Fha Vs Conventional Down Payment
Calculator
Results
- FHA down payment
- $10,500.00
- Conventional down payment
- $15,000.00
- Down payment difference
- $4,500.00
- FHA loan amount
- $289,500.00
- Conventional loan amount
- $285,000.00
Results
| FHA down payment | 10,500 |
| Conventional down payment | 15,000 |
| Down payment difference | 4,500 |
| FHA loan amount | 289,500 |
| Conventional loan amount | 285,000 |
formula-map diagram
- FHA down payment
- $10,500.00
- Conventional down payment
- $15,000.00
- Down payment difference
- $4,500.00
- FHA loan amount
- $289,500.00
- Conventional loan amount
- $285,000.00
Diagram
Formula
Down payment = price × minimum % by loan program= 10500
Note
This is a simplified model for informational purposes only; consult a licensed professional before making a financial decision.
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See all →Frequently asked questions
What's the key down payment difference between FHA and conventional loans?+
FHA loans allow a minimum down payment of 3.5% with a credit score of 580 or higher, while conventional loans can go as low as 3% for certain first-time buyer programs but typically require stronger credit to access the lowest down payment options. The right minimum depends heavily on your credit profile.
Why might a conventional loan be cheaper than FHA even with a similar down payment?+
FHA loans require both an upfront mortgage insurance premium (currently 1.75% of the loan) and an ongoing annual premium that, unlike conventional PMI, often cannot be canceled for the life of the loan if your down payment was under 10%. Conventional PMI, by contrast, typically cancels automatically once you reach 78% loan-to-value.
Does a lower credit score push me toward FHA over conventional?+
Generally yes — FHA loans are more forgiving of lower credit scores (down to 580 for the 3.5% down payment option, and sometimes 500 with 10% down), while conventional loans with low down payments usually require stronger credit, often 620 or higher, and get progressively better pricing at higher scores.
Can FHA mortgage insurance ever be removed like conventional PMI?+
Only under specific conditions — if your original down payment was 10% or more, FHA mortgage insurance premium (MIP) can be removed after 11 years; below 10% down, it generally stays for the life of the loan, unlike conventional PMI, which cancels once you reach sufficient equity regardless of your original down payment.
Which loan type results in a lower total monthly payment, all else being equal?+
It depends on your credit score and down payment — borrowers with strong credit and small down payments often find conventional loans cheaper due to lower PMI costs, while borrowers with weaker credit often find FHA's more lenient terms result in a lower overall payment despite the mandatory insurance. Comparing both quotes side by side is the only reliable way to know for your situation.