FHA or conventional — which is cheaper for me?
The classic first-timer fork: FHA's easier entry (down payments from ~3.5%, flexible credit) versus conventional's cancellable mortgage insurance. This tool compares the true monthly cost of each at the same price — including FHA's upfront and monthly MIP against conventional PMI. The long-game difference matters most: conventional PMI drops at ~20% equity, while FHA's MIP usually lasts the life of the loan under 10% down. Have a lender price both; this shows you what to ask.
FHA vs. conventional
The classic first-timer fork in the road, compared at the same price: FHA's easier entry vs. conventional's cancellable PMI.
The long-game difference: conventional PMI cancels at ~20% equity, while FHA's MIP usually lasts the life of the loan when you put under 10% down — many FHA buyers later refinance out of it. Rates and MI factors vary; have a lender price both for you.
Educational estimate, not a loan offer or financial advice. Rates, taxes, and program rules vary — a licensed professional can turn these ranges into real numbers for your situation.
Want a human to look at your numbers? BuyerMath is built by Gavin Guthrie of The Mortgage Collective — a free 15-minute "where do I stand?" call costs nothing and isn't a test you can fail.
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