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Also note: PMI is typically used when you have less than 80-90% equity, and more often when you are a first-time buyer. If you use a conventional loan (80% loan amount), PMI is not required. If you get a loan that requires PMI, when you reach 20% equity (or sometimes less), you can usually refinance and remove the requirement. If you will need PMI and do not have an actual number to use, 0.5% is usually a good estimate.