PMI Removal in Payson, UT 84651

Payson property data

$471,645

Average Payson home value

$296

Per square foot in Payson

1,595

Average building sqft

4,144

Valued parcels in Payson

Source: Utah County public GIS assessor records for Payson, computed 2026-09-04.

At $471,645, the average Payson home is 22% below the Utah County average of $600,893, ranking 12 of 12 cities EquityUp tracks in the county.

Put 10% down on a home at that price and you start with a $424,480 loan at 90% LTV, which carries roughly $301/month in PMI at a mid-range 0.85% annual rate, about $3,612 a year. Reaching the 80% threshold where you can demand cancellation takes $47,164 of combined paydown and appreciation on a Payson home of average value.

How PMI removal works in Payson

Under the federal Homeowners Protection Act, a Payson 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 Payson homeowner across the threshold ahead of the amortization schedule.

EquityUp reads the specific parcel's assessed value from Utah 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.

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

Learn more about the EquityUp PMI removal process →

Frequently asked questions

What is the average home value in Payson, UT 84651?

Based on current Utah County assessor records, the average residential property value in Payson is approximately $471,645, with an average building size of 1,595 sqft across 4,144 valued parcels. EquityUp uses this public data to calculate a homeowner's current loan-to-value ratio at no cost.

How much is PMI on a typical Payson home?

On an average Payson home at $471,645, a buyer who put 10% down carries a $424,480 loan. At a mid-range 0.85% annual PMI rate that is about $301 a month, or $3,612 a year. Reaching the 80% loan-to-value mark takes $47,164 of combined paydown and appreciation. An individual rate depends on credit score, down payment and loan size.

How do I remove PMI on my Payson home?

Under the federal Homeowners Protection Act, a Payson, Utah homeowner can request PMI cancellation once their loan-to-value ratio reaches the applicable threshold: 75% on the appreciation path for a loan under 5 years old, 80% at 5 years or older. EquityUp calculates that ratio from Utah County assessor records and, on the paid tiers, prepares the written request the homeowner submits to their own servicer, which must respond within 30 days.

Does EquityUp serve homeowners in 84651?

Yes. EquityUp serves all of Utah County, including Payson (84651). The free LTV audit uses publicly available county assessor records, with no appraisal required to get started.

How much does a PMI appraisal cost in Payson, Utah?

A lender-ordered appraisal to support a PMI removal request in Payson, Utah typically costs between $300 and $650, depending on whether the servicer requires a full URAR appraisal or accepts a broker price opinion (BPO). Before paying for either, EquityUp calculates a Payson homeowner's current loan-to-value ratio at no cost from public Utah County assessor records. Under the Homeowners Protection Act, the appreciation-path threshold is 75% LTV for a loan under 5 years old and 80% at 5 years or older.

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 Payson figures above are averages across 4,144 valued single-family parcels, computed from Utah County records on 2026-09-04. 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 Spanish Fork, UT 84660 (6 mi from Payson)
Home equity in Springville, UT 84663 (11 mi from Payson)
Home equity in Provo, UT 84097 (16 mi from Payson)
Home equity in Orem, UT 84057 (18 mi from Payson)

Home Equity and PMI Removal in Payson, UT 84651