What MIP rates are used?

UFMIP 1.75%. Annual MIP follows Mortgagee Letter 2023-05 (still the 2026 schedule): 0.55% on most 30-year loans above 95% LTV at or under the 2026 conforming line ($832,750). Life of loan if LTV > 90% at origination; 11 years otherwise.

Is conventional PMI a live quote?

No. It is an illustrative credit-score × LTV table. Carriers file their own rates.

Here, when scheduled principal hits 80% of the purchase price. Servicers auto-cancel at 78% of original value on a current loan.

FHA minimum is 3.5% at 580+ credit. Some conventional first-time programs go to 3%. Enter the downs you were quoted. The page flags a down below 3.5%.

What is the 2026 FHA loan ceiling?

The high-cost 1-unit ceiling is $1,249,125 (150% of the $832,750 conforming line). Low-cost floors are 65% of conforming. This tab still quotes MIP above that line so you can see the math, but FHA will not insure most of those loans.

Runs in your browser · Last updated 4 September 2026

Free FHA vs Conventional Loan Calculator (US, 2026)

Free FHA vs conventional loan calculator. Compare 2026 FHA MIP (1.75% upfront + annual) with cancellable PMI. Browser tool — nothing is uploaded.

Purchase price ($)Note rate %Term (years)Credit score (PMI only)FHA down %Conventional down %

Lower monthly this year: Conventional. FHA MIP uses the 2023 HUD rate table still in force in 2026; the high-balance tier starts above the 2026 conforming line ($832,750). Annual MIP is charged on unpaid principal each month (declining balance), for 11 years if origination LTV ≤ 90% or for the life of the loan if higher. Conventional PMI is an illustrative credit/LTV table and drops at 80% of purchase price.

FHA (UFMIP 1.75% financed)

Down: $14,000
Loan (incl. financed MIP): $392,755
P&I: $2,482.48
Monthly MIP / PMI: $180.01
First-year monthly: $2,662.49
MI duration: Life of loan
MI total: $42,387
Lifetime P&I + MI: $936,079

Conventional

Down: $20,000
Loan (incl. financed MIP): $380,000
P&I: $2,401.86
Monthly MIP / PMI: $171.00
First-year monthly: $2,572.86
MI duration: 10.3 years
MI total: $21,204
Lifetime P&I + MI: $885,873

How to use this tool

Enter price, note rate, term, and the two down-payment percents.
Set a credit score — it only changes conventional PMI.
Compare first-year monthly and lifetime MIP vs PMI.

Worked example

$400,000 price, 6.5% 30-year: FHA at 3.5% down finances 1.75% UFMIP and keeps annual MIP for the life of the loan. Conventional at 5% down and a 740 score usually wins on PMI that later cancels.

Frequently asked questions

What MIP rates are used?: UFMIP 1.75%. Annual MIP follows Mortgagee Letter 2023-05 (still the 2026 schedule): 0.55% on most 30-year loans above 95% LTV at or under the 2026 conforming line ($832,750). Life of loan if LTV > 90% at origination; 11 years otherwise.
Is conventional PMI a live quote?: No. It is an illustrative credit-score × LTV table. Carriers file their own rates.
When does PMI drop?: Here, when scheduled principal hits 80% of the purchase price. Servicers auto-cancel at 78% of original value on a current loan.
3.5% vs 3% down?: FHA minimum is 3.5% at 580+ credit. Some conventional first-time programs go to 3%. Enter the downs you were quoted. The page flags a down below 3.5%.
What is the 2026 FHA loan ceiling?: The high-cost 1-unit ceiling is $1,249,125 (150% of the $832,750 conforming line). Low-cost floors are 65% of conforming. This tab still quotes MIP above that line so you can see the math, but FHA will not insure most of those loans.
Is the file uploaded?: No.