FHA vs. conventional cost calculator
Use a fixed-rate FHA quote and a conventional quote for the same purchase or refinance. This calculator separates interest and fees from principal repayment and shows the balance remaining at your comparison date.
Compare your two fixed-rate quotes
Defaults are an illustrative purchase example. Replace them with your own quotes. Inputs stay in this page's memory and are not saved or sent with calculator analytics.
Other closing costs are paid in cash in this model. Enter zero upfront insurance for a conventional quote without it. Insurance is held at your entered monthly estimate until the entered month; this is not an automatic PMI eligibility calculation. Actual FHA MIP can change with the balance. Confirm the schedule with your lender.
Example and calculation method
The default example uses a $350,000 purchase with 5% down, a $332,500 base loan, a 30-year term, and a five-year comparison. FHA uses 6.50%, a financed 1.75% premium, and $152.40 monthly insurance. Conventional uses 6.75%, no upfront insurance, and $100 monthly PMI. Both have $3,500 cash closing costs. These are invented quote assumptions for demonstration, not live lender offers.
Monthly principal and interest use standard fixed-rate amortization with end-of-month payments. Interest accrues on the financed balance, including a financed upfront premium. Insurance is a constant user-entered approximation. See the FHA comparison guide for the worked table and loan-limit rules.
Insurance assumptions and sources
The 1.75% illustrative upfront default follows HUD's FHA premium guidance. Confirm your program and case date. Insurance duration depends on HUD MIP duration rules and your loan. For conventional PMI, CFPB explains requested cancellation and scheduled termination. The calculator does not determine either.
Assumptions version: October 10, 2026. Replace defaults with your lender's amounts and insurance schedule. If your FHA payment declines annually, this constant-payment approximation will not reproduce that schedule. A qualified reviewer should assess the actual quotes before a financing decision.
Educational estimates are not loan offers or approval decisions. Ratespedia LLC, company NMLS #2796610. Check service availability and licensing.