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 $297,000. His mortgage was for $282.000 at 5% for 30 years with PMI of $299.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $183,000. 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