FHA vs conventional: how MIP and PMI change the monthly payment
How FHA mortgage insurance (MIP) and conventional PMI are calculated, a side-by-side payment example on a $350,000 home, and when each wins.
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Q.01Is FHA MIP more expensive than PMI?
It depends on credit. For borrowers with strong credit, conventional PMI is often cheaper and can be removed sooner. For lower credit scores, PMI pricing rises steeply while FHA MIP stays the same, so FHA can be cheaper.
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