I’m considering taking out a mortgage for a 500k 2BD-2BA condo in Arlington, VA. I have 130k in my savings account. Is it worth putting down 20% for the mortgage to avoid PMI or should I put down less? Monthly cost for the mortgage payment, taxes, insurance, HOA fees, etc is estimated to be about 3000 a month. I will have a roommate to cover half the monthly expenses.

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I’ve been hearing that many banks are doing 15% down with no PMI on houses like this. Talk to a mortgage broker, ask what’s out there.

20% down may get you a slightly better rate, but if you can get away with 15% down and no PMI, go for it!

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That being said, with a roommate it’s definitely a smarter move than renting.

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Are you sure about your costs. I have a 400k mortgage with everything coming on out to over 3k.

See if you qualify for the loan, but you’ll be strapped for cash after purchase. Need 20k e fund and barely any move in or repair expense cash left.

I put 5% down on a 515k townhouse inside the beltway and pay about 2800 a month all in. My pmi is only $105 so was worth it to me to leave more of my money in the market. Talk to a lender to get a more accurate idea of what the costs will look like

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What's your take home?

75% of take home feels high but sounds like you're reducing investment contributions

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