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Should I use an FHA or conventional loan?

FHA usually wins on the rate and loses on the insurance. Which way it nets out depends almost entirely on one threshold — 90% loan-to-value — and on how long you keep the loan.

The house

BOTH LOANS
$
$
%
yrs
yrs
Loan-to-value
—

FHA

HUD SCHEDULE
%

Conventional

PMI
%

PMI is priced from your loan-to-value and stops automatically at 78% of the original price. You can ask for it at 80%, which arrives earlier.

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Enter a price, a down payment, both rates, the loan term and how long you expect to keep it.

Save or send these numbersEmail

All four happen in your browser. Your figures are not sent anywhere — the email opens in your own mail app, already filled in.

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The rule that decides whether the insurance ever stopsA written guide to the rules behind this calculator →
For educational purposes only and not a commitment to lend. FHA premiums follow HUD's published schedule. PMI figures are representative, not quotes: mortgage insurers now price each loan individually rather than from a published card, so these are calibrated against an archived rate card and assume a 700 credit score. Property tax, homeowners insurance and HOA dues are left out because they are the same on both sides. Assumes a fixed rate, a purchase, and scheduled payments only.