Better off putting 20% down or paying for PMI?

[Joe Vastola]

I am looking to buy a SFH and am wondering if it is smarter to just put down 20% or put less down and take on the expense of private mortgage insurance. I'm assuming the cost of PMI is based on the size of the loan and other financials such as credit score and income that demonstrate the buyers ability to pay back the loan? Is one option recommended more than the other?