MortgageMath US

Mortgage calculator and clear numbers for every US state

30-year fixed average 7.24% · Week of Oct 29, 2026 · Freddie Mac PMMS

Monthly payment

What will my mortgage payment be?

$2,789/mo

Full monthly cost on the US median home value ($360,600, Census ACS 2024) with 10% down at 7.24% — principal and interest $2,212, taxes $267, insurance $147, PMI $162.

Calculate my payment

Affordability

How much house can I afford?

$264,000

Home price a median US household income ($81,604) supports when housing stays under 30% of gross pay (Freddie Mac guidance), with 10% down at 7.24%.

See the $75k example

Refinance break-even

Is refinancing worth it?

29 months

Example: a $300,000 balance at 8.24% refinanced to today’s 7.24% average saves $207 a month, so $6,000 in closing costs pays back in 29 months.

How break-even works

First-time buyer programs

What help exists in my state?

Up to 5%

Down-payment assistance from Texas’s housing agency runs 2%–5% of the loan (TDHCA program matrix). Every state guide lists its agency’s programs.

Explore the Texas guide

$832,750

2026 conforming loan limit

FHFA · 2026 limit

7.24%

30-year fixed average

Freddie Mac Primary Mortgage Market Survey · Week of Oct 29, 2026

$360,600

US median home value

US Census Bureau, American Community Survey 2024 1-year · 2024 ACS 1-year

$541,287

2026 FHA loan limit floor

HUD · 2026 limit

Topic hubs

Every mortgage decision, explained with real numbers

Five hubs follow the life of a home loan — choosing it, buying, refinancing, tapping equity and getting started — each with step-by-step guides.

Loan types Conventional, FHA, VA, USDA, jumbo and specialty loans compared side by side.
  • Conventional loans
  • FHA loans
  • VA loans
10 guidesExplore Buying a home Pre-approval, down payment, PMI, closing costs, credit and debt-to-income, in the order you meet them.
  • Mortgage pre-approval
  • Down payment
  • Private mortgage insurance (PMI)
  • Closing costs
  • Credit score for a mortgage
  • Debt-to-income ratio
10 guidesExplore Refinancing Rate-and-term, cash-out and streamline refinances, with the break-even math.
  • Rate-and-term refinance
  • Cash-out refinance
  • Streamline refinance (FHA and VA)
9 guidesExplore Home equity HELOCs, home equity loans and cash-out options, and how much you can borrow.
  • HELOC (home equity line of credit)
  • Home equity loan
  • Cash-out refinance vs HELOC
8 guidesExplore First-time buyers Programs, grants and a step-by-step path from savings to keys.
  • First-time home buyer programs
  • Down-payment grants
  • Step-by-step buying guide
8 guidesExplore

State picker

Mortgage numbers for your state

Median home values, property tax rates and buyer programs for all 50 states and Washington, DC. Hover or tap a state; colours show the median home value (US Census ACS 2024).

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United States

Median home value
$360,600
Effective property tax
0.89%
Median household income
$81,604

Source: US Census Bureau, ACS 2024 1-year. Tax rate = median taxes paid ÷ median value.

LowerHigher value

Calculators

Run the numbers before the lender does

Seven calculators share one engine and today’s rates. Every result has a shareable link.

Live preview

Mortgage payment calculator

Estimated monthly payment

$2,784

Balance Interest paid

Home affordability calculator How much house your income supports at different debt-to-income limits. Refinance break-even calculator Months until a lower rate pays back your closing costs. Rent vs buy calculator Total cost of renting and owning over the years you plan to stay. Extra payment and amortization See the schedule, and what extra principal does to interest and payoff date. HELOC payment calculator Interest-only draw payments and the jump when repayment starts. Closing cost estimator by state Lender, title, recording and transfer-tax costs for your state.

Latest guides

Fresh answers to the questions buyers ask most

Topic hubBuying a home with a mortgage, step by stepPre-approval, down payment, PMI, closing costs, credit and debt-to-income, in the order you meet them.8 min readTopic hubFirst-time home buyer guidePrograms, grants and a step-by-step path from savings to keys.7 min readTopic hubBorrowing against your home equityHELOCs, home equity loans and cash-out options, and how much you can borrow.8 min readTopic hubTypes of mortgage loans, comparedConventional, FHA, VA, USDA, jumbo and specialty loans compared side by side.8 min readTopic hubRefinancing your mortgage: when it pays and how it worksRate-and-term, cash-out and streamline refinances, with the break-even math.7 min readBuying a homeAppraisal and home inspectionWhat the appraiser and the inspector each check, your appraisal rights, low-appraisal options and contingencies.6 min readBuying a homeClosing costs for buyers, line by lineEvery section of the Loan Estimate explained, state transfer and mortgage taxes, and how to pay less.6 min readBuying a homeWhat credit score do you need for a mortgage?Minimum scores by loan type, what your score does to your rate and PMI, and how to raise it before you apply.5 min readBuying a homeDebt-to-income ratio (DTI) for a mortgageHow DTI is calculated, the limits by loan type, which debts count and how to bring the ratio down.5 min readBuying a homeHow much down payment do you need?Minimums by loan type, what each down payment costs per month, gift rules and the PMI trade-off.5 min readBuying a homeLoan Estimate and Closing DisclosureDeadlines for both forms, which fees can rise and by how much, and how to compare Loan Estimates page by page.6 min readBuying a homeMortgage points and lender creditsWhat a point costs, how to work out the break-even month, and when lender credits are the better deal.6 min readBuying a homeHow mortgage rates workWhat drives rates, the weekly benchmark, APR vs rate, rate locks and what each rate costs per $100,000.5 min readBuying a homePrivate mortgage insurance (PMI) explainedWhat PMI costs, the ways to pay it, and the month it can be cancelled or ends on its own.6 min readBuying a homeMortgage pre-approval, step by stepWhat lenders verify, the documents to gather, how credit checks are counted and what can undo a pre-approval.6 min readFirst-time buyersDown-payment grants and assistance loansGrants vs forgivable and deferred second loans, what you owe when you sell, and how to spot scams.6 min readFirst-time buyersHomebuyer education coursesWhen a homebuyer course is required, what it covers, what it costs and how to find one.5 min readFirst-time buyersFirst-time home buyer mistakes to avoidTen common first-time buyer mistakes, each tied to the rule or number that prevents it.6 min readFirst-time buyersMortgage credit certificates (MCCs)How the MCC tax credit is calculated, its $2,000 cap, carryforward and recapture, and how to get one.6 min readFirst-time buyersFirst-time home buyer programsFederal loan programs, state housing agency help, Good Neighbor Next Door and how they stack.6 min readFirst-time buyersSaving for a home: targets, timelines and shortcutsSavings targets for 3% to 20% down, months to save, IRA first-home withdrawals and family gifts.5 min readFirst-time buyersHow to buy your first home, step by stepTwelve steps from checking your credit to getting the keys, with the deadlines that matter.5 min readFirst-time buyersWho counts as a first-time home buyer?The three-year rule, its exceptions, and how HUD, Fannie Mae, tax law and states define first-time.6 min readHome equityCash-out refinance vs HELOCRefinance everything at today’s rate, or borrow only the new money with a line of credit — the math side by side.5 min readHome equityHELOC draw and repayment periodsHow much the payment jumps when the draw period ends, and how to soften it.5 min readHome equityHow a HELOC worksA revolving credit line secured by your home, with a variable rate of prime plus a margin.6 min readHome equityIs home equity interest tax-deductible?The IRS buy, build or improve rule, the debt limits, and whether itemizing pays.5 min readHome equityHome equity loans explainedA fixed-rate lump sum borrowed against your home, repaid in equal payments alongside your mortgage.5 min readHome equityHome equity loan and HELOC requirementsEquity, credit, debt-to-income, documents and occupancy — and the Texas rules that go further.5 min readHome equityRisks of borrowing against your homeForeclosure, rate rises, frozen lines, falling values and scams — the downside of home equity debt, in numbers.6 min readHome equityHow much equity can you borrow?Equity and combined loan-to-value math, with the borrowing limit worked out for common lender caps.5 min readLoan typesConstruction loans explainedOne closing or two, draws and inspections, and interest-only payments while the house is built.5 min readLoan typesConventional loans explainedLoans backed by Fannie Mae and Freddie Mac: from 3% down, with PMI that ends as you build equity.6 min readLoan typesDSCR investor loans explainedQualify a rental on its rent, not your income: the ratio, the trade-offs and the conventional alternative.5 min readLoan typesFHA loans explainedLow down payment and flexible credit, paid for with upfront and annual mortgage insurance.6 min readLoan typesFixed-rate vs adjustable-rate mortgagesCertainty versus a lower start rate — with the caps that limit how far an ARM can rise.5 min readLoan typesInterest-only mortgagesPay only interest for a set period, then a much larger payment: how the jump works and who uses these loans.5 min readLoan typesJumbo loans explainedLoans above the conforming limit, underwritten to each lender’s own standards.5 min readLoan typesReverse mortgages explainedBorrow against your home from age 62 with no monthly loan payment — at the cost of a growing balance.6 min readLoan typesUSDA loans explainedNo down payment for moderate-income buyers in eligible rural areas, with low guarantee fees.5 min readLoan typesVA loans explainedNo down payment and no monthly mortgage insurance for eligible borrowers, with a one-time funding fee.6 min readRefinancingRefinance break-even point: simple and fullClosing costs ÷ monthly saving, and the fuller test that catches longer terms and rolled-in costs.5 min readRefinancingCash-out refinance: how much you can take and what it costsBorrow against your equity with a new, larger mortgage — limits by loan type, costs and the trade-offs.5 min readRefinancingNo-closing-cost refinance: how it really worksLender credits, rolled-in costs or cash: which way of paying refinance costs wins over 3, 5 and 10 years.5 min readRefinancingRate-and-term refinance explainedA new rate, a new term or both for about the balance you owe — and when the switch pays for itself.5 min readRefinancingRefinance closing costsWhat a refinance costs, what you skip compared with buying, and how to read the Loan Estimate.6 min readRefinancingRefinance requirements by loan typeCredit, equity, debt-to-income and waiting periods for conventional, FHA and VA refinances.5 min readRefinancingRefinancing to remove PMI or FHA mortgage insuranceCancel PMI without refinancing, and when an FHA-to-conventional refinance is worth it to drop MIP.5 min readRefinancingStreamline refinances: FHA Streamline and VA IRRRLLighter-paperwork refinances for FHA and VA loans, and the tests each one must pass.5 min readRefinancingWhen not to refinance your mortgageShort stays, longer terms, high costs, prepayment penalties and loans near payoff — when refinancing loses money.5 min readState guideAlabama mortgages: low property taxes, recording taxes and AHFA helpAlabama’s low property taxes, the mortgage and deed recording taxes, homestead exemption and AHFA Step Up.5 min readState guideAlaska mortgages: higher loan limits, AHFC loans and local taxesAlaska’s special conforming and FHA limits, AHFC first-time and veterans loans, and borough property taxes.5 min readState guideArizona mortgages: home prices, property tax limits and buyer programsArizona prices and incomes, constitutional property tax limits, no transfer tax, and Arizona Is Home and HOME Plus help.5 min readState guideArkansas mortgages: low housing costs, ADFA help and the homestead creditArkansas housing costs, ADFA StartSmart and down-payment help, the homestead credit and the transfer tax.5 min readMarket guideBuying a home in Atlanta: payments, property taxes and Invest Atlanta programsMedian prices, property taxes, Georgia’s transfer and intangible taxes, and Invest Atlanta homebuyer programs.5 min readMarket guideBuying a home in Austin: prices, property tax bills and city down payment helpMedian prices, how Austin’s tax bill compares with Houston and Dallas, Texas closing rules and City of Austin DPA.5 min readMarket guideBuying a home in Boston: prices, property tax and city helpBoston prices and payments, the residential exemption, the deeds excise and Boston Home Center buyer programs.5 min readState guideCalifornia mortgages: Prop 13 taxes, CalHFA help and the FAIR PlanCalifornia prices and incomes, Proposition 13 for new buyers, the FAIR Plan and CalHFA MyHome and Dream For All.6 min readMarket guideBuying in Charlotte: home prices, monthly costs and HouseCharlotte helpCharlotte prices, property taxes, the seller-paid excise tax and HouseCharlotte down-payment help.5 min readMarket guideBuying a home in Chicago: property taxes, transfer taxes and paymentsProperty taxes, the buyer and CTA transfer taxes, FHA vs conventional payments and city homebuyer resources.5 min readState guideColorado mortgages: high prices, low tax rates and CHFA assistanceColorado prices and tax rates, CHFA’s grant vs second mortgage, the senior exemption and the documentary fee.4 min readMarket guideBuying in Columbus, Ohio: prices, property taxes and ADDI helpColumbus prices and payments, Franklin County property taxes and conveyance fee, and the City’s ADDI loan.5 min readState guideConnecticut mortgages: property taxes, CHFA Time To Own and older homesConnecticut property taxes, the seller-paid conveyance tax, CHFA Time To Own and crumbling-foundation help.4 min readMarket guideBuying a home in Dallas: property taxes, DHAP help and what it costsProperty taxes, the homestead exemption, DHAP down-payment loans and Texas closing costs in Dallas.5 min readState guideDelaware mortgages: the realty transfer tax, low property taxes and DSHA loansDelaware’s realty transfer tax and first-time buyer cut, low property taxes and DSHA Welcome Home and Open Door loans.4 min readMarket guideBuying a home in Denver: payments, loan limits and down payment helpMedian prices, 15- vs 30-year payments, the Denver County loan limit, metroDPA and income-restricted homes.4 min readState guideDC mortgages: recordation tax, homestead deduction and HPAPDC recordation and transfer taxes, the first-time buyer rate, the homestead deduction, HPAP and DC Open Doors.5 min readState guideFlorida mortgages: insurance, doc stamps, homestead savings and buyer helpFlorida insurance and Citizens, doc stamps and intangible tax, the homestead exemption and Save Our Homes, and Florida Housing programs.6 min readState guideGeorgia mortgages: closing taxes, Georgia Dream and homestead reliefIntangible recording tax, transfer tax, Georgia Dream assistance and homestead relief in Georgia.6 min readState guideHawaii mortgages: loan limits, payments and state helpHawaii’s higher loan limits, low property tax, conveyance tax and the Hale Kamaʻāina Mortgage Program.6 min readMarket guideBuying a home in Houston: prices, payments and buyer helpMedian prices, property taxes, flood insurance and City of Houston down-payment help.6 min readState guideIdaho mortgages: the homeowner’s exemption, payments and Idaho Housing helpThe homeowner’s exemption, low property tax, no transfer tax and Idaho Housing down payment loans.5 min readState guideIllinois mortgages: property taxes, exemptions and IHDA helpProperty tax rank, homestead exemptions, IHDA down payment assistance and transfer taxes in Illinois.5 min readState guideIndiana mortgages: the 1% tax cap, IHCDA help and what a home costsIndiana’s homestead tax cap, IHCDA First Step and Next Home assistance, and closing costs with no transfer tax.5 min readState guideIowa mortgages: Title Guaranty, the new homestead exemption and FirstHomeIowa Title Guaranty, the 2026 homestead exemption, property tax and Iowa Finance Authority buyer programs.5 min readState guideKansas mortgages: forgivable buyer loans, property tax and rural guaranteesKansas Housing’s forgivable First Time Homebuyer loan, property tax, the rural loan guarantee and closing costs.5 min readState guideKentucky mortgages: payments, KHC down payment help and the deed taxPayments on a median Kentucky home, KHC down payment assistance, the deed tax and the 65+ homestead exemption.4 min readMarket guideLas Vegas home buying: property taxes, transfer tax and paymentsLas Vegas prices, property taxes, the Clark County transfer tax and FHA vs conventional payments.5 min readMarket guideBuying a home in Los Angeles: loan limits, Measure ULA and LAHD helpMedian prices, conforming limits, the city transfer tax and Measure ULA, LIPA and MIPA, and FAIR Plan insurance.5 min readState guideLouisiana mortgages: insurance, flood risk, homestead and LHC helpLouisiana Citizens, Fortify Homes grants, flood insurance, the homestead exemption and LHC HomeStart Assist.5 min readState guideMaine mortgages: the shared transfer tax, MaineHousing loans and the homestead exemptionMaine’s shared transfer tax, MaineHousing First Home Loan, Advantage and First Generation help, and the homestead exemption.5 min readState guideMaryland mortgages: closing taxes, first-time buyer breaks and MMP loansMaryland transfer and recordation taxes, the first-time buyer rate, the Homestead Tax Credit and Maryland Mortgage Program loans.6 min readState guideBuying a home in Massachusetts: prices, the deeds excise and MassHousing helpMassachusetts home prices against incomes, the deeds excise, declared homesteads and MassHousing down payment loans.5 min readMarket guideBuying a home in Miami: payments, documentary stamps and flood insuranceMedian prices, Miami-Dade documentary stamps and surtax, Citizens flood rules and county down payment help.5 min readState guideBuying a home in Michigan: uncapped taxes, the PRE and MSHDA helpMichigan property tax uncapping, the Principal Residence Exemption, the seller-paid transfer tax and MSHDA’s MI 10K loan.5 min readState guideMinnesota mortgages: the deed tax, the mortgage registry tax and Start Up loansMinnesota’s deed tax and mortgage registry tax, Minnesota Housing Start Up and Step Up, and the median monthly payment.5 min readState guideMississippi home loans: low prices, MHC second mortgages and the homestead creditMississippi home prices and incomes, MHC’s Smart7, Easy8 and Trusty10 loans, teacher grants and the homestead exemption.5 min readState guideMissouri home loans: how homes are taxed and how MHDC’s cash assistance worksMissouri’s assessment rule, no-transfer-tax closings and MHDC First Place and Next Step cash assistance.4 min readState guideMontana home buying: the price-to-income gap, the homestead rate and MBOH loansMontana’s price-to-income gap, the homestead reduced tax rate, no transfer tax and Montana Board of Housing down payment loans.5 min readMarket guideNashville home buying: prices, recordation taxes and property taxNashville prices, Davidson County property tax, Tennessee recordation taxes and buyer help.5 min readState guideNebraska home loans: what property tax does to your payment, and NIFA helpNebraska property taxes in a mortgage payment, the documentary stamp tax and NIFA Homebuyer Assistance.4 min readState guideNevada mortgages: the property tax cap, the transfer tax and Home Is PossibleNevada’s property tax cap, the real property transfer tax, newer housing and Home Is Possible down payment programs.5 min readState guideNew Hampshire mortgages: property tax, a two-sided transfer tax and NH Housing helpNew Hampshire property taxes, the transfer tax both buyer and seller pay, and NH Housing’s downpayment assistance.4 min readState guideNew Jersey mortgages: property taxes, transfer fees and NJHMFA helpProperty taxes, ANCHOR relief, the realty transfer fee and NJHMFA down-payment help in New Jersey.6 min readState guideNew Mexico mortgages: the valuation reset, monthly costs and FirstHome helpThe valuation reset, property tax, closing costs and Housing New Mexico FirstHome programs.5 min readMarket guideBuying a home in New York City: payments, closing taxes and HomeFirstMedian prices, the city transfer and mortgage recording taxes, the mansion tax and HomeFirst down-payment help.6 min readState guideNew York mortgages: the recording tax, mansion tax and SONYMA helpMortgage recording tax, transfer and mansion taxes, STAR credits and SONYMA loans in New York State.6 min readState guideNorth Carolina mortgages: NCHFA help, the excise tax and monthly costsPayments, property tax relief, the excise tax and NCHFA down-payment programs in North Carolina.4 min readState guideNorth Dakota mortgages: the residence credit, NDHFA loans and monthly costsRent vs own, the Primary Residence Credit, NDHFA programs and closing costs in North Dakota.4 min readState guideOhio mortgages: monthly costs, property taxes and OHFA helpAffordability, property taxes, conveyance fees and OHFA down-payment assistance in Ohio.5 min readState guideOklahoma mortgages: recording taxes, OHFA help and the homestead capDeed and mortgage taxes, the homestead cap, insurance and OHFA down-payment help in Oklahoma.5 min readState guideOregon mortgages: high prices, capped tax values and OHCS helpAffordability, Measure 50 property taxes, no transfer tax and OHCS down-payment assistance in Oregon.4 min readState guidePennsylvania mortgages: the realty transfer tax, PHFA help and monthly costsRealty transfer tax, PHFA K-FIT and Keystone programs, and property tax rebates in Pennsylvania.5 min readMarket guideBuying a home in Phoenix: property taxes, payments and Open Doors helpProperty taxes, no transfer tax, median payments and the City of Phoenix Open Doors program.4 min readMarket guideRaleigh mortgages: what homes cost and how the City helps buyersRaleigh prices against Charlotte and the state, monthly costs and City of Raleigh homebuyer assistance.5 min readState guideRhode Island mortgages: the conveyance tax, RIHousing help and monthly costsConveyance tax, property taxes, RIHousing 15kDPA and Extra Assistance in Rhode Island.4 min readMarket guideSan Diego mortgages: prices, county loan limits and buyer helpSan Diego prices, the county conforming loan limit, Prop 13 taxes and San Diego Housing Commission programs.5 min readMarket guideBuying a home in Seattle: payments, excise tax and city down payment loansMedian prices and incomes, the state and Seattle excise tax, loan limits and Office of Housing down payment loans.4 min readState guideBuying a home in South Carolina: payments, the 4% ratio and SC HousingThe legal-residence assessment ratio, deed recording fees and SC Housing’s forgivable down payment help.6 min readState guideSouth Dakota home buying: monthly costs, property tax and SD Housing loansMonthly costs, an above-average property tax ratio, below-average rents and SD Housing’s Fixed Rate Plus.5 min readMarket guideBuying in Tampa: payments, doc stamps, flood risk and city helpTampa prices, Florida doc stamps, insurance and flood risk, and the City’s Dare to Own the Dream program.5 min readState guideTennessee home loans: payments, recordation taxes and THDA helpRecordation taxes at closing, county property taxes, Nashville and THDA Great Choice Plus.5 min readState guideTexas mortgages: payments, property taxes and buyer programsProperty taxes, homestead exemption, title rates, insurance and TDHCA programs in Texas.6 min readState guideUtah mortgages: home prices, the 45% residential exemption and Utah Housing helpUtah home prices against incomes, the primary residential exemption and new-construction help from Utah Housing.5 min readState guideBuying in Vermont: the property transfer tax, homestead taxes and VHFA helpVermont’s buyer-paid transfer tax, the Homestead Declaration, property taxes and VHFA’s ASSIST loan.5 min readState guideVirginia mortgages: recordation taxes, monthly payments and Virginia HousingRecordation and grantor taxes, Virginia Housing’s Plus Second Mortgage and VA loans in Virginia.5 min readMarket guideWashington, DC housing market: renting vs owning in the capitalWashington, DC prices against rents and incomes, the monthly cost of owning, loan limits and closing taxes.5 min readState guideWashington State home buying: prices, the graduated REET and WSHFC helpWashington prices against incomes, the graduated real estate excise tax and WSHFC Home Advantage.5 min readState guideWest Virginia home buying: prices, property taxes and WVHDF loansHome prices against incomes, the transfer tax, the senior homestead exemption and WVHDF’s Low Down Home Loan.5 min readState guideWisconsin home buying: property tax, WHEDA loans and closing costsProperty tax in the monthly payment, the seller-paid transfer fee and WHEDA’s Easy Close DPA.4 min readState guideBuying a home in Wyoming: closing costs, property tax and WCDA helpNo state transfer tax, Wyoming property taxes, renting vs owning and WCDA’s Home$tretch assistance.5 min readCalculatorHome affordability calculatorHow much house your income supports at different debt-to-income limits.4 min readCalculatorClosing cost estimator by stateLender, title, recording and transfer-tax costs for your state.3 min readCalculatorExtra payment and amortization calculatorSee the schedule, and what extra principal does to interest and payoff date.3 min readCalculatorHELOC payment calculatorInterest-only draw payments and the jump when repayment starts.3 min readCalculatorMortgage payment calculatorPrincipal, interest, taxes, insurance and PMI in one monthly number.3 min readCalculatorRefinance break-even calculatorMonths until a lower rate pays back your closing costs.4 min readCalculatorRent vs buy calculatorTotal cost of renting and owning over the years you plan to stay.3 min readGuide15-year vs 30-year mortgage: what the shorter term really costs and savesPayment, total interest and equity on 15- and 30-year loans at today’s rates, the extra-payment middle path, and how the term changes your approval.7 min readGuideARM risks explained, with the numbersPayment shock, rate paths, the margin, refinancing and qualifying on a 7/6 and a 5/6 ARM, worked out on one $350,000 loan.8 min readGuideBiweekly mortgage payments: do they save money?What 26 half-payments a year really save, two simpler ways to get the same result, and the fees and servicer rules to watch.7 min readGuideSecond home vs investment property: how the mortgage changesOccupancy rules, down payments, reserves, rental income and taxes for second homes and rental properties, side by side.8 min readGuideBuying a home with a co-signerCo-signer vs non-occupant co-borrower vs co-owner, Fannie Mae’s limits, the DTI math with their debts, and how to get them off later.7 min readGuideDown-payment assistance programs: how the states compareState down-payment help compared: amounts, percentage caps, forgivable vs repayable seconds, credit minimums and income limits.8 min readGuideEscrow accounts explained: how the money moves, and why your payment changesHow escrow works month to month, the cushion limit, the annual analysis and what a tax increase does to your payment.7 min readGuideFHA vs conventional: which costs less over 5 and 10 years?Upfront premium, MIP, PMI and interest added up at three down payments over 5 and 10 years — and the credit and rate gaps that flip the answer.8 min readGuideHomeowners insurance and your mortgageWhat lenders require, what insurance adds to your payment, flood zones, force-placed insurance and what to do when the premium jumps.7 min readGuideHow a mortgage rate lock worksWhat a lock covers, how long to lock, what breaks it, how it ties into the Loan Estimate rules and what a rate move costs.8 min readGuideHow lenders calculate debt-to-income, line by lineSalary, hourly pay, overtime averaging, rental income and the debts lenders add, worked through a full DTI worksheet.7 min readGuideHow much house can I afford on $100,000 a year?What a $100,000 household with a car loan and student debt can buy at each DTI limit, and how 5% or 10% down and FHA change it.7 min readGuideHow much house can I afford on $150,000 a year?What $150,000 buys with 20% down, which of 20 big-city medians it reaches, and where the jumbo threshold sits.8 min readGuideHow much house can I afford on $50,000 a year?What $50,000 buys with FHA, 3%-down conventional, USDA or VA loans, and how debts, assistance and your state change it.8 min readGuideHow much house can I afford on $75,000 a year?Three budgets for a $75,000 salary, plus how debts, down payment, rates and your state change the price.7 min readGuideHow property taxes change your mortgage paymentProperty tax on the median home in all 50 states and DC, the share of the payment it takes, and how reassessment and escrow change it.9 min readGuideHow to lower your closing costsShopping services, lender credits, seller concessions, closing dates and assistance programs — what each saves, with worked numbers.8 min readGuideHow to pay for a home renovationOne $60,000 project paid six ways — equity loans, refinancing, FHA 203(k), HomeStyle and cash — and which situation each one suits.8 min readGuideIs refinancing worth it? Start with what you want it to doFour reasons to refinance and four different tests — rate, mortgage insurance, term and cash out — each worked out at today’s rates.9 min readGuideGetting a mortgage after bankruptcy or foreclosureWaiting periods after Chapter 7, Chapter 13, foreclosure and short sales for Fannie Mae, VA and USDA loans, with the exceptions.8 min readGuideGetting a mortgage when you’re self-employedTwo years of tax returns, the add-backs lenders allow, what a falling year does, and bank-statement and DSCR alternatives.7 min readGuidePoints or a bigger down payment: where extra cash at closing saves moreThree uses for extra closing cash — points, a bigger down payment or reserves — compared over 3, 5, 7 and 10 years.8 min readGuidePre-approval vs pre-qualification: which one do you need, and when?When a pre-qualification is enough, when you need a pre-approval, and a dated timeline from first estimate to closing.7 min readGuideReverse mortgage pros and consNo monthly payment against a balance that compounds: three scenarios, the equity left, what heirs face and the alternatives.7 min readGuideCan you use a VA loan twice?Restoring entitlement, keeping one VA loan while buying with another, and what the second purchase costs in funding fee.7 min read

Quick answers

Mortgage questions, answered in two sentences

Each answer uses the latest official figure and links to the full guide.

How much house can I afford?

Lenders compare your monthly debts with your gross income. Freddie Mac suggests keeping housing costs under 30% of gross pay and all debts under 45%; Fannie Mae’s automated underwriting accepts up to 50%. On a $75,000 salary with no other debts, the 30% guideline points to a home of about $242,000 with 10% down at today’s average rate — see the full $75k breakdown.

What are mortgage rates right now?

Freddie Mac’s weekly survey put the average 30-year fixed rate at 7.24% and the 15-year at 6.6%. Your own rate depends on credit, down payment, loan type and points, so compare Loan Estimates from several lenders on the same day.

How much is PMI?

Freddie Mac estimates private mortgage insurance at about $30 to $70 a month for every $100,000 borrowed. It applies to conventional loans with less than 20% down and ends automatically when your balance is scheduled to reach 78% of the home’s original value — see our PMI guide.

What credit score do I need to buy a house?

FHA loans allow scores from 500 (with at least 10% down) and 580 or higher for the 3.5% minimum down payment. Fannie Mae requires 620 on manually underwritten fixed-rate loans; its automated system no longer sets a minimum score but still prices and approves loans on credit risk.

How much are closing costs?

The CFPB says closing costs typically run 2% to 5% of the purchase price, on top of the down payment. On the US median home value of $360,600 that is roughly $7,200 to $18,000.

When should I refinance?

Refinance when the monthly savings repay the closing costs well before you expect to move or refinance again. Divide total costs by the monthly saving to get your break-even month, and walk away if you won’t stay that long — our buying hub explains the costs involved.

Sources: US Census Bureau, American Community Survey 2024 1-year · CFPB · Freddie Mac Primary Mortgage Market Survey · Freddie Mac My Home · Freddie Mac Research · Fannie Mae Selling Guide B3-6-02 · HUD Mortgagee Letter 2026-11 · Fannie Mae Selling Guide B3-5.1-01 · Texas Department of Housing and Community Affairs · FHFA · HUD.

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