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Reply to "mortgage with no pmi and 5% down?"
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[quote=Anonymous]We purchased last August for 550k in DC. We did 5% down and the rest at 3.5%, PMI is ~439. The bank offered us paid PMI but interest rate would have been 4.1% It would have made sense to take it if we plan on selling soon-ish since break even point is 10 years but since the plan is to keep this townhouse as a rental. We hope to drop PMI by 2-3 years if market doesn't crash so would be further ahead financially than taking 4.1% no PMI.[/quote]
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