FHA MIP vs Conventional PMI | What Can Be Removed?

Core difference

PMI is private insurance; MIP is FHA mortgage insurance

The monthly charge can feel similar on a mortgage statement, but the cancellation rules are different. A conventional loan with PMI is the cleanest fit for a borrower-requested cancellation review.

FHA loans use mortgage insurance premiums. Depending on loan age, down payment, and FHA rules, MIP may last for 11 years or the life of the loan.

Loan type	Insurance	Common removal path
Conventional	PMI	Borrower request, automatic termination, or final termination
FHA	MIP	Depends on FHA rules; refinancing is often the practical path
VA	No PMI	No PMI cancellation needed
USDA	Guarantee fee	Different program rules; not conventional PMI

Why it matters

A PMI letter will not solve every insurance charge

If the loan is FHA, VA, or USDA, a conventional PMI cancellation letter may be the wrong tool. The first step is identifying the actual insurance type before sending a request.

CancelPMI asks for loan type in the calculator because a low LTV is only useful if the loan program has a cancellation path that matches it.

Next action

Use the calculator to route the next step

If your loan appears conventional, the next question is whether your LTV and payment history support a PMI removal request. If it appears FHA, the next question is whether MIP rules or a refinance review make more sense.

FAQ

Can CancelPMI help if I have FHA MIP?

The calculator can help identify that the loan is not conventional PMI. The cancellation path may be different, and some FHA situations require refinancing rather than a simple PMI cancellation request.

Why does my statement say mortgage insurance instead of PMI?

Statements often use broad labels. The loan program matters: conventional loans commonly use PMI, while FHA loans use MIP.

Do VA loans have PMI?

No. VA loans do not use monthly private mortgage insurance, though they may include a VA funding fee.

Check your own PMI numbers before you call the servicer.

The fastest way to make the next step concrete is to run the calculator and see whether your LTV, loan type, and PMI amount point toward a cancellation review.

Start the free check

PMI Removal Calculator

Use the free PMI removal calculator to check your loan-to-value ratio, estimate monthly savings, and see whether a conventional PMI cancellation request may be worth reviewing.

80% LTV PMI Removal Guide

Learn how the 80% loan-to-value threshold works, how it differs from automatic 78% PMI termination, and what to prepare before asking your servicer to remove PMI.