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Does PMI make sense for us?

My wife and I found a new build in the suburbs that we love, but don’t have 20% to put down. The home is $590K and our total annual household income is ~$285K. We feel comfortable affording the home from a monthly cost standpoint, but only have ~$50K in savings, primarily due to paying too much for our recent wedding. Other info that may or may not be relevant:

  1. Credit score is 800+
  2. We own an apartment in Chicago worth ~$280K that I bought 4 years ago and we’d like to keep to rent out due to the 3% interest rate.
  3. Outside of the current mortgage, we have a $300/month car payment for 16 more months and a few thousand left in student in loans. Otherwise, no debt.
  4. House would be ready in 8-10 months and I think we realistically could save ~$40-50K in that timespan due to my wife receiving a 20K bonus in March (already factored into total household income).
  5. We are in our early 30s.

From reading other posts here, it seems like PMI isn’t the end all be all that my parents think it is. Does PMI make sense for us, or should we wait a year or so until we build up our savings?

submitted by /u/JTB1418
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source https://www.reddit.com/r/RealEstate/comments/1as5a7w/does_pmi_make_sense_for_us/
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