Comparison table of PMI versus MIP monthly costs at five loan-to-value tiers, based on a $450,000 purchase price. At 80% LTV with a $360,000 loan and $90,000 down, no PMI is required on conventional and FHA MIP would cost about $153 per month at 0.50% annual plus 1.75% upfront. At 85% LTV with a $382,500 loan and $67,500 down, conventional PMI ranges from 0.30% to 0.40% annual or $96 to $128 monthly, while FHA MIP costs about $162 per month at 0.50% plus 1.75% upfront. At 90% LTV with a $405,000 loan and $45,000 down, conventional PMI ranges from 0.40% to 0.60% or $135 to $203 monthly, while FHA MIP costs about $172 per month. At 95% LTV with a $427,500 loan and $22,500 down, conventional PMI ranges from 0.60% to 0.90% or $214 to $321 monthly, while FHA MIP costs about $181 per month. At 96.5% to 97.75% LTV with a $434,250 FHA loan and $15,750 down (3.5%), conventional PMI on the closest 97% alternative ranges from 0.85% to 1.15% or $309 to $418 monthly, while FHA MIP costs about $203 per month at 0.55% plus 1.75% upfront. MIP monthly costs are calculated on the loan amount after the 1.75% upfront premium is financed in. PMI rates vary with credit score, with the higher end of each range reflecting weaker credit profiles around 640 FICO and the lower end reflecting strong credit at 760 or above.