Can someone verify my research and numbers for a downpayment?

[Danny Maller]

Hi, I'm looking for some confidence here with my numbers and would truly appreciate if someone could verify that my numbers and research make sense. I'm wanting to buy a duplex and I'm considering how much money I should be saving to put down.

Say the property I want to purchase is $250,000
I want to make a downpayment of 3.5%
Upfront PMI fee is 2.25% of property price
Ignoring PMI monthly premium of 0.55% for now

So written out it'd look like this:
Total I need to save = ( (250,000 * 0.035) + (250,000 * 0.0225) )

Total = $14,375

I figure an additional $5,000 for closing costs and initial inspections for a grand total of upfront money need to be $19,375. Any input very much appreciated, thanks!

Danny

[Joseph Gozlan]

@Danny Maller I'm assuming you're moving into one of the units and renting the other one.

I'd also try to save up a little more for reserves because surprised do happen and when you have a tenant and the fridge went out or the hearing/cooling you can't tell them to wait. You need to be able to resolved these "surprises". 

Also, you'd need to pay home owners insurance and possibly the prorated taxes balance depending on when you buy. 

So I'd add a $2000-$4000 to that.