A deep look at what a home really costs: every loan type, taxes, insurance, closing costs, who qualifies, and the true price of interest.
The purchase enter your numbers; everything below updates live
Monthly payment
$0
total monthly payment (PITI plus mortgage insurance and HOA)
Cash to close
$0
down payment plus estimated closing costs
Every fee above is editable. Type your lender's actual numbers from the Loan Estimate and the cash to close updates instantly.
Income to qualify lenders cap your housing payment as a share of gross income
Front-end ratio is housing payment over gross income; back-end adds your other monthly debts. Conventional loans target 28% front and 36% back, expand to 43% with automated underwriting, and reach roughly 50% in strong files. Green rows clear the standard 28/36 test.
Loan programs compared same home and down payment, each program's typical rate; click a row to load it
FHA, VA, and USDA fold an upfront fee into the loan (shown as a higher balance, not cash). VA and USDA allow zero down; FHA needs 3.5%; jumbo loans usually need 10% or more. Mortgage insurance on conventional and jumbo loans falls off near 20% equity, FHA usually lasts the life of the loan unless you put 10% down, and VA never charges it.
Principal and interest over time interest split into the part that merely tracks inflation versus the real cost
Each bar is one year of payments. Principal builds equity. The interest you pay is split: the slice that just keeps pace with inflation is nearly free in real terms (you repay with cheaper future dollars), while the excess above inflation is your true cost of borrowing. Early years are mostly interest, and mostly excess, which is why paying extra early saves the most. For ARMs the bars follow the reset scenario you chose.
Plan a refinance swap into a new rate and term, see the break-even
Loan programs, in plain English
Fixed-rate vs adjustable-rate (ARM)
A fixed-rate loan keeps the same interest rate and principal-and-interest payment for the entire term, so your payment never changes; you trade a slightly higher starting rate for certainty. An ARM is fixed for an introductory period, then the rate resets periodically based on a market index plus a fixed margin, within caps that limit how far it can move at the first reset and over the life of the loan. ARMs start lower, which helps if you will move or refinance before the fixed period ends, but the payment can rise (or fall) afterward. The naming is two numbers: the first is the years fixed, the second is how often it adjusts after that. A 5/6 ARM is fixed five years then adjusts every six months; a 1/1 ARM is fixed one year then adjusts annually. Use the reset scenario control above to see lower, similar, or higher future-rate paths.
Conventional
The standard loan, not backed by a government agency, following Fannie Mae and Freddie Mac limits. As little as 3% down. Private mortgage insurance (PMI) applies below 20% equity and automatically ends near 20%. Best for buyers with solid credit who want flexibility and no upfront fee.
Jumbo (non-conforming)
A loan larger than the conforming limit set each year by the Federal Housing Finance Agency. Because it cannot be sold to Fannie or Freddie, lenders set their own rules: usually 10% or more down, stronger credit and reserves, and a slightly higher rate. Used for higher-priced homes.
FHA
Insured by the Federal Housing Administration, built for lower credit scores and small down payments (3.5%). It charges an upfront mortgage insurance premium (financed into the loan) plus a monthly premium that usually lasts the life of the loan, unless you put down 10% or more, in which case it drops after 11 years.
VA
Guaranteed by the Department of Veterans Affairs for eligible veterans, service members, and some surviving spouses. Zero down payment, no monthly mortgage insurance, and competitive rates. A one-time funding fee (financed) replaces ongoing insurance, and it is waived for those with a service-connected disability.
USDA
Backed by the Department of Agriculture for low-to-moderate-income buyers in eligible rural and many suburban areas. Zero down. A small upfront guarantee fee (financed) plus a low annual fee for the life of the loan. Income and location limits apply.
About this tool. Rate defaults reflect national averages as of and are fully editable; check current quotes before relying on them. Property tax can be set three ways: a state average, your county, or your specific city, all using effective rates (taxes actually paid as a share of home value) from the U.S. Census ACS 2019 to 2023 (tables B25103 and B25077) across every state, more than 3,100 counties, and over 26,000 places. You can also type your exact rate or annual tax dollars, which is the most precise for a specific address. Mortgage insurance, funding fees, and closing costs use typical industry figures, and you can set mortgage insurance to none or a custom rate. A real Loan Estimate from a lender is the authoritative number. This calculator is for planning and education, not a loan offer or financial advice.