What Will My Mortgage Payment Be?

    The question loan officers hear most. FHA, VA, and conventional mortgage payments are not the same. Choose a mortgage loan payment calculator to get started.

    What Will My Mortgage Payment Be?

    The mortgage loan payment calculators on What's My Payment are tailored to the specific loan program you are using.

    What's the Best Mortgage Calculator for Me?

    Mortgage payments are complicated. Unless you have substantial funds for a large down payment, chances are your new mortgage payment will contain a funding fee, monthly mortgage insurance (PMI), upfront mortgage insurance, or some combination thereof. Throw in taxes and insurance and budgeting for your new home can become overwhelming.

    • FHA Calculator
      Calculate an FHA mortgage loan payment, including upfront and monthly FHA MIP.
    • VA Calculator
      VA mortgage payment calculator that includes the VA funding fee.
    • USDA Calculator
      Rural Development mortgage loan calculator.
    • Conventional Calculator
      Calculate a traditional mortgage payment, including PMI, taxes and insurance.

    Are you a veteran or active duty military?

    If so, you've probably found your loan. VA loans are one of the few remaining no down payment, 100% financing purchase mortgages available. Additionally, VA loans carry no monthly mortgage insurance. i.e. No PMI.

    Not all VA loan payments are the same. VA loans require a funding fee that is financed on top of your base loan amount. The VA funding fee varies based upon your down payment (should you choose to make one - remember, it's not required), whether this is your first VA loan, or whether you are eligible as a reservist.

    What's My Payment takes care of all that. Compare VA loan payments considering first time or subsequent use, receipt of VA disability, and various down payments that affect your funding fee.

    VA Calculator

    Not VA eligible but want a low down payment option?

    In the last few years FHA loans have become the go to mortgage for many home buyers. FHA requires just 3.5% down, meaning future home owners can purchase their new home without a traditional 20% down payment. The 3.5% down payment can be a gift from a family member. i.e. spouse, parent, or grandparent.

    FHA may also be the preferred option for buyers with less than perfect credit scores.

    FHA Calculator

    Strong credit scores? Larger down payment?

    That leaves a conventional mortgage. Nothing fancy here. Conventional mortgages typically require solid credit and at least 5% down. To avoid paying monthly mortgage insurance (PMI) you'll need to put 20% down or pay an upfront mortgage insurance premium.

    Most counties allow conventional loan amounts up to $417,000, which is higher than most county FHA limits. Therefore it is often the only option for non-VA buyers purchasing above the FHA limit.

    Conventional Calculator