Good morning, Anjana:
If you pay 20% down and borrow 80% conventional loan, or FHA 22% down on a 15 year fixed term you can avoid mortgage insurance (MI). Some people got a 80/15/5 loan, where there was an 80% first 15% second and 5% down to not have MI, but banks are not making many of these loans anymore (check with your lender for specifics). You can also negotiate with the seller to pay some of your costs and pre pay your mortgage insurance with it. USDA has lower MI rates.
But MI should not really be much of a concern because it is tax deductible just like interest (check with your CPA). It is usually best to focus on a monthly payment that is comfortable and fits your finances and family budget, get a reasonable interest rate and find a home you like. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.