How is a monthly mortgage payment calculated?

Your monthly mortgage payment has four components: principal and interest (based on your loan amount, interest rate, and term), property taxes, homeowners insurance, and any required mortgage insurance. This calculator breaks down each component so you can see exactly where your money goes.

Do VA loans require a down payment?

No. VA loans allow eligible veterans and active-duty service members to purchase a home with zero down payment. A one-time VA funding fee is typically rolled into the loan amount, and VA loans never require private mortgage insurance (PMI).

What is PMI and when can it be removed?

Private mortgage insurance (PMI) is required on conventional loans when your down payment is less than 20%. PMI is automatically canceled once you reach 20% equity in your home. VA loans never require PMI, and FHA loans use a separate mortgage insurance premium (MIP) structure.

What is the difference between FHA and conventional loans?

FHA loans require as little as 3.5% down and include an upfront mortgage insurance premium (1.75%) plus annual MIP. Conventional loans typically require 5% or more down and charge PMI only when the down payment is under 20% — and PMI can be canceled once you reach 20% equity. FHA MIP may be required for the life of the loan if your down payment is under 10%.

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Mortgage Calculator

By Joe Nelson — Retired Air Force, Nelson Home Group Team Leader and Mortgage Loan Originator

Mortgage Payment Calculator

No PMI, no surprises — built for those who served

FHA

Conventional

USDA

Home Purchase Price

Down Payment (Optional for VA)

$05%10%15%20%

Interest Rate

Loan Term

Annual Taxes

Annual Insurance

VA Loan Use

Funding fee is one-time and typically rolled into the loan. No PMI — ever.

Exempt from funding fee — service-connected disability rated 10% or higher

Estimated Monthly Payment

$—

Principal, Interest, Taxes & Insurance

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P&I

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Taxes

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Insurance