What is PMI (private mortgage insurance)?
PMI is insurance that protects the lender, usually required on conventional loans when you put less than 20% down. It is added to your monthly payment. FHA loans have their own mortgage insurance. Your total monthly cost matters, which is why ListingCraft for Buyers shows an estimated payment for each home.
On a conventional loan you can usually ask to remove PMI once you reach 20% equity based on the original value, and it generally ends automatically at 22%.