Mortgage & Financing Resources
Calculate your payment, compare loan types, and understand your financing options — all in one place.
Mortgage Payment Calculator
Adjust the sliders to estimate your monthly payment including taxes, insurance, and PMI.
Mortgage Payment Calculator
Estimate your monthly payment instantly
PMI applies when down payment is below 20%
Est. Monthly Payment
$1,971
Principal, interest, taxes, insurance, PMI
* Estimates only. Actual rates and payments vary by lender, credit score, and location. Always get a formal Loan Estimate from your lender.
Compare Loan Types
Not all mortgages are created equal. Here's how the four most common loan types stack up for first-time buyers.
FHA Loan
Low credit / first-time buyers
Min Down
3.5%
Min Credit
580
Mortgage Ins.
Required
Loan Limit
$498,257
Pros
- Low down payment
- Flexible credit requirements
- Competitive rates
Cons
- Mortgage insurance required
- Loan limits apply
- Primary residence only
Conventional
Good credit, higher prices
Min Down
3%
Min Credit
620
Mortgage Ins.
If < 20% down
Loan Limit
$766,550
Pros
- No upfront MIP
- PMI removable at 20%
- Higher loan limits
Cons
- Higher credit required
- Stricter DTI limits
- Larger down payment ideal
VA Loan
Veterans & active military
Min Down
0%
Min Credit
620*
Mortgage Ins.
Funding fee only
Loan Limit
No limit
Pros
- Zero down payment
- No PMI ever
- Competitive rates
Cons
- Veterans/military only
- Funding fee required
- Primary residence only
USDA Loan
Rural & suburban buyers
Min Down
0%
Min Credit
640
Mortgage Ins.
Annual fee 0.35%
Loan Limit
Income-based
Pros
- Zero down payment
- Low mortgage insurance
- Below-market rates
Cons
- Rural areas only
- Income limits apply
- Longer approval process
* Lender requirements vary. Credit score minimums shown are general guidelines. Some lenders may require higher scores. Affiliate links may earn us a commission at no cost to you.
Financing Concepts Explained
APR vs. Interest Rate
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus lender fees, giving you a more complete picture of the loan's true cost. Always compare APRs when shopping lenders.
Debt-to-Income Ratio (DTI)
DTI is your total monthly debt payments divided by your gross monthly income. Most lenders want a DTI below 43%. The lower your DTI, the more loan you qualify for and the better rate you can get.
Private Mortgage Insurance (PMI)
PMI protects the lender if you default. It's required on conventional loans with less than 20% down, typically costing 0.5%–1.5% annually. Once you reach 20% equity, you can request PMI removal.
Closing Costs
Closing costs are fees paid at the end of the home purchase, typically 2%–5% of the loan amount. They include lender fees, title insurance, appraisal, and prepaid items. You can sometimes negotiate for the seller to cover some costs.
Escrow Account
An escrow account holds funds for property taxes and homeowners insurance. Your lender collects a portion each month with your mortgage payment, then pays these bills on your behalf when due.
Points & Buydowns
Mortgage points let you pay upfront to lower your interest rate. One point = 1% of the loan amount and typically reduces your rate by 0.25%. A 2-1 buydown temporarily reduces your rate for the first two years.
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Mortgage FAQ
Keep Learning
More resources to help you buy with confidence.