if you buy a home with less than 20% down, you will pay an additional monthly fee, PMI, until you reach 20% equity. Keep track of when you reach 20% equity so you can request to have you PMI removed. Ken Buckmiller's home recently appraised at $292,000. His mortgage was for $277,000 at 5% for 30 years with PMI of $249.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $170,500. Has he reached 20% equity