One more important difference between MIP and PMI is the length of time you are required to pay it. If you buy a house today with an FHA loan, you will be required to pay mortgage insurance premiums for at least 11 years. If you make a down payment of less than 10%, you will need to pay MIP throughout the life of the loan. Homeowners with FHA loans sometimes refinance to a conventional loan to stop paying mortgage insurance premiums. With a conventional loan, you only need to pay for private mortgage insurance until your home equity reaches 20%. Then you can request your lender cancel your PMI payments. Learn more about how to remove PMI from your mortgage.