Financing — every loan type, compared honestly.
Conventional, FHA, VA, USDA, ARM, jumbo. Mortgage insurance, points, buydowns, down payments, PMI. The financing section is the comparison layer that lenders won't show you.
Reviewed May 2026 · Independent housing-cost intelligence
How to think about loan choice.
Mortgages aren't priced or structured at random. The differences between programs are mostly about who's underwriting the risk and how that cost gets billed back to the borrower. Once that's clear, the choice between FHA, conventional, VA, and ARM-vs-fixed becomes mechanical instead of mysterious.
The three things that actually drive the cost of a loan
The rate. Set by the credit profile, the loan-to-value ratio, the loan term, and the broader rate environment. The headline rate is what most calculators use — and it's only one of three drivers.
The mortgage insurance structure. The line item most borrowers don't price properly. Conventional PMI ends at 78% LTV by federal law. FHA mortgage insurance, on most modern loans, doesn't end at all — it persists for the life of the loan unless you refinance into conventional. VA loans have no mortgage insurance, ever. On a 30-year hold the structural mortgage-insurance difference can run $80,000+ across two otherwise-similar loans.
The upfront cost. Closing costs (2–3% of price), down payment, FHA's 1.75% upfront MIP, VA's 2.15% funding fee. These are real costs even when financed into the loan. Comparing the headline rate on two loans without comparing upfront costs is comparing two different things.
The decision framework, simplified
If you have 20%+ down and clean credit (700+), conventional is almost always the answer. Lower lifetime cost, no permanent mortgage insurance, no upfront FHA premium. Run the True Monthly Cost calculator with your specific numbers to confirm.
If you have 5–20% down and credit 680+, conventional with PMI is usually still the right answer over a long hold, because the PMI ends. The PMI calculator shows when, and the down payment strategy calculator compares 5/10/15/20% side-by-side.
If you have 3.5–5% down or credit in the 580–679 range, FHA may be the only path, and the lifetime cost difference vs. conventional is the price of getting in. The FHA vs. Conventional calculator shows the gap. The long-form guide covers the structural difference.
If you have military service eligibility, VA is structurally the best option for the borrowers who qualify. No down payment required, no monthly mortgage insurance, competitive rates. The VA vs. Conventional calculator shows the funding-fee math. The VA loan guide covers eligibility.
If you have a short, defined horizon (3–7 years) and stable income, an ARM may be worth considering for the lower starting rate. The ARM vs. Fixed calculator models the worst-case reset; the long guide covers when ARMs are rational and when they aren't.
Financing calculators.
FHA vs Conventional
Side-by-side over your hold period — upfront MIP, monthly MIP duration, PMI removal at 78% LTV.
Open LiveVA vs Conventional
If you qualify for VA, see what the funding fee, no-PMI structure, and zero down really buy you.
Open LiveARM vs Fixed
Model a 5/1, 7/1, or 10/1 ARM against a 30-year fixed. Compare fixed period and worst-case reset.
Open LiveDown Payment Strategy
5%, 10%, 15%, 20% — see what each level does to monthly cost, PMI duration, and total interest.
Open LivePMI Calculator
Estimate PMI cost, the month it drops off, and the total cost over your loan.
Open LiveClosing Cost Estimator
A realistic closing-cost figure — title, escrow, appraisal, lender fees, prepaids.
Open LiveRefinance vs. Keep
Break-even on a refinance: closing cost recovery, total savings over your remaining hold, and the rate-drop threshold worth pulling the trigger.
Open NewHELOC vs. Cash-Out Refi
Two ways to extract home equity, side-by-side. The choice usually hinges on your existing first-mortgage rate, not the equity option itself.
Open LiveAmortization Schedule
Every payment, year by year — principal vs. interest, cumulative interest, and the balance trajectory across the loan's life.
Open LiveEarly Payoff
Extra payments, biweekly schedule, or lump sum — interest saved and the new payoff date. The flip side of every refinance decision.
Open NewStress Test Your Scenario
Four scenarios — base case, rate up, value down, job loss — color-coded against your numbers. Pressure-test the financing before you commit to it.
OpenFinancing guides.
FHA vs Conventional — the long version
When FHA wins, when Conventional wins, and the FHA-into-Conventional refinance play.
Open GuideVA loan guide
Eligibility, the funding fee, no-PMI advantage, and when VA outperforms Conventional.
Open GuideARM vs Fixed — the long version
When an ARM is rational, when it's a trap, and how to model the worst-case reset.
Open GuideWhat is PMI and when does it go away?
The mechanics, the federal automatic-removal rule, and how to accelerate the cancellation.
OpenLender choice matters more than the headline rate suggests.
Two lenders quoting the same rate can have very different total costs after origination fees, points, mortgage insurance, and lock terms. The right comparison instrument is the federally standardized Loan Estimate — the three-page document most buyers never request more than once. The flagship covers how to read and compare LEs, the four lender types, the 8 questions to ask, the rate-vs-total-cost trap, and the credit-bureau shopping window most buyers don't know exists.
How to choose a mortgage lender
The full guide. ~12-minute read. Covers banks, credit unions, brokers, and online lenders; the LE comparison framework; the 8-question lender checklist; the shopping-window credit-bureau rule; and the rate-vs-total-cost trap.
New · LearnHow to compare two Loan Estimates
The tactical companion. Line-by-line playbook for when the LEs arrive — fees that match, fees that vary, the assumption mismatches that distort comparisons, and the right number to decide on.
CalculatorPoints vs. No Points
Directly relevant to comparing LEs. Should you pay discount points to lower the rate? Break-even month plus total savings over your hold horizon.
CalculatorFHA vs. Conventional
The program comparison that decides this question for many buyers. Lifetime MIP-vs-PMI math made explicit so the lender's preferred framing doesn't dominate.
Current rates, honestly sourced.
The Freddie Mac PMMS averages, what they actually mean, and why your Loan Estimate will be slightly different. The Rates Center pages explain the mechanics — Treasury yields, the mortgage spread, what "today's rate" represents — so you can read the rate environment without relying on lender marketing language.
Mortgage Rates hub
Current 30-year and 15-year averages from the Freddie Mac PMMS, clearly dated and sourced. Plus the supporting explainers.
ExplainerToday's rates — what the number means
The deeper read on what "today's rate" represents, what range to expect on your Loan Estimate, and why your specific rate differs.
Comparison30-year vs. 15-year mortgage
Side-by-side payment and interest math on a real loan. The case for each term and how to decide.
ExplainerWhat actually drives mortgage rates
The 10-year Treasury, the MBS spread, prepayment risk, and why "the Fed cut rates" doesn't mean mortgage rates fall.
Deep diveMortgage rate vs. Treasury spread
The spread is currently ~2.0 pp vs. a ~1.7 historical average. What moves it, why it widened in 2022, and why it remains elevated.
PracticalRate lock and timing
When to lock, what 30/45/60-day locks actually cost, and whether float-down provisions are worth their price.
Decision walkthroughShould I refinance now?
Refinance, recast, extra payments, or do nothing — the four-option decision walkthrough with break-even math on a real loan.
Coverage across all major loan types.
OwningCost models six loan structures, each with its own quirks: conventional, FHA, VA, USDA, jumbo, and ARM. The loan types hub has dedicated explainers for each, plus the calculator that's most relevant to that loan structure.
Common financing questions.
What credit score do I need to get the best mortgage rate?
Is FHA always cheaper than conventional?
When does PMI go away?
Should I take an ARM in this rate environment?
How much should I plan for closing costs?
When does refinancing make sense?
Where financing fits in the larger picture.
Loan structure is one input to the housing decision. These hubs cover the inputs and the consequences that surround it.
Loan types
Side-by-side comparison of every program — FHA, VA, USDA, conventional, ARM, jumbo — by purpose.
Open HubCalculators
Twenty-five tools, including Amortization Schedule, Points vs. No Points, FHA vs. Conventional, and ARM vs. Fixed.
Open HubBuying
The buying process this financing supports — credit, down payment, closing costs, and the timeline.
Open HubLearn
FHA vs. Conventional guide, PMI explained, ARM vs. Fixed analysis — read first if the calc surprises you.
OpenRun FHA vs Conventional with your real numbers.
The right loan depends on credit score, down payment, hold period, and the rates you can actually get. Plug yours in and see.