You have been offered a 30-year mortgage at 4.00% for $400,000. The original loan to...
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You have been offered a 30-year mortgage at 4.00% for $400,000. The original loan to value is 90% and thus the loan requires PMI. The PMI payment is $125 per month and will automatically terminate in the first month where the balance is below 78% LTV. Which is the first month of the loan where the beginning balance is less than 78% LTV?
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