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If you buy a home with less than 20% down, you will pay an additional...

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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 $296,000. His mortgage was for $281,000 at 5% for 30 years with PMI of $289.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $170,500. Has he reached 80% equity? (Use Table 15.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment Has he reached 80% equity

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