What PMI is
PMI is a mortgage-related cost that may apply when a borrower puts less money down or has limited equity. It is often added to the monthly housing payment.
Why PMI matters
Buyers sometimes focus on principal and interest first, but PMI can raise the true monthly cost and affect what feels affordable.
How to estimate it
The easiest way is to include a monthly PMI value when comparing mortgage scenarios so you can see the full housing payment instead of just the base loan payment.