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Calculator to compare FHA vs. USDA over life of loan?

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thankfulheart
Established Contributor

Calculator to compare FHA vs. USDA over life of loan?

I've Googled til I can't Google anymore.  Does anyone know if there is such a thing?  I've been toying with numbers and while FHA is more pricey for the 1st 5 years, it seems to get cheaper than USDA after the PMI falls off (unless I'm figuring it wrong). Plus, you are starting with some equity if you make the 3.5% downpayment, rather than starting out underwater, right?

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

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Sunshine85
Frequent Contributor

Re: Calculator to compare FHA vs. USDA over life of loan?

PMI on an FHA loan terminates at 5 years, or 78% LTV, whichever comes **last**. So you're paying PMI for a minimum of 5 years, not a max I think over the life of the loan, USDA might be a few grand more expensive, as the mortgage insurance never drops off. .

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