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.
No. It compares the assumptions you enter. Approval, rate, mortgage insurance, property eligibility, cash reserves, and personal risk tolerance still need professional review.
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.
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.
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.
The written estimates show the actual rates, origination charges, mortgage insurance, lender credits, prepaids, services, and cash-to-close figures proposed for your file.
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.