[c22]

Yeah, I don't get it. Even if the appraisal cost $500 that represents 4-5 months of extra pmi payments. It's not clear from the article, but it sounds like the author might not have had the 32k sitting around liquid, so they probably ended up paying for these months anyway. If they took the 32k out of the market that's even worse. I can't imagine choosing option one over option two unless you're unsure if your house has gained enough value or appraisals cost many thousands of dollars. But then I can't imagine getting a house loan with pmi in the first place. This is why everyone says to put 20% down.