fha to conventional refinance calculator: compare savings, break-even, and PMI removal

What it does

This handy tool models the trade‑off between your current FHA loan and a new conventional mortgage, estimating payment changes, total interest, and the impact of replacing MIP with PMI-or eliminating it if your equity is at least 20%. Enter balance, home value, rates, term, closing costs, and points; the calculator will show monthly savings and break-even months so you know when fees are recovered. It also highlights how credit score, loan-to-value, and debt-to-income may affect pricing; results are estimates, not offers.

Benefits and use cases

• Remove lifetime FHA MIP on older loans and lower total cost.
• Capture lower rates or shift to a shorter term for faster equity.
• Consolidate to a single payment while keeping cash flow predictable.
• Compare scenarios side by side to see sensitivity to closing costs.
• Plan timing; if moving soon, a refinance may not pencil.

To use it well: gather your latest mortgage statement, recent appraisal or value estimate, current market quotes, and expected fees, then test multiple scenarios. If the break-even is under your time horizon and the APR aligns with your goals, a switch to conventional could make sense.