Mortgage insurance
Mortgage insurance protects the lender, not you. It lets you buy with less than 20% down.
Comparison
| Conventional PMI | FHA MIP | |
|---|---|---|
| When it applies | Less than 20% down | Every FHA loan |
| Upfront | None, usually | 1.75% of the loan |
| How it ends | Cancel at 80% of original value; ends automatically at 78% | Life of loan with less than 10% down; 11 years with 10% or more |
| Depends on credit? | Yes, strongly | Less |
Getting rid of it
On a conventional loan, extra principal payments or a rise in value can get you to 80% sooner; the servicer may require an appraisal. On FHA, the usual exit is a refinance into a conventional loan.
Reviewed by Mustafa Temiz, CPA, NMLS #2450795 · Updated November 2026
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