Neel DhingraLeader - Forward Academy.

HORRIBLE MONEY ADVICE #shorts

10 Apr 2021

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Neel Dhingra says waiting for a 20% down payment to avoid PMI is a mistake. On a $400,000 house, PMI costs $150/month, or $5,400 over three years. But waiting three years means the house appreciates to $463,000, a $63,000 loss you can't recover.

Questions this video answers

$400,000

$150 per month

Three years

$5,400

$463,000

Do you want to hear some horrible advice? Dave Ramsey says don't buy a house until you can put 20% down so you can avoid PMI. But let's look at the numbers. On a $400,000 house, your PMI may be only $150 a month. Let's say you pay PMI for three years. You pay a total of $5,400 in PMI. Let's say you wait three years to save up this 20% down over three years. That house is worth $463,000. So you're literally paying $63,000 to save $5,400. Horrible advice.

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