Dropping mortgage insurance premium on convo loan

[John Wong]

Hello BP,

I purchased a property last year with a conventional loan with 5% down here in Las Vegas. The purchase price was 174k making my loan amount 165k, however, it was actually appraised at 185k and over a year our market has been appreciating. 

Now, in order to drop MIP ive read that your loan to value needs to fall below 80%. Ive been making mortgage payments a little over a year now so my loan amount would be lower than 165k now and recent comps show model matches in my neighborhood trading now at 220k

Would I need to order a new appraisal to show my new LTV? approx 165k/220k = .75 LTV so that should put me in a pretty sweet spot to negotiate a MIP drop right??