Down Payment

Everyone throws around that "20 percent down" rule, but here's what they don't tell you — some loan programs only need 3.5 percent down. Your down payment is basically a lever: put more down, your monthly payment drops. Put less down, you free up cash but your payment goes up. Neither is "right" — it just depends on your numbers and your goals.

Loan Term

This is how long you're paying the thing off, and it moves your rate and payment more than people realize. Play around with 30-year fixed vs. 15-year fixed in the calculator and watch what happens.

Loan Type

Two main flavors here, and I want you to actually understand the difference instead of just picking one because it sounds familiar:

Fixed-rate — your rate is locked in for the life of the loan. Same payment in year 1 and year 30. The win here is predictability — you know exactly what you're paying and what your total interest looks like from day one.

Adjustable-rate (ARM) — starts lower than fixed, then adjusts after a set period. A 5/1 ARM, for example, holds your rate for 5 years, then it can shift annually after that. The appeal is that lower starting rate — just go in knowing it won't stay that way forever.

Beyond fixed vs. adjustable, there's also the question of who's backing the loan — and this is where conventional, FHA, USDA, and VA come in:

Conventional — not backed by the government, just a regular loan through a private lender. Usually needs a stronger credit score and more down payment than FHA, but if you qualify, you skip some of the extra fees that come with government-backed loans. This is the most common route for buyers with solid credit.

FHA — backed by the Federal Housing Administration, built for buyers with lower credit scores or smaller down payments. You can get in with as little as 3.5 percent down, which is why it's such a popular first-time buyer option. Trade-off: you'll pay mortgage insurance, and it sticks around for a while.

USDA — backed by the Department of Agriculture, and this one's a hidden gem people don't talk about enough. It's for homes in eligible rural and suburban areas (Austin's outskirts count more than people think), and if you qualify, you can get into a home with zero down. Income limits apply, so it's not for everyone, but when it fits, it's one of the best deals out there.

VA — backed by the Department of Veterans Affairs, available to eligible veterans, active-duty service members, and some surviving spouses. The perks are huge: zero down payment, no mortgage insurance, and competitive rates. If you served and qualify, this is almost always going to be your best option — I will gatekeep nothing here, talk to a lender about it.

Interest Rate

We've pre-filled this with today's average rate so you've got a starting point. Your actual rate is going to depend on your credit score, your down payment, and a few other factors — so think of this as a ballpark, not a promise.

Property Tax Rate

This calculator estimates property taxes based on the home's value. If you want to get more precise, you can adjust it in the advanced options — I always tell people it's worth doing if you're seriously evaluating a property.

Home Insurance

Most lenders are going to require this depending on your loan program — it's not optional in most cases. You can edit the estimate in advanced options once you have real quotes.

HOA Fees

If the property's part of an HOA, this is your monthly buy-in that goes toward maintaining and improving the community. Worth factoring in early — I've seen people fall in love with a place and forget to budget for this part.