Mortgage Comparison Guides
Compare the mortgage decisions that change monthly payment, qualification, insurance cost, refinancing value, and long-term interest.
Source-reviewed May 21, 2026 using CFPB, Freddie Mac, HUD, and VA public mortgage guidance.
FHA vs Conventional Loan
Down payment, credit score, MIP vs PMI, loan limits, appraisal rules, and refinance path.
VA Loan vs Conventional
Funding fee, no-PMI advantage, eligibility, appraisal friction, and break-even tradeoffs.
ARM vs Fixed-Rate Mortgage
Payment stability, reset risk, rate caps, expected holding period, and refinance timing.
15-Year vs 30-Year Mortgage
Monthly payment, lifetime interest, equity speed, affordability, and cash-flow risk.
PMI Cost & Removal
Private mortgage insurance cost, cancellation at 78% LTV, 80% borrower request, and down-payment tradeoffs.
HELOC vs Cash-Out Refinance
Rate structure, closing costs, monthly payment risk, and when not to refinance a low first mortgage.
How to use these comparisons
Start with the comparison closest to your decision, then run the numbers in the mortgage calculator, PMI calculator, affordability calculator, or refinance calculator. The best choice usually depends on credit score, down payment, expected holding period, property type, and whether the lower payment creates hidden insurance or reset risk.
Mortgage Decision Matrix
Use this table to choose the next guide without opening six tabs.
| Decision | Best when | Watch for | Next step |
|---|---|---|---|
| FHA vs conventional | FHA can fit buyers with thinner credit or smaller down payments; conventional usually wins for strong credit and lower long-term insurance cost. | FHA MIP, property standards, and loan limits can outweigh the easier qualification path. | Compare down payment, PMI/MIP, and monthly payment side by side. |
| VA vs conventional | VA is strongest when eligibility, zero down, and no monthly mortgage insurance offset the funding fee. | Funding fee, appraisal timing, seller perception, and whether a conventional offer prices better. | Run both offers using the same rate, term, taxes, and insurance assumptions. |
| ARM vs fixed | An ARM can make sense when the initial fixed period is longer than your likely hold period or refinance window. | Payment shock after the fixed period, rate caps, index margin, and qualifying payment rules. | Stress-test the payment at the first adjustment and lifetime cap. |
| 15-year vs 30-year | A 15-year loan builds equity faster and reduces lifetime interest when the higher payment fits comfortably. | A higher required payment can reduce emergency liquidity or crowd out retirement contributions. | Compare the required 15-year payment with a 30-year loan plus voluntary extra principal. |
| PMI cost and removal | A lower down payment can preserve cash when PMI is temporary and the home price still fits your DTI. | PMI cancellation timing, appraisal requirements, and whether the higher payment hurts qualification. | Estimate PMI, then compare 3%, 5%, 10%, and 20% down payment scenarios. |
| HELOC vs cash-out refinance | A HELOC can preserve a low first-mortgage rate; cash-out can simplify debt when the blended rate still works. | Variable-rate HELOC risk, refinance closing costs, reset amortization, and losing an older low-rate loan. | Compare break-even, total interest, and payment volatility before replacing your first mortgage. |
What to compare before choosing a lender
- Projected payment: principal, interest, taxes, insurance, PMI/MIP, HOA dues, and any rate reset.
- Cash to close: down payment, origination charges, discount points, escrow setup, prepaid interest, and transfer taxes.
- Break-even: divide extra upfront cost by monthly savings before buying points or refinancing.
- Exit path: PMI cancellation, FHA-to-conventional refinance, ARM reset date, or HELOC payoff plan.
Official source checks
The strongest mortgage comparison starts from lender disclosures and current market-rate context, then layers in program-specific insurance and fee rules.
Related calculators
Mortgage comparison FAQ
Which mortgage comparison should I start with?
Start with the decision that changes your loan approval or monthly payment first. Most buyers should compare FHA vs conventional, then 15-year vs 30-year, then PMI and down payment options. Veterans should compare VA vs conventional before pricing any other loan type.
Why does the same mortgage rate produce different total costs?
Total cost changes because points, PMI, MIP, funding fees, closing costs, refinance timing, and loan term all change the payment path. A lower quoted rate is not always cheaper if it requires high upfront cost or resets later.
Should I compare mortgages by APR or monthly payment?
Use both. Monthly payment shows affordability, while APR helps compare financing charges. The CFPB Loan Estimate is the best place to compare rate, APR, closing costs, cash to close, and projected payments across lenders.