Question

1. Homebuyers who don't make a down payment of at least 20% may be required to take out PMI (Private Mortgage Insurance). On a $200,000 loan, the premiums can cost more than $100 per month. What would be the minimum down payment on a $200,000 loan?

Answer 1

$40,000

Answer 2

Thank you very much. That is what I had, but I was just double checking my work cause I'm not very good at math.