FHA vs VA vs Conventional: Which Loan Is Best?

Short answer

It depends on your credit score, your down payment and whether you're eligible for VA. Today, with a 680 credit score and 5% down, FHA costs about $27,476 less over 10 years. For a veteran at 680, VA with 0% down wins by about $33,553. Pick your numbers below for the full side-by-side math.

Today’s rates · Rates as of November 4, 2026

Reviewed by Andrew D'Amato — President & Mortgage Expert · NMLS #1289793

Know the programs

The three loans most buyers choose between

FHA

Built for good-but-not-perfect credit and a small down payment.

Down payment
3.5% with 580+ credit (10% at 500–579)
Mortgage insurance
Upfront 1.75% (rolled into the loan) plus monthly. Same price at any credit score
How long it lasts
Life of the loan under 10% down; 11 years at 10%+
Seller can pay
Up to 6% of the price toward your closing costs

Best for: Credit from 580 to about 720, with 3.5% to 10% down.

More about FHA loans

Conventional

The standard loan. Gets cheaper as your credit gets stronger.

Down payment
3% for first-time buyers, 5% otherwise
Mortgage insurance
None at 20% down. Below that it's priced on your credit score
How long it lasts
Drops off on its own at 78% of the home's value, sooner if you ask at 80%
Seller can pay
3% under 10% down, 6% at 10–25% down

Best for: Credit of about 720+, or 20% down.

Today's conventional rates

VA

For veterans and service members. Usually the best loan if you're eligible.

Down payment
0%
Mortgage insurance
None. A one-time funding fee instead (waived with a VA disability rating)
Seller can pay
Your normal closing costs plus up to 4% in concessions
Who qualifies
Veterans, active duty, and some surviving spouses

Best for: Anyone eligible, at almost any credit score.

More about VA loans

Compare, priced today

FHA vs Conventional

Pick your credit score and down payment to see the full side-by-side math.

Savings over 10 years. Tap a box for the full math.

680 credit, 5% down: FHA or conventional?

What's the best mortgage with a 680 credit score and 5% down? Today it's FHA: about $27,476 less than conventional over 10 years.

680 credit · 5% down · $375,000 home · priced todayRates as of November 4, 2026

Best value over 10 years

30-year fixed

FHA

Rate

6.099%

APR

7.114%

Payment (principal & interest)
$2,196
Mortgage insurance
$148/mo
Points
1.82 · $6,473
Closing costs
$16,268
Down payment
$18,750
Total loan amount
$362,484
Cash to close
$35,018

30-year fixed

Conventional

Rate

6.999%

APR

7.756%

Payment (principal & interest)
$2,370
Mortgage insurance
$187/mo
Points
1.98 · $7,057
Closing costs
$16,739
Down payment
$18,750
Total loan amount
$356,250
Cash to close
$35,489

FHA saves

$212/mo

on your monthly payment vs Conventional

FHA saves

$27,476

in total costs over 10 years

FHA saves

$471

in cash at closing

FHA. At 680 credit with 5% down, it's the better loan whether you keep it 5 years or 10.

We'd take FHA here, with a plan: once your home has 20% equity, look at refinancing to conventional to drop the mortgage insurance for good. We'll watch rates for you and tell you when it makes sense. Either way, we price both for your exact numbers before you decide.

Compare, priced today

VA vs Conventional

For veterans and service members: VA with 0% down compared with conventional at 5% down. Pick your credit score to see the full side-by-side math.

680 credit: VA with 0% down or conventional with 5% down?

What's the best mortgage for a veteran with a 680 credit score? Today it's VA with 0% down: about $33,553 less than conventional with 5% down over 10 years.

680 credit · VA 0% down, Conventional 5% down · $375,000 home · priced todayRates as of November 4, 2026

Best value over 10 years

30-year fixed

VA

Rate

6.000%

APR

6.452%

Payment (principal & interest)
$2,297
Mortgage insurance
None
Points
2.25 · $8,426
Closing costs
$18,301
Down payment
$0
Total loan amount
$383,062
Cash to close
$18,301

30-year fixed

Conventional

Rate

6.999%

APR

7.756%

Payment (principal & interest)
$2,370
Mortgage insurance
$187/mo
Points
1.98 · $7,057
Closing costs
$16,739
Down payment
$18,750
Total loan amount
$356,250
Cash to close
$35,489

VA saves

$260/mo

on your monthly payment vs Conventional

VA saves

$33,553

in total costs over 10 years

VA saves

$17,188

in cash at closing

VA with 0% down. At 680 credit, it's the better loan whether you keep it 5 years or 10.

If you're eligible, VA almost always wins, and it does here: no down payment, no monthly mortgage insurance and a lower rate. With a VA disability rating the $8,062 funding fee is waived, so it wins by even more. Conventional can still make sense if you can put 20% down, which removes mortgage insurance and skips the funding fee, or if you want to keep your VA entitlement free for a later home. Either way, we price both for your exact numbers before you decide.

Every comparison prices a 30-year fixed purchase of a $375,000 single-family primary residence in Virginia. “Saves” is the difference in total borrowing cost (closing costs, interest and mortgage insurance) over 10 years.

Already have a quote? Is your rate good?Check it against today’s rates in 10 seconds. Free, no sign-up.

FAQ

Questions people ask

Is FHA or conventional better?

It depends on your credit score and down payment. FHA mortgage insurance costs the same at any credit score. Conventional mortgage insurance gets cheaper as your score goes up and comes off on its own at 78% of the home's value. So lower scores tend to favor FHA and higher scores conventional. The grid above shows which one costs less today at each score.

Is a VA loan better than FHA or conventional?

If you're eligible, usually yes. VA needs no down payment and has no monthly mortgage insurance, just a one-time funding fee, which is waived with a VA disability rating. Conventional can still make sense if you can put 20% down, which removes mortgage insurance and skips the funding fee.

How much do I need to put down?

VA: 0%. FHA: 3.5% with a 580+ credit score. Conventional: 3% for first-time buyers, 5% otherwise.

When does mortgage insurance go away?

FHA: it stays for the life of the loan with less than 10% down, and for 11 years with 10% or more. Conventional: it drops off on its own at 78% of the home's value, or sooner if you ask at 80%. VA has no monthly mortgage insurance.

Who qualifies for a VA loan?

Veterans, active-duty service members and some surviving spouses.

How we stack up

Lower rates than Zillow and Rocket

Rates up to

0.875%

lower

Save up to

$19,100*

over 10 years

FHASave up to $19,100

Mable

6.250%

Zillow

7.125%

—

Up to 0.875% lower rate

VASave up to $10,800

Mable

6.250%

Zillow

6.750%

—

Up to 0.5% lower rate

ConventionalSave up to $11,100

Mable

6.874%

Zillow

7.375%

—

Up to 0.501% lower rate

The Mable way

No haggle. No hassle.

Great rates, right up front, for every customer.

  • Our best rate from the start

    No negotiating and no games. The rate we show you is the rate we honor.

  • A real person answers

    Call or text and you'll hear back fast, all the way to closing.

  • No late surprises

    We check your credit and documents before we pre-approve you.

Get your custom quote in 60 seconds

Today’s rates, priced for your scenario.

  • Just a few questions
  • Instant, automated pricing
  • No hard credit pull

* Comparison uses rates published on each lender’s website as of November 4, 2026 at 2:00 PM ET, for each lender’s own sample loan: Zillow Home Loans, $275,000 loan, 20% down, 740+ credit score, primary residence. Mable’s rate is the lowest rate from our pricing of those same sample loans (same loan amount, down payment and credit score, at no more discount points than the lender it was priced against). Savings over 10 years are the difference in monthly principal and interest on each lender’s sample loan amount, times 120 months. Published rates change often and may include assumptions we can’t verify. Your rate depends on your credit, property, loan amount and other factors. This is not a loan offer or a commitment to lend. Zillow Home Loans and Rocket Mortgage are trademarks of their respective owners and are not affiliated with Mable Loans.