FHA (95-5) or HEL (80-15-5) piggyback. Which one is better?

[Darrick Lowe]

I'm looking to put 5% down (50k) on a multifamily that I plan to move into as my primary. i'm having difficulty determining if I should get an FHA (95-5) or HEL (80-15-5). The HEL would come from my current primary residence which has a 3.5% interest rate with 20+ years left.

loan amount 950000

FHA 95-5 scenario) MIP=950,000*0.0175=$16625 up front. PMI =0.0085*950,000/12=$672 monthly.

HEL 80-15-5 scenario)  HEL closing cost on 150,000 = approximately $6000.  20yr at 6.25% = $1096 monthly

The calculation above is kind of comparing apples with oranges.  Are there other calculations I should do?  I'm hoping someone here on BP  can help me understand what metrics I can look at to make sure I pick the best option for me.  In addition, how would refinancing a few years down the road change the equation/outcome?

Thanks in advance!