If you purchased the home less than 12 months ago, you must use the original purchase price of the home as the basis of your new loan amount. (themortgagereports.com)
While mortgage insurance does increase your mortgage payment each month, it does so only until your mortgage balance reaches 78 % of the original purchase price of your home. (thetruthaboutmortgage.com)
For most mortgages, the average down payment represents 20 percent of the total purchase price of the home. (selflender.com)