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how much downpayment to avoid mortgage insurance This is a useful way of avoiding mortgage insurance payments, but it only works if you stay in your home or your loan for three years, he says. For example, if the loan amount is $250,000 and you only put 5 percent down – $12,500 – PMI would cost 2.5 percent, or $6,200. "That’s a sticker shock to some people.

Start your home-buying search by figuring out what you’d like your monthly mortgage payments to be. See how the loan term and down payment affect the results. If the loan amount is more than 80% of the home’s purchase price, the calculator will also estimate a monthly amount for private mortgage insurance (PMI).

what is the best day to close on a house The 5 most expensive home repair costs and what you can do to avoid them – The cost of owning a house includes more than just your monthly mortgage payment. According to Dan DiClerico, a HomeAdvisor expert, the average homeowner spends close to $7,000 on home improvement.