First-time buyer loan comparison
Compare 20% down, low-down conventional and FHA-style loans side by side.
Share or save these exact numbers. The link keeps every input, so whoever opens it sees the same result and can change any number to compare options.
The purchase
The price of the home you are thinking of buying.
Fees paid when the sale closes (lender, title company, recording and similar), as a percentage of the price. Often around 2% to 5%. A lender can give you an estimate.
How many years you have to pay the loan back. A 30-year loan has smaller monthly payments; a 15-year loan has bigger payments but costs far less interest overall.
How long you expect to keep the home. A shorter stay favors loans with lower upfront costs.
Use real quotes
The rates and insurance figures below are placeholders. Loan programs, credit scores and markets change what you are offered, so replace them with quotes from lenders before relying on the comparison.
Option 1: Conventional, 20% down
The percentage of the price you would pay in cash up front under this loan type.
The yearly cost of the loan, as a percentage of what you owe. Use a current quote from a lender, because rates change often.
Yearly mortgage insurance as a percentage of the loan, charged when you put little down. Different loan types call it different names.
A one-time insurance charge some low-down-payment loans add to the loan amount. FHA-style loans commonly charge about 1.75%. Enter 0 if none.
Mortgage insurance
Whether this loan's insurance ends once you have built enough equity, or stays for the life of the loan. Ask each lender.
Option 2: Conventional, low down
The percentage of the price you would pay in cash up front under this loan type.
The yearly cost of the loan, as a percentage of what you owe. Use a current quote from a lender, because rates change often.
Yearly mortgage insurance as a percentage of the loan, charged when you put little down. Different loan types call it different names.
A one-time insurance charge some low-down-payment loans add to the loan amount. FHA-style loans commonly charge about 1.75%. Enter 0 if none.
Mortgage insurance
Whether this loan's insurance ends once you have built enough equity, or stays for the life of the loan. Ask each lender.
Option 3: FHA-style, 3.5% down
The percentage of the price you would pay in cash up front under this loan type.
The yearly cost of the loan, as a percentage of what you owe. Use a current quote from a lender, because rates change often.
Yearly mortgage insurance as a percentage of the loan, charged when you put little down. Different loan types call it different names.
A one-time insurance charge some low-down-payment loans add to the loan amount. FHA-style loans commonly charge about 1.75%. Enter 0 if none.
Mortgage insurance
Whether this loan's insurance ends once you have built enough equity, or stays for the life of the loan. Ask each lender.
Lowest total cost of owning
Conventional, 20% down
$122,876 in interest, insurance and closing over 7 years. Lowest monthly: Conventional, 20% down.
Deal check
Rules-based reviewConventional, 20% down
How the three loans compare once everything is counted.
- "Conventional, 20% down" has both the lowest payment and the lowest cost over 7 years.
- Least cash to close: "FHA-style, 3.5% down" at $21,125. Most cash: $74,750.
What would change the answer
- →Ask each lender whether mortgage insurance can be removed later. If it stays for the life of the loan, the cost grows the longer you keep the home.
Terms used:PMI (private mortgage insurance)PMI drop-offFHA-style mortgage insuranceLTV (loan-to-value)Closing costsDown payment
An estimate from your inputs, not financial, tax or legal advice. Verify every number with real comps, quotes and the source records.
Side by side
| 1 | 2 | 3 | |
|---|---|---|---|
| Monthly (P&I + MI) | $1,643 ✓ | $2,152 | $2,109 |
| Cash to close | $74,750 | $26,000 | $21,125 ✓ |
| Cost over 7 yrs | $122,876 ✓ | $161,388 | $160,555 |
| Loan amount | $260,000 | $308,750 | $319,113 |
| Balance at yr 7 | $235,082 | $279,623 | $287,309 |
✓ marks the lowest in each row. Cost over the period counts interest, mortgage insurance, closing costs and any financed upfront insurance. It does not count principal you pay down, which becomes your equity.
What this means
The lowest monthly payment is not always the lowest total cost. A smaller down payment keeps your cash in the bank, but it usually means paying more each month and more over time. Your best option depends on how much cash you want to keep and how long you will stay.
Check whether mortgage insurance ever drops off. On some loans it stays for the life of the loan, which changes the math if you plan to keep the home a long time.
For education and planning only. Results are estimates based on the numbers you enter and are not financial, tax, legal or lending advice. Loan rules, rates and taxes vary, so confirm details with a licensed professional.
More buyer calculators
Skip the guesswork
Run it on real leads.
Members get evidence-backed distress leads in their own county, ranked by how many signals overlap.
Claim your territoryLive from the feed
Dauphin County, PA
564
Records
564
New this week
0
Hot leads
- 4h ago
Mountain St
tax repository
- 4h ago
Sleepy Hollow Rd (Trailer)
tax repository
- 4h ago
Chelton Av 8 (Trailer)
tax repository
- 4h ago
Chelton Ave (Trailer)
tax repository