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Updated almost 5 years ago,
Time to remove PMI?
When does it make financial sense to pay down the mortgage on a rental property enough to get PMI removed? I have a conventional 30 year mortgage with PMI on a SFH that I'm currently renting out. I checked recently and I would be able to get my loan balance down to the 78% LTV threshold required to remove PMI if I made a $13K lump sum payment. With PMI removed, my monthly gross would increase by approx $350. What additional factors should I be considering when deciding whether or not PMI removal is the right choice?