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FHA vs Conventional Calculator
FHA and conventional aren't 'good credit' versus 'bad credit'. They're two different pricing structures, and which one wins depends on your credit score, your down payment, and how long you'll keep the loan.
The biggest difference is mortgage insurance: conventional MI cancels as you build equity, while FHA's typically lasts the life of the loan when you put down less than 10%.
Your numbers
Driven mostly by credit score and down payment.
Your results
FHA costs less
$3,357
Over 7 years, including down payment
- Conventional monthly (P&I + MI)
- $2,093
- FHA monthly (P&I + MIP)
- $2,111
- Conventional down payment
- $16,250
- FHA down payment
- $11,375
- FHA financed upfront MIP
- $5,488
- Conventional MI
- $142/mo
- FHA MIP
- $146/mo
1.75% added to the loan
Cancels near 20% equity
Typically for the life of the loan under 10% down
| Conventional | FHA | |
|---|---|---|
| Down payment | $16,250 | $11,375 |
| Loan amount | $308,750 | $319,113 |
| Monthly P&I | $1,952 | $1,965 |
| Monthly MI | $142 | $146 |
| 7-year total | $192,064 | $188,707 |
What happens if you change this
Over 7 years, FHA costs $3,357 less. FHA asks for $4,875 less up front, but adds $5,488 of financed upfront MIP and keeps mortgage insurance in place. Conventional MI of $142 a month cancels as you approach 20% equity — the longer you hold the loan, the more that matters.
Ready for real numbers?
Estimates get you oriented. A pre-approval gets you an offer sellers take seriously.
Related calculators
- Mortgage Payment CalculatorSee your full monthly payment — principal, interest, taxes, insurance and mortgage insurance — not just principal and interest.
- PMI CalculatorSee what private mortgage insurance costs you, and exactly when you can get rid of it.
- Cash to Close CalculatorThe single number that matters most at the start: how much you actually need in the bank.
- Home Affordability CalculatorWork backwards from your income and comfortable payment to the price range that actually fits.
Questions people ask
- Is FHA only for first-time buyers?
- No. FHA is available to repeat buyers too, as long as it's your primary residence and you meet the guidelines.
- Which is better with a 640 credit score?
- Often FHA at that score, because conventional mortgage insurance prices sharply off credit. Run it both ways — the crossover point moves with the rate spread.
Estimates for education only — not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2279 · Equal Housing Opportunity.