Mortgage insurance can increase your monthly payment, but it isn’t necessarily a waste of money. Despite the cost, low down payment loans with mortgage insurance may still be worthwhile for people without sizable savings who want to lay down roots and start building equity. For example, many first-time homebuyers don’t have enough savings for a 20% down payment, and they may find it makes more sense to buy sooner and start building equity, even if they have to pay PMI. That said, when it comes down to the actual dollars and cents of it all, putting down a larger down payment has some financial upsides. With more money down, you’ll start with more ownership stake in your home and your payment will likely be lower. Weighing the pros and cons of all options could help you make the best decision for your financial situation.