Mortgage insurance (MI), sometimes called private mortgage insurance (PMI), is a form of insurance you are required to pay if you put less than 20% down. While it is an additional cost built into your monthly payment, mortgage insurance allows you to have access to financing with a smaller down payment. Mortgage insurance typically ends when you have paid 80% of your mortgage, also called your LTV or loan to value. There may also be opportunities to refinance your loan to end your mortgage insurance. Your loan officer will help direct you and can provide loan options with and without mortgage insurance.