$550,000 Home with 10% Down: PMI & Extra Payment Analysis

A $550,000 home with 10% down ($55,000) means a $495,000 loan with PMI required. See how extra payments can save $139K in interest.

Payment Summary

• Home Price: $550,000
• Down Payment: $55,000 (10%)
• Loan Amount: $495,000
• PMI: Required until 20% equity
• Estimated P&I: ~$3,211/month at 6.75%

Extra Payment Impact

Adding $150/month in extra payments on this loan can save approximately $139,000 in total interest and cut 7 years off the mortgage term.