What LTV means
Loan-to-value, or LTV, is loan balance divided by home value. For example, a $320,000 balance on a $400,000 home is 80% LTV. It is a measure of equity, not a home appraisal or approval decision.
Mortgage insurance can affect the payment. CFPB notes conventional loans commonly require PMI below 20% down, while FHA and USDA loans typically have mortgage insurance. Exact rules depend on the loan program and lender.