Mortgage Loan Types
The loan you choose shapes your down payment, mortgage insurance, and monthly cost. Compare the major loan types and estimate a payment for each.
FHA Loan
FHA loans let you buy with as little as 3.5% down and more flexible credit, in exchange for mortgage insurance premiums (MIP) — an upfront fee plus an annual premium. They're popular with first-time buyers. Use the calculator to estimate your FHA payment.
VA Loan
VA loans, for eligible veterans and service members, offer 0% down, no monthly mortgage insurance, and competitive rates — backed by the Department of Veterans Affairs. The main cost is a one-time VA funding fee. Estimate your VA payment below.
USDA Loan
USDA loans offer 0% down for buyers in eligible rural and many suburban areas who meet income limits. In place of PMI, they charge an upfront and annual guarantee fee. They're a strong option for affordable homeownership outside major metros.
Conventional Loan
A conventional loan is the standard mortgage not backed by a government program. With 20% down you avoid PMI entirely; with less, you pay PMI until you reach 20% equity, at which point it cancels. It's the most common loan for buyers with solid credit.
Jumbo Loan
A jumbo loan exceeds the conforming loan limit (about $806,500 in most areas for 2026) and finances higher-priced homes. Jumbo loans typically require stronger credit, larger down payments, and more reserves, but rates are often competitive. Estimate a jumbo payment below.
Adjustable-Rate Mortgage (ARM)
An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an intro period — 5, 7, or 10 years — then adjusts periodically with the market. ARMs can save money if you'll move or refinance before the adjustment, but carry the risk of higher payments later.
Sources: HUD (FHA); VA Home Loans.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.