<prompt> Human: First-time homebuyer and received the below email from my lender. Can someone translate it for me?Background: I have an excellent credit score. I have the means to make a 20 down payment and had planned to, in order to avoid private mortgage insurance. He seems to be arguing for me to put much less down and pay the PMI, but I still dont see how paying a PMI would save me money. Im suspecting he benefits something extra from selling me PMI, past the protection it gives the lender from foreclosures.Note: he should have used 3.5 to calculate, not 3.---Email:---Hello,I wanted to show you the difference between a 20 down payment vs a 3Purchase price 210,00020 down 42,0003 down 6,300Loan amount 168,000Principle, Interest, Taxes and Insurance payment approx. 1082Loan amount 203,700Principle, Interest, Taxes and Insurance payment approx. 14601082-1460378Each month you will pay 378 more because you put down 3. With the 35,700 that you saved from the down payment you can make your higher mortgage payment for 7 years and 8 months. You will not have Private Mortgage Insurance for 7 years so the savings is even greater. You pay PMI on average 5 years.Putting 20 down is almost never worth the money in your case it is absolutely not worth the moneyAssistant: Thanks everyone. Youve confirmed my suspicions that this lender is trying to pull a fast one. Im switching lenders, on principle. :P  <response>: Send them a link to this thread. The internet says you cant spell, youre innumerate, and you are trying to swindle 34k in PMI for yourselves while leaving me with less equity in my home. 