Refinancing to remove private mortgage insurance (PMI) is one of the most common reasons homeowners consider a mortgage refinance. Private mortgage insurance can add hundreds of dollars to your monthly payment, and eliminating it can create instant savings. But is a refinancing to remove PMI always worth it? This guide breaks down everything you need to know, including how PMI works, how to remove PMI without refinancing, when refinancing makes sense, when it doesn’t, and how to calculate your break‑even point.