Good morning Bill, and than you for writing.
Ordinarily, with private mortgage insurance, you either pay for it upfront (single premium), or do what most people do and make monthly payments. There is not typically a cut-off date for mortgage insurance.
However, there are three ways to dump PMI. if you paid your loan down with bi-weekly payments to 78 percent of $73,000 (that's about $56,940), your insurance should have terminated automatically, and any extra payments refunded to you.
If you paid your balance down to 80 percent of your original purchase price and requested in writing that you drop PMI, the lender may honor that request if you are in good standing.
Finally, if you pay your loan down to 50 percent of its amortization schedule, you get to drop PMI, even if you have not reached 78 percent of the original value of your home. The midpoint of your loan’s amortization schedule is halfway through the full term of your loan. For 30-year loans, the midpoint would be after 15 years have passed.
Please write back if you need to know how to request a refund. We cover that in another article and can help with this.
Good luck and thank you for your question.