Newbie Question about payments and PMI
So, I'm looking into buying my first home and building up 20% equity asap to eliminate the PMI. My question ....say i buy a house for 100k i have put down %3.5 and owe 96,500. My monthly payments are $700. How long would it take to get 20% Equity in the home while only making the MInimum $700 payment? Would only part of the payment go towards the equity of the house? or Would all 700 go towards the 20% Equity?