Northern Virginia loan comparison

Which loan structure costs you less—not just today?

Give me the FHA and conventional options. I’ll show you what each needs at closing, what each costs monthly, and where mortgage insurance changes the longer-term answer.

Go straight to the comparisonSee how the answer works

By Abraham Walker · Northern Virginia real estate agent · Research reviewed August 20, 2026

AWLet’s make sure both quotes are solving for the same home.
Step 1 · The home

What are you buying—and how long might you keep it?

The price and ownership horizon anchor the comparison. Taxes, homeowners insurance, and HOA appear in both payments so neither quote looks artificially small.

Use the same price for both structures.
Used only for the planning loan-limit check.
Credited once against estimated cash at closing.
Why does the ownership period matter?

FHA and conventional mortgage insurance can last for different periods. A quote that is cheaper in year one may not remain cheaper after PMI changes or the loan balances separate.

AWNow I’ll rebuild the FHA option as it appears on the written quote.
Step 2 · FHA quote

What does the FHA option require?

The FHA balance can be larger than the base loan because the upfront mortgage-insurance premium is often financed. That is separate from the monthly annual MIP.

3.5% of the purchase price.
Use the note rate, not APR.
Planning placeholder. Replace with the written total.
Credits cannot automatically become cash back.
Calculated automatically from the base FHA loan, term, and LTV using the current HUD tier table.
AWNow let’s give the conventional quote the same treatment.
Step 3 · Conventional quote

What changes under the conventional option?

Conventional PMI is privately priced. I will not guess it from your credit score. Use the written monthly amount when you have it, or use an annual percentage only as a clearly labeled planning assumption.

5% of the purchase price.
Annual planning rate applied to the scheduled balance.
A request at 80% is subject to payment, lien, value, servicer, and investor conditions.
Planning placeholder. Replace with the written total.
AWBefore we compare the monthly payments, let’s see what each structure asks you to bring.
Step 4 · Cash and payment

Where does the money go?

Down payment is not a fee, and principal is not a cost. The visuals keep those distinctions visible so a smaller cash requirement is not mistaken for a cheaper loan.

Estimated cash to close

Each bar is measured against the larger cash requirement.

First-month housing payment

Principal and interest, mortgage insurance, and shared housing costs are shown separately.

FHA ·
Conventional ·
Principal & interestMortgage insuranceTax, insurance & HOA
Add shared property costs
AWThis is where I check whether the first-month answer still holds later.
Step 5 · Timeline

How does the comparison change over time?

The line compares cumulative interest, mortgage insurance, and net closing costs. Lower means less non-principal financing cost. Tap or hover over a year to inspect it.

AWHere is what these two structures suggest—and what the comparison cannot decide for you.
Your answer
Planning comparison · under these assumptions

Your comparison is building.

Cash-to-close difference
First-month difference
Selected-horizon difference

Educational planning estimate only. This is not a Loan Estimate, approval, loan recommendation, or promise of mortgage-insurance treatment. Compare written quotes with a licensed lender.

Edit your answersCalculate buyer closing costsCheck affordability

Want me to quality-check and email the comparison?

You can use the calculator freely. To retain the personalized worksheet, submit your contact information and I will review the entries before sending it. No cost. No obligation.

Important limitations

This calculator is an educational planning tool. It is not a mortgage application, preapproval, approval, Loan Estimate, rate quote, appraisal, tax opinion, legal advice, financial advice, or guarantee of loan eligibility. FHA, conventional, lender, mortgage-insurer, servicer, investor, property, credit, income, debt, occupancy, appraisal, and contract rules can change the actual result.

PMI pricing must come from the lender or mortgage insurer. The 80% PMI setting models a borrower request and does not guarantee cancellation. The comparison does not value the opportunity cost of different down payments and does not predict appreciation or refinancing.

Using this tool, requesting information, or scheduling a review does not create a brokerage, agency, lender, or advisory relationship. Any representation will be established only in a separate written agreement signed by the applicable parties.

Common questions

What I would want you to understand before choosing

Does this calculator tell me which loan I should choose?

No. It compares the assumptions you enter. Approval, rate, mortgage insurance, property eligibility, cash reserves, and personal risk tolerance still need professional review.

Why can FHA have a lower rate but a higher cost?

FHA may finance an upfront MIP and charge annual MIP. A lower note rate can therefore sit on a larger balance and still produce more mortgage-insurance cost.

When can conventional PMI end?

You may generally request cancellation when the scheduled balance reaches 80% of original value if required conditions are met. Automatic termination generally occurs at scheduled 78% if the loan is current.

Why is down payment excluded from “financing cost”?

Down payment becomes home equity rather than disappearing as a fee. The calculator shows cash separately and does not model the investment return that different down-payment amounts could have earned.

Why should I compare written Loan Estimates?

The written estimates show the actual rates, origination charges, mortgage insurance, lender credits, prepaids, services, and cash-to-close figures proposed for your file.

Related buyer tools

Keep working through the decision

FHA loan calculator

Inspect the FHA structure by itself.

Mortgage calculator

Test the complete monthly payment.

Buyer closing costs

Build a more detailed cash-to-close worksheet.

Sources and calculation notes

How the comparison is built

The engine amortizes both 30-year fixed-rate structures monthly. It separates principal, interest, mortgage insurance, shared property costs, and net closing costs. Principal and down payment are not classified as nonrecoverable financing costs.

Research last reviewed: August 20, 2026. Next scheduled review: September 2026.

Continue your plan

Put this result back into the full journey

Your result answers one question. Return to the decision it supports, verify the assumptions, and take the next useful step.

Home-Buying Guide: Compare financing structuresRelocation Guide: Compare financing for your move