FHA vs. Conventional Loan Calculator
The rate isn't the whole story — mortgage insurance changes everything. Compare monthly PITI and total 7-year cost side by side with your own numbers.
Rates are your estimates — this calculator publishes no rates. PMI quotes vary by credit score and loan; use a quote you've received if you have one.
Lower 7-year cost
FHA
by about $5,325 over 7 years (a typical holding period).
Conventional
Monthly PITI (with PMI)
$3,128
7-year total cost
$262,753
PMI never drops below 78% LTV in this scenario.
FHA
Monthly PITI (with MIP)
$3,073
7-year total cost
$257,428
MIP stays for the life of the loan — only a refinance removes it.
Note: This estimator provides a rough affordability picture only. It is NOT a pre-approval, pre-qualification decision, or commitment to lend. Only a licensed loan officer reviewing your full application can determine what you qualify for.
Important: All calculations on this site are estimates for educational purposes only and do not constitute a loan offer, approval, or commitment to lend. Your actual rate, payment, and terms depend on credit approval and will be provided by your loan officer.
How this works
- FHA charges 1.75% upfront MIP (financed into the loan here) plus annual MIP on the outstanding balance. With less than 10% down, MIP lasts the life of the loan — the only exit is a refinance.
- Conventional PMI drops automatically when your balance hits 78% of the original value. The month shown above is an estimate on a constant home value.
- Tax (1.1%/yr) and insurance (0.35%/yr) are Illinois estimates added to both sides equally.
- Credit score, reserves, and program eligibility all matter in the real decision — this compares cost, not qualification.
Not sure which program fits your situation? Ask me — I'll run both against your real profile.