If you buy a home with less than 20% down, you will pay an additional monthly fee, pmi (private mortgage insurance), until you reach 80% equity. keep track of when you reach 80% equity so you can request to have your pmi removed. ken buckmiller's home recently appraised at $299,000. his mortgage was for $284,000 at 5% for 30 years with pmi of $319.17 per month. what is his monthly payment plus pmi? his mortgage balance is currently $177,000. has he reached 80% equity?