re: Most Underwater Mortgages in the US - Baton Rouge 1st, Nola 2nd WTF?

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A mortgage is going to be underwater in the early part of the mortgage far more than at the middle or end.

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You are probably right, but I always assumed that even if someone has to pay PMI because they only put 3.5% down, the PMI payments would add a theoretical 20% or more to the home for "underwater" purposes...kind of like Gap insurance on a car.