re: FHA or Conventional?

I plugged it into a spreadsheet I created when thinking about refinancing my home. Assuming

-0.5-1% PMI
-30 year
-3% FHA vs. 3.25% conv
-You maintain the same payment after PMI is over on conventional

You are looking at a 115-123 month break even on equity. At this point Conventional becomes the winner. If you pay extra each month, that will lower the break even point.