Mortgage Calculator & Home Loan Guide | Hampton Roads REALTOR® Jeremy Ruff

Every dollar saved adds up to your down payment.

FREE TOOL

Monthly Payment Calculator

Adjust the numbers below for a fast estimate. This is a planning tool, not a loan offer — get pre-approved by a lender for exact numbers.

Home Price ($) Down Payment ($) Interest Rate (%) Loan Term (years) Annual Property Tax ($) Annual Homeowners Insurance ($) Monthly HOA/Condo Fee ($) Include PMI if down payment < 20%?

Estimated Monthly Payment

total estimated monthly payment

Principal & Interest	$0
Property Tax	$0
Homeowners Insurance	$0
PMI (estimate)	$0
HOA/Condo Fee	$0
Total	$0

Estimate only. Actual payment depends on your lender, credit profile, loan program, and locality tax rate. PMI is estimated at 0.55% of loan amount annually and varies by lender and credit score.

LOAN OPTIONS

Which Loan Type Fits You?

🏧

VA Loan

0% down, no PMI, competitive rates. For eligible veterans, active duty, and surviving spouses.

See eligibility →

💼

Conventional

As little as 3% down for qualified first-time buyers. PMI drops off once you hit 20% equity.

First-time buyer programs →

🏭

FHA Loan

3.5% down with a 580+ credit score. Mortgage insurance premium applies for the life of most FHA loans.

Compare loan types →

🏠

USDA Loan

0% down for eligible rural and some suburban areas of Hampton Roads. Income limits apply.

See the comparison table →

GOOD TO KNOW

Closing Costs & Down Payment Help

Two of the biggest questions buyers bring to this calculator — what to expect at the closing table, and whether help is available if you don't have a big down payment saved.

Closing costs in Virginia — what they typically include and roughly how much to budget.
Virginia Housing down payment assistance — grant programs that can reduce or eliminate your out-of-pocket down payment.
VA loan funding fee & benefits — what VA-eligible buyers pay instead of PMI.

FAQ

Common Mortgage Questions

How much house can I afford in Hampton Roads?

A common guideline is keeping your total housing payment at or below roughly 28% of gross monthly income, though VA loans and other programs sometimes qualify buyers higher based on residual income and other factors. Use the calculator above for a starting estimate, then talk to a lender for an exact pre-approval number.

What credit score do I need to buy a home?

VA loans typically have no lender-mandated minimum, though most lenders look for 580-620+. FHA allows scores as low as 580 with 3.5% down. Conventional loans generally want 620+. Higher scores generally unlock better interest rates.

Is PMI required on every loan?

No. VA loans never require PMI. Conventional loans require it below 20% down (it can be removed later once you reach 20% equity). FHA loans carry mortgage insurance for the life of most loans regardless of down payment.

What's the difference between pre-qualified and pre-approved?

Pre-qualification is a quick, informal estimate based on numbers you report yourself. Pre-approval means a lender has verified your income, credit, and assets and issued a conditional commitment letter — the version sellers take seriously when you make an offer.

Should I lock my interest rate?

Your lender can walk you through rate-lock timing and options once you're under contract. It's a lender decision, not something a real estate agent can advise on directly — but I can refer you to lenders I trust in the Hampton Roads area.

What's the VA loan funding fee, and do I have to pay it?

Most VA loan borrowers pay a one-time funding fee, which can be rolled into the loan rather than paid out of pocket. Veterans with a service-connected disability rating are typically exempt. Your lender will confirm your exact fee based on your situation and loan history.

Can I roll closing costs into my loan?

Sometimes, depending on the loan program and appraised value — this varies by lender and loan type. It's a good question to ask a lender directly early on, since it can change how much cash you actually need at closing.

How much are closing costs typically?

Buyers typically pay 2-5% of the purchase price in closing costs, covering things like loan origination, title insurance, and recording fees. See the full breakdown →

WHAT YOU GET

The White-Glove Service Every Client Gets

Financing is just one piece — here's what working with me looks like from pre-approval through well after closing.

Vendor Coordination

Trusted, vetted Hampton Roads lenders and closing attorneys — I connect you directly, no guessing who to call.

Concierge Communication

Direct cell access and fast responses so financing questions never sit unanswered while you're on a deadline.

Full-Service Guidance

Hands-on help understanding your loan options and how financing affects your offer strategy.

Post-Closing Support

I stay available after closing for refinance questions, referrals, and whatever comes next. You're a client for life, not just until the sale closes.

Want an Exact Number?

I can connect you with a Hampton Roads lender for a real pre-approval, or answer questions about how financing affects your home search.

Schedule Your Mortgage Strategy Call Now →

717.645.4162 · jrrealty.vb@gmail.com · linktr.ee/jeremyruff

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