A home price is only
part of the picture.
See what you could need upfront and what your monthly payment might look like. A little clarity goes a long way toward your next home.
Your next step. No sign-up. No guesswork about what’s included.
Let’s run the numbers.
Your buying picture
ESTIMATEAfter credits and earnest money already paid.
All purchase cash, including any earnest money already paid, plus inspection / early costs and your moving & savings cushion.
Principal, interest, taxes, insurance, mortgage insurance and HOA. Utilities and maintenance are extra.
Where your upfront money goes
A planning estimate, not a loan offer, approval or official Loan Estimate. Loan limits, credit, income, property eligibility, appraisal and lender requirements are not evaluated. All amounts are rounded for display.
There’s more than one way home.
The right loan depends on your situation.
Here’s a starting point for your lender conversation.
Conventional
Why buyers consider it
Flexible loan options. No monthly PMI at 20% down; PMI may be removable later when requirements are met.
What to keep in mind
Low-down-payment programs have eligibility rules. Credit and down payment affect pricing, and PMI usually applies below 20% down.
FHA
Why buyers consider it
May be a fit with limited savings or a less-established credit history. Not limited to first-time buyers.
What to keep in mind
Upfront and ongoing mortgage insurance apply. With less than 10% down, annual MIP generally lasts the loan term; with 10% or more, generally 11 years.
VA
Why buyers consider it
Eligible veterans, service members and some surviving spouses may buy with no down payment and no monthly mortgage insurance.
What to keep in mind
Eligibility, entitlement and property requirements apply. A funding fee usually applies unless exempt. Closing costs still need a plan.
USDA
Why buyers consider it
The Guaranteed Loan Program may offer no down payment for eligible buyers purchasing in an eligible rural area.
What to keep in mind
Household income and property location limits apply. Upfront and annual guarantee fees add to the cost. Not every Bemidji-area home qualifies.
Selecting a loan loads an example down payment. It does not determine eligibility. Compare actual Loan Estimates from lenders before choosing.
Good questions.
Useful answers.
You don’t need to know everything
before you start.
Do I really need 20% down?
Not always. Some conventional programs allow 3% down, FHA can allow 3.5%, and eligible VA or USDA buyers may have a no-down-payment option. A smaller down payment can leave more savings available, but may increase your payment and loan costs. A lender can help compare your options.
What’s the difference between down payment and closing costs?
Your down payment goes toward the home’s price. Closing costs pay for items such as lender services, title work, recording and prepaid expenses. This calculator separates closing fees from prepaids and escrow. The CFPB suggests a rough combined closing-cost estimate of 2–5% of the purchase price, in addition to your down payment.
Can the seller help with closing costs?
You may be able to negotiate a seller credit as part of your offer. It is not guaranteed, and limits vary by loan and down payment. This calculator caps credits at the modeled eligible closing costs, but does not check program limits. Unused credits do not become cash back or pay your down payment.
Is earnest money an additional cost?
Earnest money is money deposited earlier in the purchase process. If the transaction closes, it typically counts toward your down payment or closing costs. Enter money already paid to reduce the remaining cash at closing. It still counts toward the total savings needed for the purchase.
What about down payment assistance?
Minnesota Housing and other programs may offer assistance to eligible buyers. Income, purchase price, education and lender requirements can apply. Assistance may be a repayable or deferred loan rather than a grant. This calculator does not assume assistance or include payments on a second loan. Ask your lender how a specific program would change your numbers.
How accurate is the monthly payment?
Principal and interest use a fixed-rate amortization formula. Taxes, insurance, HOA and mortgage insurance depend on the inputs and loan scenario. FHA MIP uses the starting base balance as a planning approximation; USDA uses an estimated first-year average scheduled balance. Actual premium calculations and future payments can differ. Taxes and insurance can change, and maintenance, utilities, flood insurance and special assessments may add costs.
Where do the loan assumptions come from?
Program assumptions checked October 27, 2026. The example interest rate is not a live rate. Conventional PMI is an editable placeholder. FHA uses a 1.75% upfront premium and annual rates based on term, base loan amount and down payment. VA uses purchase funding fee tiers and exemption status. USDA uses a 1% upfront fee and a 0.35% annual fee.
From “what if”
to your next home.
Have a price range in mind, a home you’re watching, or questions about getting started? Let’s talk through your next step in the Bemidji area.
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Tyler Montgomery
