FHA vs Conventional Loan Calculator
Compare FHA and conventional mortgage costs to find the best option.
Loan Details
Home Price:$ 250000
Down Payment:$ 12500 (5.0%)
Credit Score:680
FHA Eligible:Yes
Conv Eligible:Yes
FHA Insurance Costs
Upfront MIP (1.75%):$ 4156
FHA Loan Amount:$ 241656
Annual MIP Rate:0.50%
Monthly MIP:$ 100.69
Total MIP (30 yrs):$ 40405
FHA MIP is permanent for loans with less than 10% down. Can be canceled after 11 years if 10% or more down.
Conventional PMI Costs
PMI Rate:0.60%
Monthly PMI:$ 118.75
PMI Duration:150 months
Total PMI:$ 17813
Conventional PMI cancels at 20% equity. PMI rate varies by credit score and down payment.
Monthly Payment Comparison
Conventional:$ 1619.91
FHA:$ 1588.61
Difference:$ 31.30
Total Cost Over 30 Years
Conventional Total:$ 338231
FHA Total:$ 354399
Recommendation
CONVENTIONAL: Lower total cost by $16169 over 30 years.
FHA vs Conventional Key Points
- FHA: lower credit score requirement (500 min), accepts 3.5% down
- Conventional: 620+ credit score, 5% min down (often 3% for first-time)
- FHA MIP: 1.75% upfront + 0.45-1.35% annual (permanent if less than 10% down)
- Conventional PMI: cancels at 20% equity, varies by credit score
- Higher credit score means lower conventional PMI rate
- FHA often better for lower credit scores or smaller down payments