FHA vs Conventional Mortgage Calculator
Compare FHA and conventional mortgage costs including down payments, PMI, and total loan expenses
About this calculator
This FHA vs Conventional Mortgage Calculator helps homebuyers compare the total costs between FHA and conventional loans to determine which option saves money. The tool analyzes key differences including down payment requirements, private mortgage insurance (PMI) costs, interest rates, and overall loan expenses. By comparing both loan types side-by-side, buyers can make informed decisions based on their financial situation, credit score, and long-term homeownership goals.
How to use
Enter your home price, down payment amount, credit score, and loan term into the calculator. The tool will automatically generate side-by-side comparisons showing monthly payments, PMI costs, and total loan expenses for both FHA and conventional mortgages. Review the results to determine which loan type offers better long-term value.
Frequently asked questions
What's the main difference between FHA and conventional loans?
FHA loans require lower down payments (3.5%) and accept lower credit scores, while conventional loans typically need higher down payments but offer better rates for qualified borrowers.
When should I choose an FHA loan over conventional?
Choose FHA if you have limited savings for down payment, lower credit score, or need more flexible qualifying requirements despite higher insurance costs.
Can I remove PMI from both loan types?
Conventional PMI can be removed at 20% equity. FHA mortgage insurance premium (MIP) typically stays for the loan's life with low down payments.