<prompt> Human: I recently purchased a home in Houston and put 5 down with a PMI on a 30 yr fixed. We bought less house than we could afford at 3.5. The house needs new plumbing, electrical and some cosmetic work. About 30 grand in all. Once the work is done the PMI goes away given that our equity in the home will rise above the PMI threshold.Should I take out a loan and pay it back slowly to maximize savings? I could even get a personal loan for 4-5. Not really sure what my options are either. I doubt I will be in the home longer than 6 years.Assistant: We bought less house than we could afford at 3.5. put 5 down with a PMINo you didnt. Equity is about as useful as a unicorn, unless you sell it. But even then, the odds are you wont break even. Not only are you paying 3.5, but youre paying on top of it, to prove you wont lose the house. And the fact that it needs fundamental repairs heightens that dilemma. I doubt I will be in the home longer than 6 years.Then only do the basics. Or tackle things 1 year at a time, pending priority. You need to build your emergency savings first, and get out of that PMI before you take on another monthly payment. Youve told us all of the reasons why you cant afford this. Human: Put another way. I could have bought the house with cash it was so cheap relative to my income.  <response>: If you couldve purchased it with cash, why not at least put down 20 to skip PMI? 