The payment is the standard one
Use the mortgage payment calculator for principal, interest, taxes, insurance, and PMI. The PMI line is an estimate until you replace it.
Conforming conventional loans are those that meet the size and product rules of Fannie Mae or Freddie Mac. Jumbo conventional loans sit above the size limit.
Insurance is cancellable in a way FHA may not be
The PMI guide and calculator describe the 80% request and the 78% automatic date for many conventional loans. That schedule is the wrong tool for FHA MIP.
A lender-paid PMI quote can hide the premium in the rate. Compare the note rate, not only the monthly mortgage-insurance line.
| Loan | Typical extra cost |
|---|---|
| Conventional | PMI if equity starts under 20% |
| FHA | MIP |
| VA | Funding fee, unless exempt |
| USDA | Guarantee fee |
Calculators
Related guides
Sources
Common questions
Do I need 20% down?
No. Less is common, and PMI is the usual tradeoff in this model.
Are conventional loans always cheaper than FHA?
Not always. Credit, the rate, and how long mortgage insurance lasts can flip the comparison. Price both quotes.