That is right! You can get a loan with 5% down and have no mortgage insurance payment which sometimes can be $300-$500 a month in addition to your mortgage payment. By adding to the interest rate to cover the mortgage insurance (called LPMI/Lender paid mortgage insurance). When doing the math for past clients most of the time your monthly payment is less than with a lower interest rate and paying mortgage insurance. Contact me if you have any questions or need further explanation.