PMI
Private Mortgage Insurance
Insurance you pay when you put down less than 20%. It protects the lender (not you) and usually costs 0.3% to 1.5% of the loan annually. Goes away once you've paid down to 78% LTV.
Example
Add to your monthly PMI when you put less than 20% down.
Hey Prescott is not a lender and this is general education, not advice about your loan. Your lender or a HUD-approved housing counselor can tell you how a term applies to you.