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 $301,000. His mortgage was for $286,000 at 5% for 30 years with PMI of $239.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $180,600. 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?

Amortization table (mortgage principal and interest per $1,000 )