re: PMI

Typically it is 80% and it is based on the original selling price of the house. For example, if you buy a 100,000 house, you would need to put down 20,000 in order to avoid paying PMI. If you put down 10,000 that would be 10% equity, not 10,000/90,000 amount of the loan, or 11.1%.

Whether or not you pay PMI is based on the original SALES price of the home.

Now, the AMOUNT of PMI you pay per month is based on the amount of the loan.