How Saving $20K on PMI with a Bigger Mortgage Down Payment Probably Costs You Over $250K

My friend bought a house recently on the East Coast — his first one — and he was catching me up on how his first year of living there has gone. One of the things he mentioned was that he had made a larger than planned down payment on the house of 20% in order to not have to purchase PMI (<a href="https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/" rel="noopener ugc nofollow" target="_blank">private mortgage insurance</a>.) Everyone had advised him to do this if he could swing the extra down payment, and he felt as though he had made a savvy move in following their advice. After we got off the phone, I thought more about what he had told me. <a href="https://bright52.medium.com/how-saving-20k-on-pmi-with-a-bigger-mortgage-down-payment-probably-costs-you-over-250k-96a91c6f9ffb">Click Here</a>