Chapter 15 Assessment 6 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 Buckmiter's home recently appraised at $307,000. His mortgage was for $292,000 at 5% for 30 years with PMI of $29917 per month. What is this monthly payment plus PMI? His mortgage balance is currently $184,200. Has he reached 20% equity (Use Table 15.1) (Do not round intermediate calculations. Round your answer to the nearest cent.) O2:20 Monthly payment Has he reached 20% equity