Home Equity and PMI Removal in Millcreek, UT 84109

Millcreek property data

Source: Salt Lake County public GIS assessor records for Millcreek, computed 2026-10-19.

At $716,466, the average Millcreek home is 11% above the Salt Lake County average of $645,741, ranking 4 of 13 cities EquityUp tracks in the county.

Put 10% down on a home at that price and you start with a $644,819 loan at 90% LTV, which carries roughly $457/month in PMI at a mid-range 0.85% annual rate, about $5,484 a year. Reaching the 80% threshold where you can demand cancellation takes $71,646 of combined paydown and appreciation on a Millcreek home of average value.

How PMI removal works in Millcreek

Under the federal Homeowners Protection Act, a Millcreek homeowner can request cancellation of private mortgage insurance once their loan-to-value ratio reaches the applicable threshold. Which threshold applies depends on the basis:

• Original value. Cancellation can be requested at 80% LTV (12 U.S.C. §4902(a)); the servicer must terminate PMI automatically at 78% (12 U.S.C. §4902(b)).
• Current value — the appreciation path. 75% LTV if the loan is under 5 years old (12 U.S.C. §4902(a)(3)(A)); 80% at 5 years or older (12 U.S.C. §4902(a)(3)(B)).

The appreciation path is measured against what the property is worth now, so it can carry a Millcreek homeowner across the threshold ahead of the amortization schedule.

EquityUp reads the specific parcel's assessed value from Salt Lake County records, calculates the current loan-to-value ratio, and on the paid tiers prepares the written request the homeowner submits to their own servicer, which must respond within 30 days.

Millcreek home price appreciation in 2026

Home price appreciation in Millcreek and across Salt Lake County has created substantial equity for homeowners who purchased with less than 20% down. Under the Homeowners Protection Act appreciation path, qualifying homeowners can cancel PMI based on current market valuation rather than waiting years for scheduled loan amortization.

New to PMI? Learn what it costs and how to remove it →

Learn more about the EquityUp PMI removal process →

Frequently asked questions

Sources and limitations

Last reviewed: 2026-08-15.

EquityUp is a data and document-preparation service. It is not a lender, loan servicer, mortgage broker, or licensed appraiser, it does not provide legal or financial advice, and it does not contact lenders on a homeowner's behalf — the homeowner submits their own request.

Statutory basis

• Borrower-requested cancellation at 80% LTV of the property's original value — 12 U.S.C. §4902(a)
• Automatic termination at 78% LTV of the property's original value — 12 U.S.C. §4902(b)
• Cancellation on current value, loan under 5 years old, at 75% LTV — 12 U.S.C. §4902(a)(3)(A)
• Cancellation on current value, loan 5 years or older, at 80% LTV — 12 U.S.C. §4902(a)(3)(B)

What this page does not cover

• Coverage is limited to Utah, Salt Lake, Davis, and Weber counties in Utah. Properties outside these four counties are not in the dataset.
• County assessed values reflect the assessment cycle and typically lag the market by 12 to 18 months. Where an automated valuation or an FHFA county index adjustment is available, EquityUp applies it and says so in the response; where neither is, the unadjusted assessed value is used.
• City-level aggregates are filtered to detached single-family homes using the parcel-record proxy 'HOUSE_CNT = 1 AND BLDG_SQFT BETWEEN 800 AND 5000'. Condominiums, multi-family parcels, and homes outside that square-footage range are excluded.
• An LTV figure derived from an assessed or automated value is not an appraisal. A lender or servicer may require its own broker price opinion or appraisal, at the homeowner's expense, before acting on a cancellation request.
• Threshold and citation data describe the federal Homeowners Protection Act. Individual loan servicers may impose additional requirements, such as a minimum seasoning period or a clean payment history, that the statute does not.
• The Millcreek figures above are averages across 18,112 valued single-family parcels, computed from Salt Lake County records on 2026-10-19. They describe the city, not any individual property, and are not a valuation of your home.

The same thresholds and citations are available as JSON at /api/v1/hpa-rules. Documentation: /for-ai-agents.

Nearby cities

• Home equity in Salt Lake City, UT 84106 (2 mi from Millcreek)
• Home equity in Murray, UT 84107 (4 mi from Millcreek)
• Home equity in Cottonwood Heights, UT 84121 (5 mi from Millcreek)
• Home equity in Midvale, UT 84047 (6 mi from Millcreek)