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Private mortgage insurance is generally required on conventional loans when your down payment is below 20% (loan-to-value above 80%), because it protects the lender, not you, if you default. It typically can be canceled once you reach 78-80% loan-to-value through payments or appreciation, depending on federal and lender rules.

PMI is generally quoted as an annual percentage of the loan amount, commonly ranging from about 0.3% to 1.5% depending on your credit score, loan-to-value ratio, and loan type, then divided into monthly installments. Lower credit scores and higher loan-to-value ratios push the rate toward the higher end of that range.

No — PMI protects the lender against loss if you default, not you. It doesn't pause or reduce your obligation to pay the mortgage, and it provides no benefit to you directly beyond enabling you to get the loan with a smaller down payment.

Common options include putting down 20% upfront, using a piggyback loan structure to split the mortgage into two loans that keep the primary loan at or below 80% LTV, or choosing a lender-paid mortgage insurance option that folds the cost into a slightly higher interest rate instead of a separate PMI line item.

No, they're completely different products. Homeowners insurance protects you against property damage and liability, while PMI protects the lender against default risk. Both may appear in your monthly payment, but they serve entirely different purposes and neither substitutes for the other.