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.
Side-by-side estimate
based on your assumptions
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.
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.