Basic Mortgage Payment Calculator
- Calculates monthly payments based on loan amount, interest rate, and term
- Essential for quick estimates of mortgage costs
Conventional vs. FHA Comparison Calculator
Compare FHA and Conventional side by side — monthly payments, mortgage insurance, and true total cost over time.
What is a Conventional vs. FHA Calculator?
A Conventional vs. FHA calculator helps you compare two of the most common mortgage options side by side before you apply. By entering the same home price, down payment, and loan terms for each program, you can see how monthly payments, mortgage insurance, and total cost over time differ between a conventional loan and an FHA loan.
This tool is especially useful when you're deciding which loan type fits your credit profile, down payment savings, and long-term housing plans. Rather than guessing which program is cheaper, you can model both scenarios and understand the trade-offs — including how long FHA mortgage insurance may stay in place compared with conventional PMI.
Side-by-side payment comparison
View principal, interest, and mortgage insurance for conventional and FHA loans using the same inputs so you can compare true monthly costs.
Mortgage insurance breakdown
See how conventional PMI and FHA MIP affect your payment today and over the life of the loan under different down payment scenarios.
Total cost over time
Compare cumulative cost across loan terms to understand which option may save more money based on how long you plan to keep the mortgage.
Down payment scenarios
Adjust down payment amounts to see when a conventional loan may become more competitive versus FHA's minimum 3.5% requirement.
Make a confident loan choice
Use clear estimates to discuss options with a loan officer and choose the program that best aligns with your budget and homeownership goals.
Total Cost Over Time
True total cost if the loan were paid off completely at each point — payments made so far, plus the loan balance still owed. This is what the home would have actually cost you, not just what you've paid out of pocket.
Hold PeriodFHAConventional
1 yearFHA$470,629$34,206 paid + $436,423 owedConventional$465,199$35,803 paid + $429,396 owed
3 yearsFHA$527,071$102,524 paid + $424,547 owedConventional$526,101$107,409 paid + $418,692 owed
5 yearsFHA$581,864$170,704 paid + $411,160 owedConventional$585,521$179,016 paid + $406,506 owed
7 yearsFHA$634,798$238,727 paid + $396,071 owedConventional$643,254$250,622 paid + $392,633 owed
10 yearsFHA$710,191$340,426 paid + $369,765 owedConventional$726,171$358,031 paid + $368,140 owed
15 yearsFHA$822,753$508,824 paid + $313,929 owedConventional$843,059$527,971 paid + $315,088 owed
Cheaper Today
FHA
$132/mo payment difference
Total Cost Breakeven
3 years, 6 months
FHA takes over after this
Total Cost Gap at Term End
$21,429
FHA cheaper cumulatively
FHA has the lower monthly payment today — but a lower payment isn't the same as a lower total cost. Conventional stays ahead on true total cost until about 3 years, 6 months, when FHA becomes the cheaper program overall.
1Purchase or Refinance
FHA loan limit: $557,750
Conventional loan limit: $832,750
2Property & Loan Details
3Credit Score & Rates
(Good)
Drives Conventional PMI pricing — FHA's MIP rate doesn't change with credit score.
FHA pricing is typically about ½% lower than Conventional — the default rates above reflect that. These defaults are illustrative examples only, not current market rates — enter your own quoted rates for an accurate comparison.
4Housing Costsshared by both programs
Auto-estimated for this home price: 0.35% ($1,554/yr) — edit to override.
Auto-estimated for this home price: $1,316/yr — edit to override.
Monthly Homeowners Association fees, if applicable.
Side-by-Side Comparison
FHAConventional
Loan Amount$434,250$434,250
Upfront MI Cost$7,599$0
Total Loan Amount$441,849$434,250
Interest Rate6.000%6.500%
Principal & Interest$2,649$2,745
Monthly Mortgage Insurance$203$239
Taxes, Insurance & HOA$239$239
Total Monthly Payment$3,091$3,223
Monthly Payment Breakdown
How each program's monthly payment splits between principal & interest, mortgage insurance, and shared housing costs.
This comparison is for illustrative purposes only. Actual rates, mortgage insurance premiums, and loan limits vary by lender and are subject to change. Conventional PMI is modeled with automatic cancellation at 78% loan-to-value per the Homeowners Protection Act; actual cancellation timing may vary based on payment history and lender policy. Consult a Mortgage Brothers loan officer for a personalized comparison.
Recommendations & Key Insights
Program Comparison
- At 720 credit (Good) and 3.5% down, FHA's monthly payment is $3,091 vs. Conventional's $3,223 — a $132/mo difference in favor of FHA.
- FHA's mortgage insurance rate doesn't change with credit score — Conventional's does. At this credit score, the two programs are often close — small credit score or down payment changes can flip which is cheaper.
Crossover & Loan Limits
- Conventional starts out cheaper, but the total cost crosses over around month 42 (3 years, 6 months) — after that, FHA becomes the cheaper program cumulatively.
- If you plan to keep this loan (or this home) past the crossover point, weight that program more heavily; if you expect to sell or refinance sooner, the program that's cheaper today matters more.
Next Steps
Based on your scenario, here's what we'd suggest next:
- Get pre-qualified for both programs to compare actual, lender-specific rates and mortgage insurance rates.
- Ask a loan officer how quickly Conventional PMI could be removed once you build equity, versus FHA's fixed removal timeline.
- Contact a Mortgage Brothers loan officer to review which program fits your credit profile and how long you plan to keep the loan.
Ready to Choose Between Conventional and FHA?
Get personalized guidance on which loan program fits your credit, down payment, and long-term plans. Our mortgage experts can walk you through your comparison results and help you apply with confidence.
Talk to a Loan SpecialistExplore Our Other Mortgage Calculators
Looking for more ways to plan your mortgage journey? Check out our comprehensive suite of mortgage calculators designed to help you make informed financial decisions. Each calculator provides specialized insights for different aspects of the home buying and refinancing process.
Affordability Calculator
- Helps determine how much house you can afford based on income and debts
- Great for setting a realistic budget before house hunting
Refinance Calculator
- Compares current mortgage with potential refinance options
- Useful for deciding if refinancing makes financial sense
Rent vs. Buy Calculator
- Compares the costs of renting versus buying over time
- Helps make the big decision between renting and homeownership
Extra Payment Calculator
- Shows the impact of making additional payments on loan term and interest
- Perfect for those looking to pay off their mortgage faster
FHA Loan Calculator
- Calculates payments for FHA loans, including mortgage insurance
- Ideal for first-time homebuyers considering FHA financing
VA Loan Calculator
- Estimates payments for VA loans, factoring in the funding fee
- Great for veterans and active-duty military personnel
Down Payment Calculator
- Helps determine how much to save for a down payment
- Useful for planning and setting savings goals
Debt-to-Income Ratio Calculator
- Calculates DTI ratio to determine loan eligibility
- Important for understanding how lenders view your financial health
Home Purchase Closing Cost Calculator
- Estimates various closing costs associated with buying a home
- Helps buyers prepare for additional expenses beyond the down payment
Contact Our Loan Comparison Specialists
Not sure whether a conventional or FHA loan is the better fit for your Arizona home purchase? Our mortgage experts can walk you through your calculator results, explain mortgage insurance rules, and help you choose the program that matches your credit, down payment, and long-term plans. Fill out the form below and one of our specialists will contact you promptly.