The 30-year fixed rate mortgage is one of the most popular loan programs on the market today. Its constant interest rate and static monthly mortgage payments make it a great choice for a wide variety of loan-seeking customers. The down payment on 30-year fixed mortgages can go as low as 3% for first-time home buyers and 5% for those who have owned homes in the past. If the down payment is less than 20%, Private Mortgage Insurance (PMI) is required until the loan reaches 80% loan-to-value (LTV). Conventional loans have flexible allowable structure PMI, allowing borrowers to choose whether to pay monthly premiums or a single lump sum payment. With a properly structured PMI, borrowers have the potential to save hundreds of dollars over the life of their loans.