Author Topic: Return on paying down mortgage for PMI  (Read 1274 times)

ajmers

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Return on paying down mortgage for PMI
« on: November 05, 2015, 07:37:48 PM »
I bought a house last year with 5% down. I'm now at about 93% LTV according to the appraised value of the house. Since then I've gotten a new job with a significant pay increase, and I have a rental income from a roommate that makes up a good chunk of my mortgage. So I'm trying to decide where to best use the additional income - retirement/savings accounts vs extra mortgage payments to try to get rid of the PMI.

I was about to set up an Excel spreadsheet (:D) to work out what sort of return I would get by making extra payments and I was wondering if a) this sort of calculator already exists and b) there is any other information I need to factor in that I'm forgetting.

Would love to hear your thoughts!

MDM

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ajmers

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Re: Return on paying down mortgage for PMI
« Reply #2 on: November 06, 2015, 11:21:00 AM »
Yes - thanks so much! Sorry for the repeat post!

MDM

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Re: Return on paying down mortgage for PMI
« Reply #3 on: November 06, 2015, 11:48:03 AM »
Yes - thanks so much! Sorry for the repeat post!
Glad it helped.  No apologies needed - it can be difficult to search the forum productively.

One search trick that sometimes works: take the subject title you have in mind and put that into Google (or other) followed by site:forum.mrmoneymustache.com. 

For example, try searching for
        Return on paying down mortgage for PMI site:forum.mrmoneymustache.com