Mortgage Comparison Calculator
Enter your home details once and compare all four major loan types side by side. See which mortgage fits your budget, down payment, and eligibility.
Loan Details
As % of home price, or fixed dollar amount.
Interest Rates
Costs & Insurance
| Conv. | FHA | VA | USDA | |
|---|---|---|---|---|
| Rate | — | — | — | — |
| P & I | — | — | — | — |
| Tax | — | — | — | — |
| Insurance | — | — | — | — |
| MI / Fee | — | — | — | — |
| Total | — | — | — | — |
| Conv. | FHA | VA | USDA | |
|---|---|---|---|---|
| Down Pmt | — | — | — | — |
| Base Loan | — | — | — | — |
| Upfront | — | — | — | — |
| Financed | — | — | — | — |
| MI Duration | — | — | — | — |
| Conv. | FHA | VA | USDA | |
|---|---|---|---|---|
| Interest | — | — | — | — |
| Total Cost | — | — | — | — |
How This Comparison Works #
This calculator runs all four major loan programs against the same home price, tax, and insurance inputs so you can see the real differences. Conventional and FHA use your specified down payment (with FHA enforcing its 3.5% minimum). VA and USDA calculate with 0% down — their primary advantage — so you can see what zero-down financing actually costs compared to putting money down on other loan types.
Each loan type's monthly payment includes principal and interest plus property tax and homeowner's insurance. The key difference is the fourth component: conventional loans charge PMI below 20% down, FHA charges annual MIP, VA has no monthly insurance charge, and USDA charges a 0.35% annual guarantee fee. These insurance costs, combined with different upfront fees and loan amounts, create meaningful differences in both monthly and total cost.
Monthly Payment vs. Total Cost #
A lower monthly payment doesn't always mean a cheaper loan. VA loans often have the lowest monthly payment because they charge no monthly mortgage insurance — but the one-time funding fee (up to 3.30% for subsequent users) gets rolled into the loan balance, increasing the amount you pay interest on over 30 years.
Similarly, FHA loans may have a higher monthly payment than conventional loans with the same down payment because FHA's annual MIP never cancels (for most borrowers). Over 30 years, that adds tens of thousands to the total cost. A conventional borrower with 10% down pays PMI for a few years until reaching 20% equity, then the extra monthly charge disappears.
Use the "Total Cost" row at the bottom of the comparison to see the full picture — it includes all principal, interest, insurance premiums, and upfront fees over the life of the loan.
How to Choose the Right Loan #
Start with eligibility. If you're a veteran or active-duty service member, VA loans almost always offer the best terms — zero down, no PMI, and competitive rates. If the property is in a USDA-eligible rural area and your household income is within limits, USDA is worth considering for its zero-down option.
For everyone else, the choice is usually between conventional and FHA. If you can put 20% down, conventional wins outright — no PMI, lower total cost, and typically the lowest monthly payment. If your down payment is 10-19%, conventional with temporary PMI often beats FHA's permanent MIP over the long run. Below 10% down with a credit score under 700, FHA becomes more competitive because its rates and insurance premiums are less sensitive to credit score than conventional pricing.
Note that loan type and rate type are separate decisions. Any of the four loan types above can come with either a fixed rate or an adjustable rate (ARM). If you plan to sell or refinance within 5–10 years, an ARM's lower initial rate could save you money on top of whichever loan program you choose.
Frequently Asked Questions #
What is the difference between FHA, VA, USDA, and conventional loans?
Conventional loans are not government-backed and typically require 3-20% down with PMI below 20%. FHA loans are insured by the Federal Housing Administration and need 3.5% down with mandatory mortgage insurance. VA loans are guaranteed by the Department of Veterans Affairs — 0% down, no PMI, but limited to eligible veterans and service members. USDA loans are backed by the USDA Rural Development program — 0% down, but limited to eligible rural areas with household income caps.
Which loan type has the lowest monthly payment?
It depends on your down payment and eligibility. With 20%+ down, conventional wins because there's no PMI. With less than 20% down, VA loans typically have the lowest monthly payment because they have no monthly mortgage insurance. USDA comes next with its relatively low 0.35% annual fee. FHA and conventional with PMI are usually the most expensive monthly — though the gap narrows as your down payment increases.
Why does this calculator show 0% down for VA and USDA?
Zero-down financing is the primary advantage of VA and USDA loans. Showing them at 0% down gives you the most useful comparison — you can see what zero-down truly costs compared to putting money down on conventional or FHA. If you'd put money down on a VA loan (which reduces the funding fee), visit the dedicated VA Loan Calculator for that scenario.
How do upfront fees compare across loan types?
Conventional loans have no government upfront fee. FHA charges 1.75% of the base loan as an upfront MIP — on a $386,000 loan, that's $6,755. VA charges a funding fee of 1.25-3.30% depending on down payment and usage history. USDA charges a 1% upfront guarantee fee. All government upfront fees can typically be rolled into the loan balance.
When does mortgage insurance cancel for each loan type?
Conventional PMI cancels when you reach 20% equity (automatically at 22%). FHA MIP lasts the life of the loan if you put less than 10% down; with 10%+ down, it cancels after 11 years. VA loans have no monthly insurance to cancel. USDA's annual guarantee fee lasts the entire life of the loan — the only way to remove it is to refinance into a different loan type.