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 Buckmillers home recently appraised at $306,000. His mortgage was for $291,000 at 5% for 30 years with PMI of $289.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $173,800. Has he reached 20% equity? (Use Table 15.1.)