Down Payment

The old school rule of thumb was to pay 20% of the home's price as your down payment; now, many mortgage loans require as little as 3% down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be—or the more expensive a house you can buy.

Loan Type

Conventional Loan
A common option for buyers with solid credit and stable income, often offering competitive rates and fewer added fees over time.

First-Time Home Buyer Conventional Programs
Many conventional loans offer low down payment options and flexible guidelines specifically designed to help first-time buyers get started.

FHA Loan
Great for buyers who may have lower credit scores or less saved for a down payment, with flexible guidelines and low down payment options.

VA Loan
Available to eligible veterans, active-duty service members, and some surviving spouses, often with zero down payment and no monthly mortgage insurance.

USDA Loan
Designed for eligible buyers in certain rural and suburban areas, with potential zero down payment options.

Jumbo Loan
Used for higher-priced homes that exceed standard loan limits, typically requiring stronger credit and larger cash reserves.

DSCR Loan
Built for investors, qualifying primarily based on the property’s rental income instead of personal income.

Bank Statement Loan
Helpful for self-employed buyers, using bank deposits rather than tax returns to verify income.

Loan Term

Your loan term will affect your interest rate and monthly payments (shorter term = lower rates but higher monthly payment; longer term = higher rates but lower monthly payment). Choose from 30-year fixed, 15-year fixed, or all the way down to a 10-year fixed. 

Interest Rate

This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment. There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan and hold that rate for a set number of years before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator's advanced options.

HOA Fees

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.