If you buy a home with less than 20% down, you will pay an additional monthly fee,
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Question:
If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 80% equity. Keep track of when you reach 80% equity so you can request to have your PMI removed. Ken Buckmiller’s home recently appraised at $290,000. His mortgage was for $275,000 at 5% for 30 years with PMI of $229.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $222,990. Has he reached 80% equity?
Related Book For
Fundamentals of Financial Management
ISBN: 978-0324664553
Concise 6th Edition
Authors: Eugene F. Brigham, Joel F. Houston
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