finance calculator
FHA vs Conventional 95 LTV Calculator
Compare payments and down payments for FHA (3.5% down) versus a 95% LTV conventional loan, including PMI/MIP and escrow estimates.
Results
- FHA monthly payment (PITI+MIP)
- $3,348
- Conventional monthly payment (PITI+PMI)
- $3,462
- FHA down payment (3.5%)
- $15,750
- Conventional down payment
- $22,500
- FHA MIP monthly
- $199
- Conventional PMI monthly
- $285
How to use this calculator
- Enter home price, rates, term, and down payment % for conventional.
- Enter annual PMI/MIP, property tax, and insurance estimates.
- Review FHA vs conventional monthly payments and down payments.
Inputs explained
- FHA MIP
- Annual FHA mortgage insurance premium as a percent of the loan (simplified flat rate).
- Conventional PMI
- Annual PMI rate for 95% LTV conventional (simplified flat rate).
- Property tax / Insurance
- Escrow estimates for taxes and homeowners insurance.
How it works
FHA down payment = 3.5% of price; conventional down payment = entered %. Loans are price minus down payment.
Monthly payment = P&I + monthly PMI/MIP + escrowed taxes/insurance.
FHA uses annual MIP; conventional uses annual PMI—entered as simple annual percentages divided by 12.
When to use it
- Deciding between FHA and a low-down-payment conventional loan.
- Showing how PMI/MIP and down payment size affect monthly PITI.
- Stress-testing affordability by adjusting PMI/MIP assumptions.
Tips & cautions
- PMI may drop off on conventional once LTV hits 80%; FHA MIP often stays for the term at low down payments—this model keeps them constant for simplicity.
- Check lender-specific MI factors and loan limits; this uses simple flat percentages.
- Increasing down payment lowers both PMI and P&I; test scenarios to hit a target monthly budget.
- Simplified flat PMI/MIP rates; real MI pricing is tiered by FICO/LTV/program.
- Does not model MI removal timing or FHA upfront MIP.
- Taxes/insurance are estimates; adjust to your market.
Deep dive
Compare FHA 3.5% down vs 95% LTV conventional monthly payments and down payments, including PMI/MIP, taxes, and insurance.
Enter rates, PMI/MIP, taxes, and insurance to see which option fits your budget.
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