Six loan types, six honest explainers.

For most U.S. buyers, the first comparison is FHA vs. conventional — the choice between the lower entry barrier (FHA) and the lower lifetime cost (conventional, when you qualify). If you have military service eligibility, run VA against both. The FHA vs. Conventional calculator is the right starting point; the long-form guide covers the structural mortgage-insurance difference that usually decides the question over a 7+ year hold.

FHA is government-insured; conventional isn't. FHA accepts lower credit (down to 580 routinely) and lower down payments (3.5%) but charges a 1.75% upfront mortgage insurance premium and lifetime monthly MIP on most modern loans. Conventional requires 620+ credit and typically 5%+ down, but its PMI ends automatically at 78% LTV by federal law. Over a 30-year hold, the lifetime MIP-vs-PMI difference is usually $50,000–$100,000+ on similar loan sizes. Full breakdown in the guide.

For most VA-eligible borrowers, yes. No down payment, no monthly mortgage insurance, and competitive rates is a structurally hard combination to beat. The funding fee (typically 2.15% first use, 3.3% subsequent use) is the trade — it's financed into the loan and is usually recovered in 18–30 months by the absence of PMI. The edge cases where VA isn't optimal: subsequent-use borrowers putting 20%+ down (where conventional with no PMI may pencil out better) and condition-issue properties that won't pass VA's minimum property requirements. The VA loan guide walks through the eligibility and funding-fee math.

ARM gives a lower starting rate (typically 50–125 basis points below 30-year fixed) for a defined fixed period, then adjusts annually. Fixed gives certainty for the life of the loan. ARMs are rational for borrowers whose realistic horizon is shorter than the fixed period (5/1, 7/1, 10/1) and whose budget can absorb the lifetime-cap payment. Fixed is right for long holds, stable income, and households where payment predictability has real value. Run the ARM vs. Fixed calculator with the worst-case reset modeled before deciding — if the cap payment fits the budget, the ARM bet is rational; if it doesn't, take the fixed.

More than most borrowers price it. On a $340,000 loan, conventional PMI at 0.75% costs about $213/month and ends at year 9–10 by automatic termination — total cost ~$22,000. FHA MIP on the same loan at 0.85% runs $241/month for the life of the loan — total cost ~$87,000 over 30 years. The structural difference is decisive on long holds. The PMI guide covers the federal removal rules; the PMI calculator shows your specific numbers.

Not always. The "wait until you have 20% down" framing assumes saving an additional 10–15% of purchase price is faster and cheaper than paying PMI for 4–6 years until appreciation reaches the threshold. In appreciating markets and stable incomes, that math frequently favors buying earlier with PMI rather than waiting. The down payment strategy calculator compares 5%, 10%, 15%, and 20% down side-by-side on the same purchase, so you can see the real trade-off rather than the rule of thumb.

Three direct comparison calculators handle most questions: FHA vs. Conventional, VA vs. Conventional, and ARM vs. Fixed. For loan-structure decisions inside a single program, PMI, Down Payment Strategy, and Closing Cost handle most of the remaining questions. All financing calculators live in the Financing hub.

No. We don't accept payment from lenders, brokers, or insurance companies, and there's no preferred-lender list anywhere on the site. The calculators surface the math; the loan you choose is your decision, made with the lender of your choice. If we ever introduce a paid relationship with a lender, it will be disclosed in plain language on every affected page and won't influence which loan structures we recommend.