FHA vs Conventional Loan Comparison Calculator
Compare FHA and conventional mortgage loans side-by-side. See monthly payments, PMI vs MIP costs, total cost of ownership, and find out which loan saves you more money.
Loan Comparison Inputs
FHA Loan
Conventional Loan
Total Cost of Ownership Over Loan Life
FHA Total Cost
Conventional Total Cost
PMI vs MIP Lifecycle
FHA MIP
With less than 10% down, FHA MIP lasts for the entire loan life. With 10% or more down, FHA MIP lasts for 11 years.
Conventional PMI
With 20% or more down, no PMI required! PMI automatically falls off at 78% LTV (approx. year ).
FHA → Conventional Refinance Break-Even
If you start with an FHA loan and refinance to a conventional loan once you reach 20% equity, the estimated break-even point is:
years and months
By refinancing at that point, you could save approximately over the remaining loan life by eliminating FHA MIP.
This is a simplified estimate assuming home values stay flat and you qualify for the same conventional rate. Actual savings vary based on market conditions and your credit profile.
Year-by-Year Amortization Comparison
| Year | FHA Balance | FHA Interest | FHA MIP | Conv. Balance | Conv. Interest | Conv. PMI |
|---|---|---|---|---|---|---|
How to Use This Calculator
Our FHA vs Conventional Loan Comparison Calculator helps you make an informed decision about which mortgage type is right for you. Enter your home price, adjust your down payment percentage, set your credit score, and compare the results side-by-side.
What This Calculator Shows
- Monthly Payment Breakdown — See exactly where your money goes each month: principal, interest, PMI/MIP, taxes, and insurance.
- Total Cost of Ownership — Understand the true cost over the entire life of the loan, including all mortgage insurance premiums.
- PMI vs MIP Lifecycle — Learn when conventional PMI automatically falls off (at 78% LTV) versus how long FHA MIP sticks around.
- Break-Even Refinance Analysis — Find out when refinancing from an FHA loan to a conventional loan makes financial sense.
- Amortization Schedule — Compare year-by-year balances, interest paid, and mortgage insurance costs for both loan types.
FHA Loan Highlights
FHA loans are backed by the Federal Housing Administration and allow down payments as low as 3.5% with credit scores starting at 580. They require both an upfront mortgage insurance premium (UFMIP) of 1.75% and annual mortgage insurance premiums (MIP). For down payments below 10%, MIP lasts for the entire loan term.
Conventional Loan Highlights
Conventional loans are not government-backed and typically require a minimum 5% down payment and a credit score of 620 or higher. Private mortgage insurance (PMI) is required when putting down less than 20%, but it automatically cancels once your loan-to-value ratio reaches 78%. This can result in significant savings over time compared to FHA MIP.
Learn More
Check out our blog for in-depth articles on FHA loans, conventional loans, mortgage insurance, credit score impacts, and homebuying strategies.