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 Buckmillers home recently appraised at $304,000. His mortgage was for $289,000 at 5% for 30 years with PMI of $269.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $180,000. Has he reached 20% equity?