Compare Mortgage Loans

Down Payment Calculator

One of the most frequently asked questions from home buyers is “How much can I afford”? followed up by “Which mortgage loan program is the right fit for me”? These are both excellent questions and the best place to start is to determine how much down payment you can afford.

What Mortgage is Best Based on My Down Payment?

Just pick your purchase price and choose your down payment below to see and compare the type of home loans you are eligible for based on the percent of the home’s value you can afford to pay.

Use the slider to select your home purchase price and down payment percentage.

Purchase Price

$70k
$1.5M
$180,000

Down Payment

0%
3%
3.5%
5%
10%
20%
25%
20%

Down Payment Amount: $36,000
For 20% down payment, you may qualify for the following mortgage loans:

USDA Mortgage

The USDA loan is one of the best zero down payment loans still available today. Its location based meaning it has to be in a USDA approved area and eligibility is determined by household income. Many rural and suburban neighborhoods across American are eligible so it’s a perfect fit for first time and repeat home buyers that want to live in a more rural setting outside city limits.

VA Home Loan

The VA home loan is available to veterans, active military personal, and eligible spouses who have VA entitlement. It required a zero-down payment, requires no mortgage insurance, and offers flexible underwriting guidelines. It’s one of the best programs available today from an affordability standpoint and offers below market rates.

HomeReady / HomePossible

This conventional loan program assists low- to moderate-income borrowers with loans made for certain low-income areas along with more developed areas-based income eligibility. Must be a first-time homebuyer. The programs offers very flexible guidelines with a low 3% down payment and reduced mortgage insurance amounts for approved borrowers.

Conventional 97

The Conventional 97 program is a type of low-down payment mortgage for first time home buyers. There are no income limit restrictions. Borrowers only need to come up with a 3% down payment which makes it a 97% Loan to Value loan. That’s where the program gets its name. It allows for a gift for the down payment and offers common sense underwriting guidelines.

FHA Home Loan

An FHA mortgage is one of the most popular home purchase programs available today, not only for first time home buyers but repeat buyers as well. It requires a small 3.5% down payment and is perfect for borrowers with less than excellent credit, lower income, or past credit events like: foreclosure, bankruptcy, or short sale. This is a government-sponsored program designed to help more people become homeowners. That why the payments are affordable, guidelines are flexible and it offers common sense underwriting.

Conventional 95

The Standard conventional loan offers a low-down payment of 5% and offers loans up to the conventional loan limit currently $484,350. It is designed for borrowers with good to excellent credit (700 or higher) and offers attractive rates and reduced mortgage insurance. The guidelines are less restrictive for borrowers that are considered risk due to a high credit score, solid work history and a low debt to income ratio.

80-10-10

An 80-10-10 loan also known as a “piggyback loan” lets you buy a home with two mortgages that total 90% of the purchase price with only a 10% down payment. Borrowers get a first and second mortgage simultaneously: one for 80% of the purchase price, and one for 10%. One loan “piggybacks” on top of the other. This strategy avoids borrowers paying private mortgage insurance and sidesteps the strict lending requirements of jumbo loans. By taking advantage of this program the overall payment is often less than doing a traditional jumbo mortgage with offers higher interest rates and more restrictive underwriting.

Conventional Home Loan

Unlike the popular belief that 20% is required for this program you can qualify for a conventional home loan with as little as 10% down. Although mortgage insurance is required many home buyers are surprised to learn how affordable it really is with solid credit. This strategy makes sense versus coming up with a large 20% down payment to avoid mortgage insurance entirely.

Traditional Conventional Mortgage

The Traditional Conventional Mortgage option requires no private mortgage insurance (PMI) with 20% down and offers the most favorable terms including the most attractive rates. For borrowers who have a large down payment and great credit it’s the best option when purchasing your home or condo.

Multi-Unit & Investments

You can buy a duplex, triplex, or four-plex by making a down payment of 25% or more. Purchasing a multi-unit home is a great way to get your rental portfolio jump started as a landlord or as a primary residence if plan to move into one of the units and rent out the rest of the units. Whether you plan to live in one of the units or rent out the entire building this program is excellent to secure an income producing property. Homes with up to four units are eligible for the conventional mortgage program.