Compare FHA vs Conventional vs VA Loans
Which mortgage loan type is best for me?
Enter your home price, down payment, and credit score into the comparison calculator above. It shows FHA, Conventional, and VA loans side by side — comparing monthly payments, mortgage insurance costs, down payment requirements, and total cost over the life of each loan to help you choose the best option.
Which Loan Is Right For You?
FHA: Best for first-time buyers or those with lower credit scores. Requires 3.5% down with a 580+ score. Has both upfront and annual mortgage insurance (MIP) for the life of the loan.
Conventional: Best for buyers with good credit (680+) and 5-20% down. PMI is removable once you reach 80% LTV. Often the lowest total cost for well-qualified borrowers.
VA: Available to veterans and active military. No down payment, no monthly MI. VA funding fee can be financed into the loan. Often the best deal for eligible borrowers.
Loan Comparison FAQ
FHA loans are government-insured with low down payments (3.5%) and flexible credit requirements but require lifetime mortgage insurance. Conventional loans need higher credit but offer PMI removal at 80% LTV. VA loans are for military-connected borrowers with no down payment and no monthly MI — often the best deal for those who qualify.
VA loans typically have the lowest monthly payment since there's no down payment requirement and no monthly mortgage insurance. However, for non-military borrowers, the answer depends on your down payment and credit score. FHA often has lower P&I but higher total costs due to MIP. Conventional with 20% down eliminates MI entirely.
Yes, you can refinance from FHA to Conventional once you have at least 20% equity and a credit score of 620+. This eliminates FHA's lifetime mortgage insurance premium (MIP), which can save $100-300+/month. Many borrowers start with FHA and refinance to Conventional within a few years.
Mortgage insurance protects the lender if you default. FHA charges both upfront (1.75% of loan) and annual MIP (0.55%/year). Conventional PMI ranges from 0.3-1.5% annually based on credit and LTV, and is removable at 80% LTV. VA has a one-time funding fee (1.25-3.3%) but no monthly MI.