FHA Calcs

PMI vs MIP

FHA vs Conventional Loan Calculator

Compare estimated FHA and conventional loan costs side by side. Results are based on your assumptions, not a loan recommendation.

This estimate is for 30-year fixed FHA purchase loans only. It does not verify county FHA loan limits, determine eligibility, or provide a loan approval or rate quote.

Edit comparison assumptions

Side-by-side estimate

based on your assumptions

FHA monthly estimate, year 1$2,763.68
Conventional initial monthly estimate, before PMI cancellation$2,768.87
FHA total over 7 years$231,646.08
Conventional total over 7 years$232,585.08
Estimated PMI cancellation monthMonth 134
Crossover under these assumptionsNo crossover in holding period

PMI cancellation assumption: borrower requests cancellation at scheduled 80% LTV. Automatic PMI termination generally occurs at scheduled 78% LTV if conditions are met; actual servicer/investor rules vary.

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PMI vs MIP

FHA loans use upfront MIP and annual monthly MIP. Conventional loans may use private mortgage insurance (PMI) when the down payment is below 20%. PMI can sometimes be canceled, while FHA MIP duration depends on original LTV.

When conventional may become cheaper

Conventional may show a lower long-term cost if PMI cancels and the note rate is competitive. FHA may show a lower early monthly payment in other scenarios. This page does not recommend a loan type; it shows numbers based on editable assumptions.

Limits

This tool does not automatically price PMI by credit score, debt-to-income ratio, property type, lender overlays, or investor rules. It does not check county FHA loan limits or conventional conforming limits.

FAQ

Does this calculator tell me which loan I should choose?

No. It compares estimated payment and holding-period costs under the assumptions you entered.

Where can I see the FHA MIP details?

Use the FHA MIP calculator to see the annual MIP tier, duration, and yearly MIP summary.