Originally Posted by Laurelin
How much money do you need to save on addition to the downpayement? I've always heard 20% downpayement to get out of PMI?
20% will negate PMI. We put down 20% and spent another $20k the first year we had the house. We put up a new fence, found a leaky wall in the bathroom and opted to remodel the whole bathroom (since the whole shower had to be torn apart) at that point, and had to have our deck resurfaced or risk having to replace the whole deck. Obviously those weren't emergencies, but I'm glad we had the cash to do it.