With that amount, you'd be short of the $ 40,000 (20 %) down payment required to eliminate mortgage insurance premiums. (valuepenguin.com)
There are options to eliminate mortgage insurance altogether by getting a second mortgage on the property. (arlnow.com)
When the borrower reaches 20 % equity, he / she may refinance out of the loan and eliminate the mortgage insurance payment to reduce their monthly payment. (centralcoastlending.com)