If you put down less than 20% on a mortgage, your lender may require you to take out private mortgage insurance (PMI), which will be added to your monthly mortgage payment.
The good news? Most mortgages in the U.S. don't call for a full 20% down. According to recent data from the National Association of Realtors (NAR), the range for first-time buyers is between 6 to 7%, depending on the housing market in your area. If you put down less than 20% on a mortgage, your lender may require you to take out private mortgage insurance (PMI), which will be added to your monthly mortgage payment.