FHA vs Conventional Calculator ? Monthly Cost
FHA's lifetime MIP vs conventional's credit-priced PMI ? which is actually cheaper depends on your score and down payment. Compare the real monthly numbers side by side.
FHA vs Conventional Monthly Cost
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FHA min 3.5% · Conv min 3%
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FHA is cheaper by $30/mo
$2,293
P&I + mortgage insurance only (taxes/insurance equal both ways)
FHA: P&I (1.75% UFMIP financed) + 0.55%/yr MIP$2,293
Conventional: P&I + PMI (~0.80%/yr for your credit)$2,323
FHA MIP lasts the life of the loan if down <10% (11 years otherwise). Conventional PMI cancels at ~78–80% LTV — cheaper long-term if you qualify, pricier monthly at low scores.
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