Conventional is different and depends on several factors. Credit, type of home and DTI just to name a few.
You should have a loan officer compare FHA to conventional. There are also many different ways to pay for the MI. Monthly or a buyout are a few of the options. Again a good loan officer should be able to walk you thru the options, explain them to you and show you the best way to do it for you. Not what's easier for the loan officer. Hope this helps and please let me know if you need more information.
Senior Loan Officer
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
301-412-0259 Cell http://www.monarchmtg.com/bmendelson
Now that the government has decided that Fannie Mae and Freddie Mac should pay for the payroll tax cut, you'll also want to compare the interest rates. While the FHA mi is slightly higher you may end up with a lower interest rate and have it all even out.