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Which program fits this purchase?

Same home price, same rate — the only thing that changes below is each program's own down payment, financed fees, and mortgage insurance. Well-established, publicly published federal program terms — not a quote. Enter your numbers, then open "Adjust assumptions" for rate and term.

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Explore your down-payment tradeoffs →
Adjust assumptions — 7.03% · 30-year

Holding the rate constant helps explain the structures. It does not imply these programs offer the same rate.

Market-rate assumptionFreddie Mac 30-yr fixed average · week of Sep 24, 2026

Sets conventional/FHA mortgage insurance. Self-reported.

About $3,500 a year at this price.

About $1,225 a year at this price.

About $10,500 at this price. Shared across programs — a simplifying assumption, not a claim they cost the same to close.

Reset assumptions returns rates and property costs to defaults. Clear my numbers wipes savings, cushion and moving — separately, since they're different promises.

Four structures. Different tradeoffs.

30-year fixed · no eligibility determination

Property costs are the same in all four: tax $292/mo · insurance $102/mo. Only the loan structure changes below.

Conventional

Subject to credit, income and property review.

10% down · 7.03% interest
$2,569 / month
Estimated housing payment
Principal & interest$2,102
Property costs$394
Mortgage insurance$74

Tax, insurance and HOA are the same in all four cards; only the loan structure changes.

Down payment$35,000
Closing costs + prepaids$10,500
Cash needed to buy$45,500
Savings remaining$51,500
Target intact

$51,500 left over after this purchase.

What is included in the loan?
Base loan$315,000
Financed upfront fee$0
Total starting loan$315,000

Monthly mortgage insurance included. Cancellation depends on loan terms and applicable requirements.

FHA

3.5% down assumes qualifying credit; property and loan limits apply.

3.5% down · 7.03% interest
$2,842 / month
Estimated housing payment
Principal & interest$2,293
Property costs$394
Mortgage insurance$155

Tax, insurance and HOA are the same in all four cards; only the loan structure changes.

Down payment$12,250
Closing costs + prepaids$10,500
Cash needed to buy$22,750
Savings remaining$74,250
Target intact

$74,250 left over after this purchase.

What is included in the loan?
Base loan$337,750
Financed upfront fee$5,911
Total starting loan$343,661

At 3.5% down, annual MIP generally lasts for the mortgage term.

VA

Qualifying military service required; lender review required.

0% down · 7.03% interest
$2,780 / month
Estimated housing payment
Principal & interest$2,386
Property costs$394
Mortgage insuranceNone

Tax, insurance and HOA are the same in all four cards; only the loan structure changes.

Down payment$0
Closing costs + prepaids$10,500
Cash needed to buy$10,500
Savings remaining$86,500
Target intact

$86,500 left over after this purchase.

What is included in the loan?
Base loan$350,000
Financed upfront fee$7,525
Total starting loan$357,525

No monthly mortgage insurance. The funding fee may be waived for eligible borrowers.

USDA

Property location and household income limits apply.

0% down · 7.03% interest
$2,856 / month
Estimated housing payment
Principal & interest$2,359
Property costs$394
Annual fee$103

Tax, insurance and HOA are the same in all four cards; only the loan structure changes.

Down payment$0
Closing costs + prepaids$10,500
Cash needed to buy$10,500
Savings remaining$86,500
Target intact

$86,500 left over after this purchase.

What is included in the loan?
Base loan$350,000
Financed upfront fee$3,535
Total starting loan$353,535

No down payment in this example; an upfront and annual guarantee fee still apply.

The tradeoff

VA needs the least cash at closing — $10,500 — but carries a larger loan. Conventional has the lowest monthly payment — $2,569 — but needs more up front. The zero-down programs trade cash at closing for a larger loan with a fee financed into it.

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What pre-approval adds →Talk it through with us

See also

Loan Programs What each program actually requires — eligibility, credit, and the catch. Price Reduction or Seller Credit? Price cut or seller credit — see what each one actually changes.

What this assumes, and what it leaves out

These figures include estimated property tax, insurance and HOA using default values — check them against the actual property under "Adjust assumptions." Those three costs are identical in all four cards; only the loan structure changes. Eligibility for VA and USDA isn't checked here, loan limits aren't applied, and income, credit and other monthly debts aren't evaluated. Closing costs are assumed the same across programs, which they aren't. Mortgage-insurance and funding-fee figures are the well-established, publicly published federal program terms — not a quote, and not guaranteed current at the moment you read this.

Sources: HUD mortgage insurance · VA funding fees · USDA program overview

How these examples are calculated

Principal and interest use a 360-month amortization schedule regardless of the term selected (scaled to the chosen term). Annual MIP and guarantee fees are computed on the starting balance rather than the average outstanding balance over the loan's life. FHA's annual MIP is computed on the base loan rather than a balance that includes the financed upfront premium. USDA's guarantee fee is computed on the total loan (base ÷ 0.99), not the base amount. Cash needed to buy is the down payment plus entered closing costs and prepaids; savings remaining subtracts that and the moving/setup budget from starting savings. No seller credits or prior deposits are assumed.

Educational estimate. Not an offer, rate, or approval. Figures assume a primary residence — FHA, VA, and USDA generally require owner-occupancy and are not available for investment properties. Kinship Mortgage is a licensed broker. See calculator methodology.