FHA loans require two MIP payments: an upfront UFMIP of 1.75% of the loan amount (paid at closing or rolled into the loan), plus an annual MIP of about 0.55% paid monthly.

Unlike PMI on conventional loans, MIP usually stays for the life of the loan. The exception: if you put 10%+ down, MIP drops off after 11 years.

Many borrowers refinance from FHA to conventional once they have 20%+ equity to escape MIP.