Private Mortgage Insurance is a policy that protects the lender if a borrower defaults. It’s required on conventional loans when the down payment is less than 20%, because a smaller down payment represents more risk to the lender. Despite the word “insurance,” PMI provides you, the borrower, with zero protection — it exists purely to make low-down-payment lending viable for lenders. https://unitcalculatortool.net/pmi-calculator/