Compare financing before you fall in love with a home.
The loan you choose can change your payment, cash needed to close, mortgage insurance, and long-term flexibility. Realty Plus helps consumers find mortgage brokers by state and county so they can compare loan paths with a licensed professional.
Estimate your monthly mortgage payment.
This calculator uses editable example inputs for a prime-borrower style estimate. It does not pull live rates and is not a loan quote. Change the interest rate, down payment, taxes, insurance, and term to match the offer you are reviewing.
Principal & interest$0
Estimated taxes$0
Insurance$0
HOA + PMI$0
Estimated loan amount$0
Example only. Actual payment depends on lender pricing, credit score, loan program, points, APR, property taxes, insurance, HOA dues, mortgage insurance, closing costs, and timing.
Common mortgage options and down payment expectations.
Different programs exist for different borrowers. A mortgage broker can help explain what you may qualify for and what the tradeoffs look like before you write an offer.
FHA Loans
FHA loans are insured by the Federal Housing Administration and are often discussed with first-time buyers or buyers who want a lower down payment path.
- Down payment can be as low as 3.5% for qualified borrowers.
- Often used when buyers need more flexible credit guidelines.
- Mortgage insurance is usually part of the payment structure.
VA Loans
VA loans are for eligible Veterans, service members, and certain surviving spouses. They can be a powerful path for military buyers and families.
- Many VA-backed purchases can be structured with no down payment when eligibility and property rules are met.
- VA guaranty helps protect the lender.
- Ask about funding fees, eligibility, entitlement, occupancy, and property requirements.
Conventional Loans
Conventional mortgages are not FHA or VA loans. Many are designed to meet Fannie Mae or Freddie Mac standards.
- Some programs allow down payments as low as 3%.
- Many buyers put down 5% to 20%.
- Private mortgage insurance usually applies below 20% down.
USDA Loans
USDA financing may help qualified buyers purchase eligible rural or suburban properties.
- Can offer low or no down payment options for eligible borrowers.
- Income and property-location rules apply.
- Useful in counties where eligible areas sit outside larger cities.
Jumbo Loans
Jumbo loans are used when the loan amount is above conforming loan limits or the property does not fit standard agency pricing.
- Down payment may be higher than standard conforming loans.
- Reserve requirements can be more detailed.
- Pricing depends heavily on credit, assets, property type, and lender.
Subprime / Non-QM Loans
Non-prime or non-QM options may be discussed when a borrower does not fit standard guidelines, such as self-employed income, recent credit events, or unique documentation.
- Rates and fees are often higher than prime mortgage options.
- Down payment requirements are lender-specific and may be larger.
- Compare carefully and ask if FHA, VA, or conventional options are available first.
What to ask a mortgage broker before you apply
Cost questions
- What is the interest rate and APR?
- Are points included in the quote?
- What is my estimated cash to close?
- Will I pay monthly mortgage insurance?
- How long is the rate lock?
Program questions
- Is this FHA, VA, conventional, USDA, jumbo, or non-QM?
- What minimum down payment applies?
- What credit, income, and asset documents are needed?
- Can the rate or payment change later?
- Are there prepayment penalties or balloon features?
Realty Plus financing disclosure
Realty Plus is a directory. Realty Plus is not a mortgage lender, mortgage broker, bank, credit union, loan originator, real estate broker, or financial advisor. Calculator results and loan program descriptions are educational estimates only and should not be treated as lending, legal, tax, or financial advice. Consumers should verify licensing, compare written Loan Estimates, and speak directly with licensed mortgage professionals before choosing a loan.