What’s My Payment?’s best-in-class mortgage calculators, including FHA, VA, USDA, refinance, and conventional loans, are optimized for phones, tablets, and desktop.. FHA vs Conventional Loan FHA is often best when looking to minimize out of pocket cash & down payment.
The disadvantage of an FHA loan is expensive mortgage insurance, which is paid upfront as well as in monthly installments. Conventional loans are cheaper overall but require good credit. Mortgage insurance may also be required with conventional loans if a down payment is below 20%, but pricing for this is usually better than for FHA loans.
The FHA vs Conventional question involves examining your 1) credit score; 2) available down payment; 3) long-term goals. 1) Credit score:.