Yes, you can cancel mortgage insurance and save the amount equal to your monthly premium without refinancing. Typically, after you have paid down your mortgage (or your property has appreciated) to the point that you have 20% equity in your home, home prices are not falling in your area and you haven't missed a payment in the past 12 months, you can get your mortgage insurance requirement removed from the lender. Here is what you should do to assure that you don't pay for mortgage insurance after it is necessary:

Contact the company that you send your monthly payment ("servicer"). Request a letter from them explaining your lender's policies and procedures regarding the cancellation of mortgage insurance. This letter should explain when they no longer will require this insurance and what specific steps you must take to cancel the insurance.

Once you have met the lenders requirements to eliminate you mortgage insurance, send a letter to them explaining your desire to have it canceled. Most lenders will require a new appraisal to be done so that you can establish the current value of your property. If your loan amount is 80% or less of this appraised value, you have met a major criteria for elimination of this requirement. Appraisals are approximately $250 to $350 depending on your area. This will be money well spent if you can eliminate your monthly mortgage insurance premium. This should provide a payback of your appraisal costs in less than 8 months.