Monthly PMI refers to monthly privatge mortgage insurance payments. If putting less than 20% down, PMI has to be dealt with in some way-either by 1) splitting the mortgages into 2, commonly referred to as a 80/10, 80/15, etc. or 2) clients have the option of having 1 loan to 85%, 90%, 95%, etc. and paying PMI either as a separate monthly cost or having lender paid mortgage insurance which builds the PMI into the base interest rate. The PMI insurers the lender who is taking on the % of the loan which exceeds 80% of the home value. Please let me know if you need anything else.