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FHA vs Conventional Loan Calculator
The right loan depends on your credit score and down payment. Enter your numbers and see a side-by-side comparison of FHA and conventional — monthly payments, mortgage insurance, and total 5-year cost.
Educational calculators — always consult a licensed professional before making financial decisions.
Enter the purchase price.
FHA minimum is 3.5%. Conventional minimum is 3–5%.
$12,250 of home price
FHA and conventional rates are often similar. Use 30-year fixed.
Affects your conventional PMI rate.
Very good credit. PMI rates ~0.3–0.5% annually. Conventional likely competitive with FHA.
Lower monthly payment
$2,345
Conventional — P&I + PMI
FHA vs. Conventional
Detailed Comparison
Estimates for educational purposes only. FHA and conventional rates may differ in practice. Consult a licensed mortgage professional for personalized loan comparison.
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What you'll need
- ·Home purchase price
- ·Down payment amount
- ·Expected interest rate
- ·Your credit score range
What you'll get
- ✓Side-by-side monthly payment — FHA vs conventional
- ✓Mortgage insurance breakdown — MIP vs PMI
- ✓5-year total cost — True cost comparison
- ✓Insurance cancellation — When each drops off
How it works
Enter purchase price
Input your target home price and available down payment amount.
Compare loan types
FHA requires 3.5% down; conventional requires 3–20% depending on credit score.
See total cost difference
Compare MIP vs PMI, monthly payment, and 5-year total cost of each loan type.
FHA vs Conventional: $350,000 Home, 5% Down
| Metric | FHA Loan | Conventional |
|---|---|---|
| Down payment | $17,500 | $17,500 |
| Upfront MIP/Fee | $5,792 | $0 |
| Monthly MIP/PMI | $222/mo | $168/mo |
| Total 5-year cost | $211,000 | $196,000 |
Conventional PMI drops off at 80% LTV; FHA MIP lasts the life of the loan (with <10% down).
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
Frequently asked questions
When is an FHA loan better than conventional?+
FHA loans are often better for buyers with credit scores below 680, since conventional PMI rates are very high at lower credit scores. FHA is also more lenient on DTI ratios. However, FHA's lifetime MIP (for down payments under 10%) can make it more expensive long-term than conventional.
When is a conventional loan better than FHA?+
Conventional loans are often better for buyers with 680+ credit scores. Conventional PMI is cancelable once you reach 20% equity — unlike FHA MIP, which may last the life of the loan. With a 20% down payment, conventional loans have no mortgage insurance at all.
What credit score is needed for a conventional loan?+
Most conventional loans require a minimum 620 credit score, though 680+ gets significantly better PMI rates. For the best conventional rates with no or low PMI, aim for 740+. FHA loans are available with scores as low as 580 (3.5% down) or 500 (10% down).
How does down payment affect FHA vs conventional choice?+
At 3–5% down with credit below 680, FHA typically wins on rate and PMI cost. At 5–10% down with credit above 680, run the numbers — conventional PMI may be lower. At 20%+ down, conventional is almost always better because there's no mortgage insurance at all, whereas FHA MIP is unavoidable regardless of down payment.
Can I switch from an FHA loan to a conventional loan?+
Yes — refinancing from FHA to conventional is a common strategy to eliminate MIP once you have 20% equity. You'll need a 620+ credit score and sufficient equity to qualify for conventional. The savings can be significant: eliminating $200–$300/month in MIP often makes the refi worthwhile even with closing costs.
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Back to the calculator ↑Read next
FHA vs Conventional for First-Time Buyers
3.5% vs 3% down, 580 vs 620 credit score, and the mortgage-insurance difference that usually decides it: FHA MIP can last the life of the loan while conventional PMI cancels at 20% equity.
First-Time Buyer FAQ
The 30 questions first-time buyers actually ask — how much to put down (the median is 10%, not 20%), what closing costs really run, who can pay them, when PMI ends, and what changes the month you get the keys. Sourced 2026 figures, with a calculator for every answer.
First-Time Home Buyer Guide
The complete first-time buyer journey for 2026 — from deciding whether to buy through getting the keys and your first year: every step and cost, FHA/conventional/VA/USDA loans, down-payment assistance, and a free calculator at each phase.
How Much House Can I Afford on $100,000 a Year?
The price range a $100,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $120,000 a Year?
The price range a $120,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $60,000 a Year?
The price range a $60,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $75,000 a Year?
The price range a $75,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $80,000 a Year?
The price range an $80,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
FHA vs Conventional Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.