<prompt> Human: Hey guys, Im sorry if this isnt the right place to discuss this but Im looking for opinions on my home loan. I have 2 options, FHA or conventional. is the details of each. Would there be any reason to get the higher interest loan other than the smaller monthly payment? Im leaning towards FHA but wanted to get some other opinions. Im not sure if it matters or not, but this will be in North Carolina.  <response>: Conventional.Lower closing costs due to no upfront MIP and lower monthly payment, and the mortgage insurance will fall off after you hit whatever the lender-specified LTV is. With FHA, MIP is for the life of the loan, so that 123month is forever.On paper, its a higher interest rate, but in practice, the FHA loan will cost more due to the mortgage insurance never going away. 