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I want to buy a home

Explore common ways people compare mortgage types, purchase costs, and ownership tradeoffs.

Common options

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Conventional mortgageLearn how it works
FHA loanLearn how it works
VA loanLearn how it works
Rent vs buyLearn how it works

These are common approaches people consider. Each has different requirements and tradeoffs.

Factors to compare

Monthly cost

Mortgage, taxes, insurance, fees, and maintenance.

Cash needed

Down payment, closing costs, reserves, and moving costs.

Eligibility

Credit, income, debts, property, and program rules.

Loan terms

Rate type, term length, APR, fees, and insurance.

Time horizon

How long someone expects to stay in the home.

Tradeoffs

Flexibility, upkeep, equity, and local market risk.

Educational notes

Details can vary by provider, location, eligibility, fees, taxes, and personal circumstances. Use calculators to explore different inputs and see how results change.

Common questions

How much down payment do I actually need?

It depends on the loan type. Conventional loans can go as low as 3%, FHA loans often start around 3.5%, and VA loans can allow 0% down for eligible borrowers. A lower down payment usually means a higher monthly payment and, on conventional loans, added mortgage insurance.

What's the difference between a pre-qualification and a pre-approval?

A pre-qualification is a quick, informal estimate based on self-reported numbers. A pre-approval involves the lender verifying income, credit, and assets, and carries more weight with sellers because it reflects an actual underwriting review.

Should I compare rent vs buy before shopping for a mortgage?

It's a useful first step. Comparing your expected time in the home, total ownership costs, and local rent levels can clarify whether buying makes sense before you spend time on loan shopping and inspections.

Keep exploring

All calculators

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