i think its .4% per year so 100,000 would be 400 per year or $33 per month. Im pretty sure it stays for the life of the loan but its .4% of the principal balance each year so it should come down a little bit each year
USDA MI stays with for the life of the loan. The good thing is that the USDA MI is significantly less than FHA MI- given the proposed changes re: FHA MI staying for the life of the loan, it seems like going USDA will save you money in the long run.
FHA MIP has to be paid a minimum of 60 months as stated and every year the payment is also a little lower since it is based off the principal balance. Also it can be dropped after paying the required 60 months once the LTV reaches 78% of the original selling price or appraised value, whichever was lower at the time of purchase. It takes several more years of payments to reach the 78% LTV ratio if making just your required monthly payments.
USDA is cheaper, but as also mentioned it is for the life of the loan, and payments as stated also get lower as your principal balance becomes lower.
If you plan to just make the minimum payment required, in my opinion USDA is the better way to go.