Mortgage Calculator Question

[Deleted]

Run an amortization schedule in excel.

[Deleted]

www.bankrate.com/calculators/mortgages/amortization-calculator.aspx

This will show you an amortization schedule.

[kadams767]

Depending on the purchase price, I think you would be paying PMI for right around the full 7 years before you hit 20% equity. Possibly longer.

[LoveTrains]

With my recent mortgage, I put down 5% and am paying PMI. The PMI will drop off automatically when the equity reaches 78%, not 80%. However, I am welcome to get an appraisal at any point and if I have an appraisal that says I have 80% equity, the bank will accept that and stop the PMI.

so you need to look at an amortization calculator.