determined the principal balance of your loan that would meet 78 loan-to-value LTV ratio required for the cancellation of the monthly MIP. According the HUDs record, that amount is 116,436.84. Since the curent principal balance on your loan is 122,382 a principal reduction in the amount of 5,945 is needed in order to meet the required LTV of 78. WHAT YOU NEED TO DO:Please mail a check made payable to banking institution...  <response>: To remove PMI, or private mortgage insurance, you must have at least 20 equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 of the homes original appraised value. When the balance drops to 78, the mortgage servicer is required to eliminate PMI. 