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If you are putting down a down payment of less than 20% of the selling price of your hew home, your mortgage lender will almost certainly require private mortgage insurance (PMI). This monthly cost will be added to your mortgage payment, and it protects the lender if you default on your mortgage. If you are paying mortgage insurance, once you have at least 20% equity in your home, you are eligible to stop paying mortgage insurance. Typically, you must request that your mortgage insurance be discontinued, and your lender may require a new appraisal to verify that you now owe 80% or less of the home's value. For more information on mortgage insurance and LTVs, visit Bankrate.com. The site offers a wealth of information on mortgages, including a variety of mortgage calculators.