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Mortgage Calculator
Explore what different home buying scenarios look like across four common loan programs!
Mortgage Payment Calculator
Compare Conventional, FHA, VA, and USDA loan payments — built for Utah buyers by Banner Real Estate Agents
Disclaimer: This calculator provides estimates for educational purposes only and is not a loan offer, pre-approval, or guarantee of terms. Actual payments depend on your lender, credit profile, loan program guidelines, property location, and market conditions at the time of application.
Interest rates, mortgage insurance premiums, funding fees, and guarantee fees are entered or estimated based on general program guidelines and are subject to change without notice. Not all buyers or properties will qualify for FHA, VA, or USDA financing. Property tax and insurance figures are estimates and will vary by county, insurer, and coverage selected.
Terms vary by lender, loan type, qualification, price point, and availability. We can help you compare the actual details before you make a decision. This is not a commitment to lend, and Banner Real Estate Agents or Platinum Real Estate Professionals PLLC are not mortgage lenders.
What Are the Different Loan Types?
Conventional, FHA, VA, and USDA loans compared — a quick guide for Utah buyers from Banner Real Estate Agents
Conventional, FHA, VA, and USDA loans qualify buyers differently, price mortgage insurance differently, and fit different situations. Here's the quick version, followed by the full breakdown of each.
| Conventional | FHA | VA | USDA | |
|---|---|---|---|---|
| Best For | Solid credit, some down payment saved | Lower credit scores or smaller down payments | Eligible veterans, active duty & some spouses | Buyers in eligible rural/suburban areas |
| Min. Down Payment | 3%–5% typical | 3.5% (580+ score) or 10% (500–579) | 0% | 0% |
| Typical Min. Credit Score | 620 | 580 (lower with more down) | No VA minimum; most lenders want 580–620 | 640 with most lenders |
| Monthly Mortgage Insurance | PMI if under 20% down; cancels near 78% LTV | Annual MIP; life of loan if under 10% down | None | Annual fee (~0.35%); life of loan |
| Upfront Fee | None | 1.75% upfront MIP | 1.25%–3.3% funding fee (waived if disability-exempt) | 1% guarantee fee |
| Property / Location Rules | Most flexible; primary, second homes, investment | Primary residence; FHA appraisal standards | Primary residence; VA minimum property requirements | Must be in a USDA-eligible rural/suburban area; income limits apply |
ConventionalNot government-backed — the most flexible option
Who It's For
Buyers with steady credit (typically 620+) and some down payment saved, plus move-up buyers with equity from a prior home. Also the standard choice for second homes and investment properties, which FHA, VA, and USDA generally don't allow.
How It Works
- Down payments commonly range from 3%–5% up to 20%+.
- No upfront mortgage insurance fee.
- PMI applies only below 20% down, and is estimated to cancel automatically once the loan balance reaches roughly 78% of the original home value.
Where It Shines
Sellers often view conventional offers as straightforward, appraisal and property condition standards are less strict than FHA/VA, and it's the only option for non-primary residences.
What to Watch For
Rate and PMI cost are both sensitive to credit score — the gap between a good and excellent score can meaningfully change the payment.
FHAEasier to qualify for — backed by HUD
Who It's For
Buyers with lower credit scores, thinner credit history, or less saved for a down payment. Popular with first-time buyers.
How It Works
- 3.5% down with a 580+ credit score, or 10% down with a score as low as 500 (lender overlays vary).
- 1.75% upfront MIP, usually financed into the loan.
- Annual MIP (commonly around 0.55%, HUD range roughly 0.15%–0.75%) paid monthly.
Where It Shines
More forgiving on past credit issues and lower credit scores than conventional financing, with competitive rates despite that flexibility.
What to Watch For
If you put down less than 10%, annual MIP typically lasts for the life of the loan rather than cancelling — refinancing later is usually how buyers remove it. FHA also has its own appraisal and property condition standards.
VANo down payment, no monthly MI — for those who've served
Who It's For
Eligible active-duty service members, veterans, and certain surviving spouses with a Certificate of Eligibility.
How It Works
- 0% down payment allowed.
- No monthly mortgage insurance, ever — the only cost is a one-time funding fee.
- Funding fee runs roughly 1.25%–3.3% depending on down payment and whether it's your first use of VA benefits; it's waived entirely if you receive VA disability compensation.
Where It Shines
Often the lowest overall monthly cost of the four programs for buyers who qualify, since there's no ongoing mortgage insurance to pay.
What to Watch For
VA loans carry their own minimum property requirements, and the funding fee tier depends on your down payment and whether you've used a VA loan before — worth confirming before you assume a number.
USDA0% down in eligible areas — income limits apply
Who It's For
Buyers purchasing in a USDA-designated rural or suburban area who fall within household income limits for the area.
How It Works
- 0% down payment.
- 1% upfront guarantee fee, usually financed into the loan.
- Annual fee (around 0.35%) paid monthly for the life of the loan.
- Household income generally can't exceed 115% of the area's median income, and the home must be your primary residence.
Where It Shines
Zero down payment without needing military service or VA eligibility, with lower ongoing fees than FHA.
What to Watch For
Property location is the gatekeeper here — a lot of the Wasatch Front doesn't qualify, but many surrounding and more rural Utah areas do. Address eligibility and income limits both need to be confirmed before you fall in love with a specific home; we're glad to check a specific address for you.
Disclaimer: This guide is for educational purposes only and is not a loan offer, pre-approval, or guarantee of terms. Actual qualification depends on your lender, credit profile, loan program guidelines, property location, and market conditions at the time of application.
Credit score minimums, down payment requirements, mortgage insurance premiums, funding fees, and guarantee fees reflect general program guidelines and are subject to change without notice. Not all buyers or properties will qualify for FHA, VA, or USDA financing.
Terms vary by lender, loan type, qualification, price point, and availability. We can help you compare the actual details before you make a decision. This is not a commitment to lend, and Banner Real Estate Agents is not a mortgage lender.
Not sure which loan type fits your situation?
Tell us a little about what you're looking to do and we'll help you figure out which program — or programs — make sense before you talk to a lender.
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