Mortgage Calculator with PMI & Taxes — FHA, VA, USDA | The Mortgage Jedi
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Mortgage Calculators With Real Underwriting Math.

Most online calculators use textbook ratios no lender actually uses. I built these five to run the numbers the way files actually get approved: Conventional, FHA, VA, and USDA, with the real debt-to-income limits, mortgage insurance, and funding fees built in. Rate fields start at today's published average with its APR shown, and you can type in your own quote.

Tony Fitzgerald · The Mortgage Jedi · NMLS #1284924 · Updated July 17, 2026

Mortgage Payment Calculator with PMI, Taxes & Insurance (Conventional, FHA, VA, USDA)

Left: percent · Right: dollars (they sync)
Example only. Enter your quoted rate. Rates change daily and depend on your file.
Estimated total monthly payment
$0

Where it goes

Over the life of the loan

Amortization (yearly)

Estimates only, based on the numbers you enter. Not a quote, offer, or commitment to lend. Actual terms depend on your full application and credit approval.

Home Affordability Calculator (How Much House Can I Afford & Income Needed)

Before taxes. Base pay; steady overtime/bonus can often count. Ask me.
Car payments, minimum card payments, student loans, child support. Not utilities, groceries, or insurance.
Real-world maximums assume automated-underwriting approval on a full, documented file. Program limits shown: Conventional to 50% DTI (Fannie’s DU and Freddie’s LPA both cap right at 50, broker shorthand says 49.9), FHA to 56.9%, VA by residual income (often 56%+), USDA ~41–44% (GUS can stretch further). Your file may qualify for more or less. This is math, not a pre-approval.

Estimates only, based on the numbers you enter. Not a quote, offer, or commitment to lend. Actual terms depend on your full application and credit approval.

Mortgage Refinance Calculator (Break-Even & Lifetime Savings)

Example only. Enter a real quote.
Lender + title + recording. A fair all-in number to test with is 2–3% of the balance.

Estimates only, based on the numbers you enter. Not a quote, offer, or commitment to lend. Actual terms depend on your full application and credit approval.

VA IRRRL Calculator (VA Streamline Refinance with 36-Month Recoupment Test)

The VA IRRRL (“Earl”) is the VA streamline refinance: existing VA loan to a lower rate, typically no appraisal and no income documentation. By law the closing costs must recoup within 36 months. This calculator runs that exact test.
Example only. An IRRRL must lower your rate (or move ARM→fixed).

Estimates only, based on the numbers you enter. Not a quote, offer, or commitment to lend. Actual terms depend on your full application and credit approval.

Cost of Waiting Calculator (Buy Now vs. Wait, Your Assumptions)

Nobody, including me, can predict home prices or rates. This tool runs your assumptions, including negative ones. Change them and see what happens either way.
Can be negative. Enter a ZIP above to load the area’s historical average, or set your own.
Defaults to today’s. Change it if you have a crystal ball.

Estimates only, based on the numbers you enter. Not a quote, offer, or commitment to lend. Actual terms depend on your full application and credit approval.

The calculator is math. Your approval is a file.

Fifteen minutes with me turns these estimates into a real number, built around your credit, your income, and the program that actually fits. No pressure, no spam, straight answers.

Get my options (941) 941-5150 Start my application
Know Your Options

Loan Programs At A Glance

Minimums are program rules, not opinions. Which one actually prices best for you depends on credit, down payment, and property. That’s the conversation I have with you.

ProgramMin. downCredit (real world)Mortgage insuranceMax DTI (with AUS approval)Best fit
Conventional3% (first-time buyer, HomeReady®, Home Possible®) · 5% standard620 minimum; pricing gets good above ~690PMI under 20% down (cancellable at 20–22% equity)50% (DU & LPA both cap here)Good credit, any down payment
FHA3.5% (580+ score) · 10% (500–579)580+ for 3.5% down1.75% upfront + 0.50–0.55%/yr (life of the loan under 10% down)56.9%Thinner credit or higher DTI
VA$0No program minimum; lender floors cluster 580–620None (one-time funding fee instead, waived with service-connected disability)No hard cap (residual income test; 56%+ happens)Veterans & active duty. Usually unbeatable.
USDA$0Most lenders ~640; flexible with GUS1.0% upfront + 0.35%/yr~41–44% (GUS flexes higher)Eligible rural/suburban areas, income limits

Occupancy matters: FHA, VA, and USDA are primary-residence programs. Second homes need 10%+ down (conventional); investment properties 15%+ for 1-unit (20–25% is typical; 2–4 units need 25%). HomeReady®/Home Possible® carry income limits (80% of area median income). I check that in minutes.

Real Numbers

What A Payment Looks Like In Sarasota

Hypothetical examples at today’s published average rate (shown above with APR), 30-year fixed, 5 percent down conventional, about 1 percent property tax, and the same Sarasota-area insurance estimate my calculator uses. Your rate and costs will differ. Run your own numbers above.

Home priceDown (5%)Principal & interestTax + insurance (est.)PMI (est.)Total (est.)
Straight Answers

Mortgage Calculator Questions, Answered

Quick answers below. The full library lives at Mortgage Questions, Answered.

What’s actually included in a monthly mortgage payment?
Four things, called PITI: Principal (paying down the loan), Interest, Taxes (property tax, collected monthly into escrow), and Insurance (homeowner’s). Many payments also include mortgage insurance (PMI or FHA MIP) and HOA dues. Calculators that only show principal & interest understate a Florida payment by $700–$1,200 a month. This one shows the whole thing.
How much house can I afford on my salary?
Two different answers. The comfortable rule of thumb: housing under ~28% of gross income and all debts under ~36%. The real-world maximum I can typically get approved with automated underwriting is much higher: conventional to 50% total DTI (both Fannie’s and Freddie’s automated systems cap right at 50), FHA to 56.9%, and VA has no hard cap at all. It uses a residual-income test and regularly approves files above 56%. On an $85,000 salary with $500/mo in debts and $20,000 down, the comfortable price and the real-world maximum can be a six-figure gap apart. Run your own numbers in the Affordability tab and see both.
How much income do I need to afford a $400,000 house?
A $400,000 home’s payment depends a lot on your rate and down payment, so I won’t pretend one number covers it. Comfortably (28% of income), you need meaningfully more household income than the real-world underwriting maximum requires. Run it in the Affordability tab’s “What income do I need?” mode with today’s rate and it shows you both numbers, split per person for a two-income household.
Can two incomes qualify together? How does a household of two work?
Yes. Co-borrowers combine gross incomes and debts on one application, and both credit profiles count (lenders typically price off the lower middle score). Two $55,000 incomes qualify almost exactly like one $110,000 income. You don’t have to be married, and a co-borrower doesn’t have to live in the home on every program. Toggle “Two incomes” in the Affordability tab to model it.
Do I really need 20% down?
No. That’s the most expensive myth in real estate. VA and USDA are $0 down. FHA is 3.5% down with a 580+ score. First-time buyers can go conventional at 3% down, and HomeReady® (Fannie Mae) and Home Possible® (Freddie Mac) offer 3% down with reduced mortgage insurance for buyers under area income limits. 20% down avoids PMI, but PMI is temporary and often smaller than people fear. Run it in the Payment tab and see.
What credit score do I need to buy a house?
Real world: FHA approves from 580 with 3.5% down (500–579 possible with 10% down; those are FHA’s minimums, some lenders set their own higher floors). VA has no official minimum. Lender floors cluster around 580–620. Conventional’s practical floor is 620 (the agencies technically dropped the hard automated-underwriting cutoff in 2025, but sub-620 conventional approvals remain rare), and the pricing doesn’t get genuinely good until about 690+, which is why a 650 buyer often does better on FHA even though conventional is “available.” Below 620, approvals still happen. The file just has to be built more carefully. That’s a strategy conversation, not a rejection.
What debt-to-income ratio will lenders actually allow?
Higher than the internet tells you. With automated-underwriting approval: conventional to 50% (both Fannie’s DU and Freddie’s LPA cap right at the line, broker shorthand calls it 49.9). FHA goes to 56.9%. USDA runs ~41–44%, though GUS approvals can stretch past the book numbers. VA doesn’t use a hard DTI cap at all. It runs a residual-income test (money left over after all bills), and strong residual income can carry a DTI above 56%. Housing-only “front-end” ratios? Conventional and VA don’t even test one separately; FHA allows up to ~46.9%. The old 28/36 rule is a fine budgeting guide, but it is not what underwriting says.
What’s the difference between PMI and FHA MIP, and how do I get rid of them?
PMI is private mortgage insurance on conventional loans under 20% down. It cancels automatically at 78% loan-to-value and can be removed at 80%, so it’s temporary. FHA MIP is different: 1.75% upfront plus 0.50–0.55%/yr, and with less than 10% down it lasts the life of the loan. The usual exit is refinancing into conventional once you have 20% equity. That refinance-out-of-FHA move is one of the most common calls I get.
FHA vs. conventional, which should I choose?
It usually comes down to credit and down payment. Above ~690 credit with 5%+ down, conventional typically wins: cheaper mortgage insurance that cancels at 20% equity. Between 580–689, FHA often prices better even though conventional is “available.” FHA’s MIP doesn’t climb with a lower credit score the way PMI does. FHA’s catch: with under 10% down, MIP lasts the life of the loan, so the long game is often FHA now, refinance to conventional at 20% equity. Run both in the Payment tab and compare the mortgage-insurance line, then I will price both for real.
What is a VA IRRRL and when is it worth it?
The VA Interest Rate Reduction Refinance Loan (“IRRRL,” pronounced “Earl”) is the VA streamline: it swaps your existing VA loan for a lower rate with typically no appraisal and no income documentation, and just a 0.5% funding fee (waived with service-connected disability). By law your closing costs must be recouped by the payment savings within 36 months. The VA IRRRL tab runs that exact test and tells you pass or fail.
Should I buy now or wait for rates to drop?
Nobody can promise you rates or prices. Anyone who does is selling something. The honest way to decide: run your assumptions both directions in the Cost of Waiting tab. If prices rise while you wait, you pay more and need a bigger down payment; if rates fall later, you can typically refinance the home you already own. If you believe prices will fall, plug in a negative number and look at that scenario too. Math beats predictions. Buying now at a higher rate also opens the door to buying down your rate, which is worth a look too.
What happens if I pay an extra $100 a month?
An extra $100 a month toward principal can shave years off your payoff and save real money in interest, with zero refinancing and no commitment, since you can stop any month. Put your real loan amount and rate in the Payment tab’s “extra principal” field and it shows your payoff date and interest saved instantly.
Is this calculator a pre-approval?
No. A calculator is arithmetic. A pre-approval is an underwriter-ready review of your actual credit, income, and assets, and it’s what sellers take seriously in a Florida offer. These tools get you oriented; fifteen minutes with me gets you a real number and a letter. Same-day pre-approvals are the norm, not the exception.

For education and illustration only. Calculator results are estimates based on your inputs and published program guidelines; they are not a quote, rate, offer, pre-approval, or commitment to lend, and do not include all costs (e.g., flood insurance, CDD fees, closing costs). Average rates and APRs shown are published national index figures from the sources noted, not offers of credit; your rate and APR depend on your complete application. Program guidelines, fees, DTI allowances, and mortgage-insurance figures change and vary by lender and file; maximum DTI figures assume automated-underwriting approval. HomeReady® and Home Possible® are subject to income limits. Tony Fitzgerald NMLS #1284924 · 1st Response Mortgage is a registered DBA of Barrett Financial Group, L.L.C., NMLS #181106 · FL License #MLD1880 · Equal Housing Lender. All loans subject to credit approval.