Smart Real Estate Calculator - Make Informed Decisions
Updated daily ·
| Loan Type | Min Down | Min Credit | PMI/MIP | Best For |
|---|---|---|---|---|
| Conventional | 3-5% | 620 | Required if <20% down | Good credit, want to avoid FHA fees |
| FHA | 3.5% | 580 | Required for life of loan | Lower credit, first-time buyers |
| VA | 0% | None (620 typical) | No PMI | Veterans, active military |
| ARM (5/1) | 5% | 620 | Same as conventional | Planning to sell/refi within 5 years |
| Jumbo | 10-20% | 700 | Varies | High-cost areas, luxury homes |
| USDA | 0% | 640 | Guarantee fee (lower than PMI) | Rural properties, income limits apply |
| DSCR | 20-25% | 660 | No PMI | Real estate investors, rental properties |
Historical mortgage rates from 2015 to present
See how different down payments affect your monthly payment, PMI, and total cost.
FHA Tip: Owner-occupied 2-4 unit properties qualify for FHA loans with as little as 3.5% down. Rental income can count toward qualification!
Note: Commercial loans typically require 20-35% down, have shorter terms (5-25 years), and use DSCR (Debt Service Coverage Ratio) for qualification.
House Hacking: Live in one unit and rent the others. FHA allows 75% of projected rental income to count toward qualifying!
Cap Rate = NOI / Purchase Price. A 7% cap rate on a $1M property = $70,000 annual NOI. Lower cap = pricier market.
Your credit score significantly impacts your mortgage rate. See how yours might affect your payment.
How it works: Lenders use credit scores to assess risk. Higher scores typically mean lower rates because you're seen as less likely to default.
Estimated rates based on credit score for each major loan type.
| Score | Rating | Conv. | FHA | VA | ARM | Jumbo | USDA | DSCR |
|---|---|---|---|---|---|---|---|---|
| 760+ | Excellent | 6.50% | 6.25% | 6.00% | 5.88% | 6.75% | 6.13% | 7.25% |
| 700-759 | Good | 6.88% | 6.50% | 6.25% | 6.13% | 7.13% | 6.38% | 7.50% |
| 660-699 | Fair | 7.25% | 6.75% | 6.50% | 6.50% | 7.50% | 6.63% | 7.88% |
| 620-659 | Below Avg | 7.75% | 7.00% | 6.75% | 7.00% | N/A | 7.00% | 8.25% |
| 580-619 | Poor | 8.50% | 7.50% | 7.25% | 7.50% | N/A | N/A | 9.00% |
| <580 | Very Poor | N/A | 8.00%+ | N/A | N/A | N/A | N/A | N/A |
N/A = Not typically available for this credit score. FHA accepts lower scores with 10% down.
Compare rent costs across the United States (2024-2025 averages).
| 1. Hawaii | $2,838 |
| 2. California | $2,680 |
| 3. Massachusetts | $2,581 |
| 4. New York | $2,456 |
| 5. New Jersey | $2,298 |
| 1. West Virginia | $953 |
| 2. Arkansas | $987 |
| 3. South Dakota | $1,012 |
| 4. Oklahoma | $1,045 |
| 5. Kentucky | $1,067 |
Based on your income and debts, see what lenders might approve you for using industry-standard DTI ratios.