FHA vs conventional loans compared: down payment, credit score, MIP vs PMI and when each ends, with a worked $350,000 example you can rerun in a free… This guide is part of the Dixon App Studio blog — practical, no-fluff articles for builders, freelancers, home cooks, and sports fans. Read more guides on the blog index, browse our full app lineup, or use one of our free online converters whenever you need a quick answer.
Not always. FHA needs less down and accepts lower credit scores, but it adds a 1.75% upfront premium and an annual premium (0.55% for most new loans) that lasts for the life of the loan with under 10% down. With good credit, a conventional loan's PMI is often cheaper and can be removed.
HUD's rules allow 3.5% down with a score of 580 or higher, and 10% down with 500–579. Lenders can set higher minimums.
With 10% or more down it ends after 11 years. With less than 10% down it lasts for the life of the loan unless you refinance into a loan without it.
You can ask to cancel it when your balance is scheduled to reach 80% of the home's original value, and it must end automatically at 78%, if you're current on payments.
Yes. In the free Simple Mortgage Planning mortgage calculator, enter your price, down payment and rate, and use the PMI box for the PMI quote or 0.55 for FHA's annual premium; add the FHA upfront premium separately if you finance it.
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