Mortgage Calculator
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Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a commitment to lend. Actual payment amounts, rates, and costs will vary by lender, borrower qualifications, and property details. Consult your licensed mortgage professional for personalized quotes.
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Common Loan Types
CONVENTIONAL
FHA
A mortgage insured by the Federal Housing Administration with flexible guidelines—popular with first-time buyers.
Good fit if: You want or need a smaller down payment and more forgiving credit/debt rules.
Down Payment: Typically 3.5% minimum for qualified buyers.
Mortgage Insurance: MIP is required (part upfront, part monthly); it can last a long time (life of loan)—many refinance later to remove it.
Keep in mind: Lower barrier to entry, but total monthly cost can be higher than a similar conventional loan once MIP is included.
VA
A benefit for eligible veterans, active-duty service members, and some surviving spouses.
Good fit if: You’re eligible and want strong terms with minimal upfront cash.
Down Payment: Often 0%
Mortgage Insurance: No PMI. There’s typically a funding fee (can be financed; waived for some).
Keep in mind: You’ll need a Certificate of Eligibility (COE). VA loans are often very competitive on rate and costs.
USDA
A loan backed by the U.S. Department of Agriculture for eligible rural/suburban areas; has household income limits and for primary residence only.
Good fit if: The home’s location and your income qualify—and you want minimal down payment.
Down Payment: Often 0%
Mortgage Insurance: No traditional PMI, but there’s a USDA guarantee fee (an upfront and an annual fee; often financed into the loan).
Keep in mind: Property location and income must meet USDA rules, and there’s an extra eligibility review step in the process.
Smart Questions to Ask When Choosing A Lender
Do you offer or have access to first-time homebuyer programs (including down payment and closing cost assistance)? Can you check my eligibility and explain the total cost trade-offs?
Why: These programs can reduce your cash to close, but may come with some trade-offs such as: income or area limits, homebuyer education requirements, 2nd mortgage or forgiveable terms, higher rates, or longer timelines.
Is that the note rate or the APR?
Are there any points or lender credits in this quote? How much?
Can I get a rate lock and for how long? Do you offer a float-down if rates drop?
Can I get a Loan Estimate today that also shows my cash to close?
If I have PMI, what's the monthly cost and when can it come off?
Can you match a competing quote if I share the Loan Estimate?
Questions about your home-buying plan?
Whether you need recommendations for local lenders so you can explore your options or ready to start your search for home, I'm here to help you achieve your goals. Reach out today and let me know how I can help.
Have questions?
If you're a first-time home buyer or it's been awhile since you've bought a home, you likely have questions. From financing, to the buying process and beyond...