Loan program comparison
FHA vs Conventional vs VA vs USDA Loan Calculator
Put the four main purchase programs side by side with the same home, rate, and term. See the monthly payment, upfront fees, mortgage insurance, cash to close, five-year cost, and when one option overtakes another.
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- Updated 2026-09-24
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Educational estimate, not a loan offer.
FHA vs Conventional vs VA vs USDA Calculator
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| Estimate | Conventional6.500% rate | FHA6.500% rate | VA6.500% rate | USDA6.500% rate |
|---|---|---|---|---|
| Down payment | $20,000 (5.0%) | $14,000 (3.5%) | $0 (0.0%) | $0 (0.0%) |
| Loan amountIncludes a financed upfront fee | $380,000 | $392,755 | $408,600 | $404,000 |
| Upfront fee | None | $6,755 (1.75%) financed | $8,600 (2.15%) financed | $4,000 (1.00%) financed |
| Monthly principal & interest | $2,402 | $2,482 | $2,583 | $2,554 |
| Monthly mortgage insurance | $190 (0.60%/yr) | $180 (0.55%/yr) | None | $118 (0.35%/yr) |
| Mortgage insurance ends | After 11 yr 3 mo | Life of loan | No monthly MI | Life of loan |
| Taxes, insurance, HOA | $483 | $483 | $483 | $483 |
| Total monthly housing | $3,075 | $3,146 | $3,066 | $3,155 |
| Estimated cash to closeDown payment, closing costs, prepaids, escrow | $31,320 | $25,366 | $11,473 | $11,473 |
| 5-year borrowing costClosing costs + upfront fee + interest + mortgage insurance | $138,438 | $148,326 | $144,757 | $145,567 |
| 5-year out-of-pocketCash to close + 60 monthly payments | $215,832 | $213,795 | $195,431 | $200,547 |
| Balance after 5 years | $355,722 | $367,662 | $382,494 | $378,188 |
| Break-even vs conventionalWhen cumulative borrowing cost crosses conventional | — | Does not cross | Does not cross | Does not cross |
Green marks the lowest figure in a row. Program fees as of September 2026. Closing costs use national starting assumptions; see the closing cost calculator to itemize.
Conventional notes
- PMI can be cancelled on request near 80% of original value and ends automatically at 78%.
FHA notes
- Annual MIP lasts for the life of the loan at this down payment.
- Monthly housing is $71 higher than conventional, and cash to close is $5,954 lower.
VA notes
- No monthly mortgage insurance. A one-time funding fee applies unless exempt.
- Monthly housing is $9 lower than conventional, and cash to close is $19,847 lower.
USDA notes
- Annual guarantee fee is charged for the life of the loan.
- Monthly housing is $80 higher than conventional, and cash to close is $19,847 lower.
How this calculator works
Every column uses the same purchase price, rate, term, taxes, insurance, and HOA dues. Only program rules change: minimum down payment, upfront fee, whether the fee is financed, and monthly mortgage insurance.
- FHA: 1.75% upfront MIP and annual MIP from HUD Mortgagee Letter 2023-05, using the 2026 $832,750 base loan threshold. Annual MIP is charged on the declining balance for 11 years at 10% or more down, otherwise for the life of the loan.
- VA: funding fee from the VA chart by first or subsequent use and down payment. No monthly mortgage insurance.
- USDA: 1% upfront guarantee fee and 0.35% annual fee on the declining balance for the life of the loan.
- Conventional: illustrative PMI by loan-to-value band, charged on the original loan until the scheduled balance reaches 78% of the original value. Enter your own PMI quote for a better estimate; real PMI is priced by credit score.
Cash to close uses the same itemized engine as our closing cost calculator with national default fees. Five-year borrowing cost adds closing costs, the upfront fee whether financed or paid in cash, interest, and mortgage insurance for 60 months. Principal and taxes are excluded because they are equity or the same for every program.
Frequently asked questions
›Is FHA or conventional cheaper?
It depends on credit, down payment, and how long you keep the loan. FHA charges 1.75% upfront plus annual MIP that lasts for the life of the loan at less than 10% down. Conventional has no upfront premium and PMI ends automatically at 78% of the original value. Many buyers with strong credit find conventional cheaper over time, while FHA can cost less monthly for lower scores.
›What is the FHA mortgage insurance premium in 2026?
Upfront MIP is 1.75% of the base loan. Annual MIP for a 30-year loan at or below the $832,750 base loan threshold is 0.55% with less than 5% down and 0.50% otherwise, under HUD Mortgagee Letter 2023-05.
›How much is the VA funding fee?
For a purchase with less than 5% down, the VA funding fee is 2.15% for first use and 3.3% after first use. It drops to 1.5% with 5% down and 1.25% with 10% down. Veterans receiving VA disability compensation are generally exempt.
›What does a USDA loan cost?
USDA guaranteed loans charge a 1% upfront guarantee fee, usually financed, and a 0.35% annual fee paid monthly for the life of the loan. The property must be in an eligible area and household income must be within limits.
›What does break-even versus conventional mean?
It is the month when the total borrowing cost of one program (closing costs, upfront fee, interest, and mortgage insurance) crosses the conventional loan. Before that month the option that started cheaper is ahead; after it the other one is.
›Which loan needs the least cash to close?
VA and USDA allow 0% down, so they usually need the least cash, followed by conventional at 3% and FHA at 3.5%. Closing costs, prepaids, and escrow still apply to every program unless the seller or a program covers them.
VA loans require a Certificate of Eligibility. USDA loans require an eligible property location and household income within area limits. Program availability, rates, and mortgage insurance depend on credit, property, and underwriting.
Calculators provide educational estimates only. They are not a loan offer, credit decision, or commitment to lend. Actual terms depend on underwriting, credit, property, and program availability.
Equal Housing Lender · NMLS #466690