PMI stops automatically once the scheduled balance reaches 78% of the home value. Needs a home value to apply. The home value also adds an LTV (loan-to-value) column to the schedule.
A recast re-figures your payment on the lower balance over the time left on the loan. The end date stays the same; the monthly payment goes down. Lenders usually only recast after a lump sum, and often charge a fee.
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