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 Buckmiller's home recently appraised at $308,000. His mortgage was for $293,000 at 5% for 30 years with PMI of $309.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $189,700. Has he reached 20% equity? (Use Table 15.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment Has he reached 20% equity? Yes