+1 vote
At closing on a $400,000, we paid 5% ($20,000). We owe now about $379,500 with $60.00 PMI (we paid $3,800 at closing toward PMI hence the lower pmi monthly charge). Is it wise to pay about $60,000 (then the amount owed will be $320,000) in order to remove pmi (resulting in more reduction in monthly payments because of lowered pple amount). Interest rate is 3.99%.
asked Mar 5, 2018 in Buying a Home by anonymous

1 Answer

0 votes
You can weigh the various options. Homes are appreciating. You may want to check on comparable sales within a mile radius of your property and get rid of PMI once your property appreciates.
answered Mar 6, 2018 by GustanCho (106,540 points)
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