If you buy a home with less than 20 down you will pay an

Last updated: 4/11/2024

If you buy a home with less than 20 down you will pay an additional monthly fee PMI private mortgage insurance until you reach 20 equity Keep track of when you reach 20 equity so you can request to have your PMI removed Ken Buckmiller s home recently appraised at 297 000 His mortgage was for 282 000 at 5 for 30 years with PMI of 299 17 per month What is his monthly payment plus PMI His mortgage balance is currently 183 000 Has he reached 20 equity Use Table 15 1 Note Round your intermediate calculations and final answer to the nearest cent Monthly payment Has he reached 20 equity Yes