Use Our Mortgage Payment Calculator to Estimate Your Monthly Payments
Use our Mortgage Calculator to estimate your monthly payment for a variety of home loan options—including conventional, FHA, and VA loans. Easily compare scenarios and factor in taxes, insurance, HOA fees, and mortgage insurance (if applicable).
How to Use the Mortgage Payment Calculator
- Select your loan type: Conventional, FHA, or VA
- Enter your home price
- Choose your down payment amount or percentage – As you adjust the price, it will keep the same percentage.
- Adjust your interest rate
- Select Loan Term – Most of our clients choose a 30 year loan, which is the maximum on Conventional, FHA, and VA loans.
- Depending on your loan type, the calculator will estimate:
- Conventional: Private Mortgage Insurance (PMI) if your down payment is less than 20%. See our Conventional Home Loan Calculator for information on PMI estimates.
- FHA: FHA mortgage insurance (UFMIP and MIP). See our FHA Loan Calculator for more information.
- VA: No PMI and estimates your VA funding fee based on your scenario. See our VA Loan Calculator for more information on funding fees.
- Enter Annual Taxes, Insurance, and monthly HOA fees (if applicable)
Which Loan Type is Right for You?
Choosing the right mortgage depends on your goals, finances, and eligibility. Here’s a quick overview of the three most popular options:
Conventional Loan
- Best for buyers with stronger credit and larger down payments.
- Private Mortgage Insurance (PMI) is required with less than 20%, and it is removable. PMI rates are based on your scenario, rather than standardized regardless of credit and down payment (like FHA loans
- Occupancy – Second homes and investment properties are eligible.
FHA Loan
- Great for first-time homebuyers and those with poor to moderate credit.
- Lower credit requirements (as low as 500)
- Requires upfront and annual FHA mortgage insurance, generally for the life of the loan. The mortgage insurance rates are standardized, so great credit doesn’t help.
VA Loan
- The most powerful loan program available.
- No down payment required for eligible Active-Duty Military, Veterans, Reservists, National Guard, and surviving spouses.
- No monthly PMI
- VA funding fee required (unless exempt), which can be rolled into the loan.
Utah Housing
If you’re looking at using a Utah Housing loan, use our Utah Housing Loan Calculator.
- Down Payment Assistance through a second mortgage
- Conventional or FHA based
- No down payment required
- 620 minimum credit
Mobile Home
If you’re looking to purchase a mobile home, check out our Mobile Home Loan Calculator.
- Specifically for mobile homes
- No PMI
- Factors in lot rent and park fees
Mortgage Payment Calculator Frequently Asked Questions
What’s included in my mortgage payment?
Principal, interest, property taxes, homeowners insurance, and (if applicable) PMI. HOA fees are paid separately. Conventional loans do allow you to pay taxes and insurance separately.
How do I know which loan type I qualify for?
Conventional loans require stronger credit and higher down payments; FHA and VA loans offer more flexible qualification but have specific rules and fees.
Where can I get more details for my loan type?
Use our Conventional Home Loan Calculator, FHA Loan Calculator, or VA Loan Calculator for deep dives and answers to specific questions.
Can I switch between loan types later?
Yes, through refinancing. For example, you might refinance from FHA to conventional to remove mortgage insurance once you have 20% equity.