Loan Breakdown
Your estimated monthly payment
Mortgage Breakdown
Extra Payment — pay off faster
Purchase Power & DTI Analysis
Document Checklist — What You'll Need to Apply
Proof of Income
- W-2 forms (last 2 years)
- Pay stubs (last 30 days)
- Tax returns (last 2 years)
- Bonus / commission proof
Proof of Assets
- Bank statements (2-3 months)
- Investment account statements
- Gift letter (if applicable)
- Down payment source docs
Identity and Credit
- Government-issued ID
- Social Security number
- Credit report authorization
- Rental history (12-24 months)
Additional
- Home insurance quote
- Purchase agreement (if signed)
- Bankruptcy/discharge papers
- Divorce decree (if applicable)
Loan Approval Odds
10-Factor AI Assessment
True Monthly Payment (PITI + HOA)
| Component | Monthly |
|---|---|
| Principal & Interest | $0 |
| Property Tax | $0 |
| Home Insurance | $0 |
| PMI (if < 20% down) | $0 |
| HOA | $0 |
| TOTAL | $0 |
Estimated Closing Costs
Typically 2–5% of home price. Actual costs vary by location and lender.
Loan Type Comparison
| Feature | Conventional | FHA | VA |
|---|---|---|---|
| Min Credit Score | 620 | 580 | No minimum* |
| Min Down Payment | 3% | 3.5% | 0% |
| Down Payment $ | $0 | $0 | $0 |
| PMI / MIP | If <20% down | Required (life of loan) | None |
| Upfront Fee | None | 1.75% (UFMIP) | VA Funding Fee* |
| Est. Monthly P&I | $0 | $0 | $0 |
| Est. Total Cost (30yr) | $0 | $0 | $0 |
| Best For | Strong credit, 5%+ down | Lower credit, first-time | Military / Veterans |
* VA loans: lender may impose own credit minimum. Funding fee varies by service history and down payment.
Rent vs Buy — 10-Year Breakeven
Buying Scenario
Renting Scenario
Frequently Asked Questions
How do I calculate my monthly mortgage payment?
Your monthly mortgage payment depends on the loan amount, interest rate, and loan term. For a fixed-rate mortgage, use the formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate, and n is the number of payments. Our free calculator does this instantly, plus shows your full amortization schedule.
What is the difference between equal payment and equal principal?
Equal Payment ( amortized ): Your monthly payment stays the same for the entire loan term. Early payments are mostly interest; later payments are mostly principal. Equal Principal: You pay the same amount toward principal each month, so your total payment decreases over time as interest shrinks. Equal principal saves you more total interest but starts with higher payments.
How much house can I afford?
Lenders typically use the 28/36 rule: no more than 28% of your gross monthly income should go toward housing costs, and no more than 36% toward total debt (housing + car loans + credit cards). Use our affordability calculator to get your personalized estimate.
What credit score do I need for a mortgage?
Conventional loans typically require a 620+ credit score. FHA loans may accept scores as low as 580 with 3.5% down. VA loans have no official minimum, but most lenders want 580–620. Try our AI loan approval tool to see your estimated approval odds.
What is included in a mortgage payment besides principal and interest?
Your total monthly payment (PITI) includes Principal, Interest, Property Taxes, and Homeowners Insurance. If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI). Some properties also have HOA fees. Our full cost calculator shows your true monthly payment breakdown.
FHA vs Conventional vs VA: which loan type is best?
FHA loans are ideal for first-time buyers with lower credit scores (580+) and small down payments (3.5%). Conventional loans offer lower total costs if you have good credit (620+) and at least 5% down. VA loans are the best deal for eligible veterans and service members — 0% down, no PMI, and competitive rates. Compare all three side-by-side.