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If you are unable to pull together that large of a down payment, you may be required to purchase Private Mortgage Insurance (PMI). If you find yourself unable to pay your mortgage, PMI protects the lender from losing money. In general, PMI will cost around half of a percent of the price of the property you are purchasing. If obligated to purchase PMI, the final costs of your home mortgage will be higher than they would otherwise. Fortunately, when you have gained equity in your home (you'll need 20 to 22 percent) you can request that the PMI be cancelled.