mommy2boy OP t1_j5uxkz9 wrote on January 25, 2023 at 7:11 PM

Reply to comment by CoffeeMilkSteaks in WHY ARE HOUSES SO EXPENSIVE by mommy2boy

Thank you for the advice!

Vall1123 t1_j5wbhhe wrote on January 26, 2023 at 12:34 AM

My wife and I are first time owners and we had a much lower down payment. But pmi is annoying but it beats renting.

climb-high t1_j5zj30i wrote on January 26, 2023 at 5:33 PM

My pmi is like $40/month and the increase in monthly interest from a larger loan (smaller down payment) is only like $30/month. No brainer for me to put less down

Vall1123 t1_j5zjdaq wrote on January 26, 2023 at 5:34 PM

My pmi is much more than that, but it’s not problematic at least for now. But annoying.

Though, the pmi won’t last forever which is great.

climb-high t1_j5zqyhs wrote on January 26, 2023 at 6:21 PM

How much more? It’s dependent on the size of the loan and other credit factors right?

Vall1123 t1_j5zrdt1 wrote on January 26, 2023 at 6:24 PM

Correct. I’m not sure if credit is affected in the amount but just the size of the loan and the % for pmi. I know I get around $125-$150 for pmi per month. Hopefully soon I can get it to go away