Compare loans · today’s rates
700 Credit, 10% Down: FHA or Conventional?
You have a 700 credit score and 10% down on a $375,000 home in Virginia. You qualify for both FHA and conventional. Most lenders steer you toward whichever one they prefer. Here are both, priced on today's rates, with the math done for you.
The numbers
Side by side, priced today
700 credit · 10% down · $375,000 home · priced todayRates as of September 25, 2026
30-year fixed
FHA
Rate
6.500%
APR
7.299%
- Payment (principal & interest)
- $2,171
- Mortgage insurance
- $141/mo
- Points
- 2.24 · $7,567
- Closing costs
- $17,318
- Down payment
- $37,500
- Total loan amount
- $343,406
- Cash to close
- $54,818
30-year fixed
Conventional
Rate
7.375%
APR
7.891%
- Payment (principal & interest)
- $2,331
- Mortgage insurance
- $98/mo
- Points
- 2.12 · $7,162
- Closing costs
- $16,730
- Down payment
- $37,500
- Total loan amount
- $337,500
- Cash to close
- $54,230
FHA saves
$118/mo
on your monthly payment vs Conventional
FHA saves
$14,600
in total costs over 10 years
Conventional saves
$588
in cash at closing
30-year fixed purchase, single-family primary residence, Virginia. The rate, points and lender costs are Mable’s, and we stand behind them. Title, local taxes, insurance and other third-party costs are county-level estimates, and they’re the same whichever loan you choose.
The math
What the difference really costs you
- Monthly payment. FHA is $2,702 a month and conventional is $2,820, including taxes and insurance. That's $118 a month in FHA's favor.
- Up front. FHA adds a $5,906 upfront mortgage insurance premium, rolled into the loan so you don't pay it in cash. Cash to close is $54,818 with FHA and $54,230 with conventional, close to a wash.
- Over time. Counting closing costs, interest and mortgage insurance, conventional costs less at first. FHA pulls ahead after 3.2 years and is $14,600 cheaper after 10 years.
- Mortgage insurance. FHA mortgage insurance ends after about 11 years. Conventional mortgage insurance ends after about 10 years.
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Pros and cons
For this scenario, not in general
FHA
- Rate is 0.875% lower than conventional at a 700 score.
- Mortgage insurance costs the same at any credit score.
- The seller can pay up to 6% of the price toward your closing costs.
- A $5,906 upfront mortgage insurance premium is added to your loan.
- Mortgage insurance stays for 11 years at 10% down.
- The appraisal checks the home's condition more strictly.
Conventional
- Mortgage insurance drops off on its own after about 10 years, sooner if you ask once you reach 20% equity.
- No upfront mortgage insurance fee.
- Mortgage insurance is cheaper here: $98 a month vs $141 on FHA.
- The seller can pay up to 6% toward closing costs at 10% down or more.
- Rate is 0.875% higher than FHA at this score.
Our take
What we’d do
FHA. At 700 credit with 10% down, it's the better loan whether you keep it 5 years or 10.
We'd take FHA here. The lower rate does the heavy lifting, and at 10% down the mortgage insurance comes off after 11 years. Either way, we price both for your exact numbers before you decide.
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Reviewed by Gerald Hanson — CEO & Mortgage Expert · NMLS #1169684