Mortgage Calculator
Use our free mortgage calculator to budget for your next home! Simply enter the home price, down payment percentage, loan term, and interest rate to see an instant breakdown of your estimated monthly payment, including principal, interest, taxes, insurance, mortgage insurance, and HOA fees. This calculator is updated with the latest mortgage formulas and gives you a clear idea of what you can afford before you start shopping for a home.
Conventional Loans
Conventional loans are the most common type of mortgage and are not insured by any government agency. They typically require good credit (620 FICO score or higher) and a down payment of at least 3–5%, though putting 20% down helps you avoid private mortgage insurance (PMI). Conventional loans are flexible and a great fit for buyers with solid financial profiles.
FHA Loans
FHA loans are insured by the Federal Housing Administration and designed to help first-time and moderate-income buyers. With credit score requirements starting as low as 580 and a minimum down payment of just 3.5%, FHA loans make homeownership more accessible. They do require mortgage insurance premiums (MIP), but they’re a strong option for those with limited savings or lower credit scores.
VA Loans
VA loans are a powerful benefit available to eligible veterans, active-duty service members, and certain military spouses. Backed by the Department of Veterans Affairs, VA loans require no down payment and no private mortgage insurance. They often feature competitive interest rates, making them one of the most affordable paths to homeownership for those who have served.
USDA Loans
USDA loans, backed by the U.S. Department of Agriculture, are designed to encourage homeownership in rural and suburban areas. There is no down payment required, as long as the property is in an eligible area and the buyer meets income limits. USDA loans are a great option for buyers seeking affordable housing outside of major metropolitan centers.