Read this on our FHA site: fhahomeloans.services →
Everyone says "FHA is cheaper" or "conventional is better long-term." But nobody shows the actual math. Let us run the numbers on a $435,000 Las Vegas home.
Buyer: 660 credit score, $20,000 saved, buying $435K home.
FHA option: 3.5% down ($15,225), 5.750% rate, $192/mo MIP forever.
Conventional option: 5% down ($21,750), 6.375% rate, $245/mo PMI until 20% equity (~7 years).
FHA monthly: $2,683. Conventional monthly: $2,891. FHA saves $208/month or $12,480 over 5 years. Plus you kept $6,525 more cash at closing.
At year 7, conventional PMI drops. Now conventional is $2,646/mo vs FHA still at $2,683. But FHA was cheaper for 7 years. Net advantage still FHA through year 10.
Buy with FHA now (lower payment, less cash needed), build equity, then refinance to conventional at 20% equity to drop MIP. Best of both worlds. See the full comparison →
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