When you pay off an FHA loan, the mortgage insurance is cancelled, so you need not pay it any more. If your conventional loan is at 80% or less of the value of your home, you will have no PMI.
As long as your loan to value is 80% or less based on your appraisal when you refinance , no PMI will be required.
If you have at least 20% equity in the property, a new conventional loan will not have mortgage insurance. If you have 5% or greater equity you can use LPMI, which is Lender Paid Mortgage Insurance on a conventional loan that will increase your interest rate a bit but eliminate traditional PMI. Your payment will be lower and the additional interest you are paying is tax deductible so this is usually the best solution for someone with reasonable credit scores.
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