Pay Down Mortgage to Remove PMI and Pay Down Loan?

1 Reply


I purchased a 1bed 1 bath condo in NYC for 260k with a 15k sellers concession for the down payment. 275k in total. 

I put 10% down 27k

I did a full renovation for about 28k. 

I closed this past February and live in the property.

HOA is $267 and includes the usual, water, outside maintenance, pool, tennis court, basketball court, snow removal , and storage.

My current total payment is $1925, including taxes, HOA, and $199 for PMI.

My question is, should I pay down my mortgage to reach the 80% LTV so I can remove my PMI and pay down my mortgage? The cost to pay down the mortgage to reach 80% is $17000. Or should I invest the money in another property?

It depends on your investment goals and plans. If what you are asking is "what is my investment plan" you should do some research and find that out for your self. Education is power.

Do you have a financial advisor, if not you should probably start by finding someone you trust rather than using strangers on the net.

Once you get educated and established with a good advisor and have a solid plan for your future investments then you can hash it over with us.

Remember opinions on the net are like a-holes, if you have one of your own you don't need anyone else's.