If you take out a conventional loan and put down less than 20%, you’ll pay private mortgage insurance. This cost is added to your monthly mortgage payment and can be removed after you reach an 80% LTV ratio.
FHA loans require upfront and annual FHA mortgage insurance regardless of your down payment amount. You can get rid of it after 11 years if you put down at least 10% at your mortgage closing, or by refinancing into a conventional loan after you reach an 80% LTV ratio.