McConnell Group

How Your Down Payment Changes Your Monthly Payment

See how VA, FHA, and conventional options compare side by side. Adjust the price and rates to match your situation.

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OriginPoint
Lysa Griffith

Lysa Griffith

Regional Manager / SVP of Mortgage Lending, OriginPoint

NMLS #754386

Call (206) 963-0191Email LysaView profile

Calculator numbers are market estimates. Ask Lysa for your actual rate.

OriginPoint LLC (formerly Guaranteed Rate Affinity, LLC), NMLS #1598647. Licensing: www.nmlsconsumeraccess.org. Equal Housing Lender. This calculator is provided by McConnell Group at Real Broker LLC and is not an OriginPoint website or loan offer.

Down payment

Seller credits

Buydown assumes about 1% of the loan per 0.25% off the rate, up to 1% off. Illustrative only; lender pricing varies.

Rates as of Oct 30, 2026 · Source: Mortgage News Daily daily index. USDA estimated from FHA.

Lowest payment · Conventional

Loan $765,000

Principal & interest$5,229/mo

PMI/MIP $287/mo

Est. total $6,217/mo

Monthly savings from credit

$0/mo

Credit used for buydown $0 · Cap $51,000 · Remaining credit $0 toward closing costs

Saves $57/mo vs highest

VA eligible (service member or veteran)
USDA eligible area and income

Your options

FHA

FHA

$6,274/mo

Estimated total monthly payment

Down payment
$85,000 (10%)
Loan amount
$778,388
Rate
6.90%
Principal & interest
$5,126
PMI / MIP
$446
Taxes/ins/HOA
$701

Typical credit score: 580+ for 3.5% down (500 to 579 needs 10% down)General guideline; varies by lender

1.75% upfront MIP financed; annual MIP 0.70%

Annual MIP generally lasts 11 years at 10%+ down

Lowest payment

Conventional

30-yr fixed

$6,217/mo

Estimated total monthly payment

Down payment
$85,000 (10%)
Loan amount
$765,000
Rate
7.27%
Principal & interest
$5,229
PMI / MIP
$287
Taxes/ins/HOA
$701

Typical credit score: No fixed Fannie Mae minimum for DU loans since Nov 2025; many lenders still look for 620+ (best pricing 740+)General guideline; varies by lender

PMI 0.45% per year until about 20% equity

Saves $57/mo vs highest

Monthly payment breakdown

Principal & interestPMI / MIPTaxes/ins/HOA
FHA$6,274
P&I $5,126PMI / MIP $446Taxes/ins/HOA $701
Conventional$6,217

Lowest full payment

P&I $5,229PMI / MIP $287Taxes/ins/HOA $701

Loan options at a glance

Conventional 97 / HomeReady / Home Possible

3% min down

  • • PMI until about 20% equity
  • • HomeReady and Home Possible have income limits (80% of area median)

Conventional

5%+ down

  • • PMI under 20% down
  • • No PMI at 20% down

FHA

3.5% down

  • • 1.75% upfront plus annual MIP
  • • Annual MIP 0.70 to 0.75% on loans over $726,200
  • • MIP for life of loan under 10% down

VA

0% down

  • • No monthly MI
  • • One-time funding fee
  • • Eligible service members and veterans

Jumbo

Often 10%+ down

  • • Loans over $1,063,750 in King County

ARM (5, 7, 10-yr intro)

Varies

  • • Rate can adjust after intro period

2026 King County conforming limit (1 unit)

$1,063,750

2026 King County FHA limit (1 unit)

$1,063,750

Freddie Mac PMMS 30-yr (week of Oct 29, 2026)

7.24%

Assumptions

  • Rate defaults update automatically twice a day from the Mortgage News Daily daily index. If that is unavailable, the 30 and 15 year rates come from the Freddie Mac weekly survey (via FRED) and other loan types keep their last known spread; if both fail, the last good rates stay in use.
  • USDA rates are not published daily, so USDA is estimated as the FHA rate plus 0.10%.
  • Rates are national averages with no points, not a quote; actual rates depend on credit, loan size, and lender.
  • PMI rates are illustrative defaults within the commonly published range of about 0.2% to 2% per year; real PMI depends mostly on credit score.
  • FHA upfront MIP (1.75%) and VA funding fee (2.15%, first use, under 5% down) are added to the loan.
  • FHA, VA, USDA and jumbo always use 30-year rates.
  • Conventional loans above $1,063,750 use the jumbo rate; FHA loans above the limit are unavailable.
  • Property tax defaults to the Seattle 2026 levy rate (0.99%); edit for other cities.
  • Rates are Mortgage News Daily national daily averages (Freddie Mac fallback), refreshed twice daily. They are not an OriginPoint or Rate quote; your loan officer will price your actual rate and eligibility.
  • Guidelines are general agency rules; lender overlays can be stricter.
  • Credit scores are general guidelines and vary by lender.
  • Buydown pricing is a rule of thumb (about 1 point per 0.25%); actual pricing varies by lender and day.
  • 2-1 buydown: payment based on rate minus 2% in year 1 and minus 1% in year 2, then the full note rate. The note rate does not change and lenders qualify you at the full rate. Funds are held in escrow and count toward seller concession limits. Estimate only, subject to lender and program rules. Modeled for fixed-rate purchases of primary residences and second homes only; investment property and cash-out are not eligible. ARM and jumbo programs require lender confirmation. Comparisons use the full Year 3+ payment.
  • Concession limits use the lower of price or appraised value; this tool uses price.
  • Jumbo loans assume no PMI; VA fees assume first use and no funding fee exemption.
  • ARM payments use the intro rate only and can change after year 7.

Sources