Plain-English guides on the numbers that actually affect what you pay.
Your monthly payment is the sum of four parts: principal, interest, taxes, and insurance (often abbreviated PITI). If your down payment is under 20%, most conventional loans add private mortgage insurance (PMI) too.
20% removes PMI on conventional loans, but FHA loans let you go as low as 3.5% and VA loans require nothing down. Use the calculator to compare scenarios.