Texas Homebuyer Tool

    Compare the complete FHA and conventional loan.

    Two loan options can trade places depending on the rate, down payment, mortgage insurance, cash available, and how long you expect to keep the financing.

    FHA vs. Conventional Comparison

    Compare two actual loan quotes without manufacturing a winner.

    Enter the rates, down payments, and mortgage-insurance figures from real quotes when possible. The lowest rate, payment, or upfront amount may belong to different options.

    01 · Property and timeline

    Use the property's full combined rate, including any MUD.
    Optional. Enter 0 if not applicable.
    Optional. Enter 0 if not applicable.

    02 · FHA quote

    Default is 0.55%. Use the rate shown on the actual quote.

    03 · Conventional quote

    Enter the actual monthly PMI quote. Enter 0 when PMI does not apply.
    FHA
    Conventional
    Down payment
    $12,250
    $17,500
    Base loan amount
    $337,750
    $332,500
    Financed loan amount
    $343,661
    $332,500
    Principal and interest
    $2,115.98
    $2,101.63
    Monthly mortgage insurance
    $154.80
    $165.00
    Total monthly housing payment
    $3,058.28
    $3,054.13
    Estimated upfront funds
    $12,250
    $17,500
    Remaining balance after 5 years
    $320,763
    $311,256
    Interest paid in 5 years
    $104,061
    $104,854
    Mortgage insurance paid in 5 years
    $9,288
    $9,900
    Estimated financing cost in 5 years
    $119,260
    $114,754
    How to read the comparison

    Financing cost includes estimated interest, mortgage insurance, and FHA's upfront MIP. It does not count down payment as a cost because down payment becomes equity. It also does not include lender fees, points, credits, closing costs, appreciation, taxes, or the opportunity cost of cash.

    FHA MIP duration
    With less than 10% down, annual MIP generally remains for the loan term unless the loan is refinanced or paid off.
    Conventional PMI milestones
    Estimated 80% balance: 10 yr 4 mo. Estimated 78% balance: 11 yr 3 mo. These are amortization estimates using original value, not guarantees of cancellation.
    Educational estimate only. This is not a Loan Estimate, approval, or recommendation. Actual FHA MIP, conventional PMI, rates, fees, credits, property expenses, cancellation eligibility, and underwriting results depend on the complete transaction and current program rules. Shalanda Smith · NMLS #554554 · Secure Choice Lending · NMLS #1689518.

    Want to test either payment in more detail?

    Use the Texas Mortgage Payment Calculator →

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    Shalanda Smith, NMLS #554554

    Keys by Shalanda is the personal brand of Shalanda Smith, operating under Secure Choice Lending, NMLS #1689518. Licensed in Texas by the Texas Department of Savings and Mortgage Lending.

    Company office: 1650 Spruce St., Suite 500, Riverside, CA 92507 · Serving homebuyers across all of Texas

    Texas SMLNMLS Consumer Access

    Texas Consumer Complaint Notice

    Consumers wishing to file a complaint against a mortgage banker or licensed mortgage loan originator should contact the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Toll-free: 1-877-276-5550. sml.texas.gov

    All loans are subject to credit approval. Rates and terms are subject to change without notice. This is not a commitment to lend.

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