House payments are comprised of: P. I. T. I.
(Principle, interest, taxes, insurance)
FHA loans typically require 3.5% down payment vs. conventional loans that generally require 5% down but sometimes 3% depending on your loan. The down side of FHA loans is that PMI (private mortgage insurance) is required for the full 30 years, unlike conventional, which is 5 years. Plus FHA underwriting can get dicey at times. Bottom line: Conventional loans are better.
If you have to go the FHA route, you may want to strongly consider doing a 5 year ARM (adjustable rate mortgage) then refinance in 2 years. *The only way to avoid paying PMI is to put down 20% which most first time buyers don't have)
Investors: Rental properties will always require 20% down payment minimum.
*If you're shopping for condos and town homes, pay attention to the HOA. (Home association fees) (Some can be very high!)
When calculating what your payment will be, PMI is typically around 1% of the loan. Conventional loan PMI is determined by your credit scores. Your mortgage lender will advise you on that exact amount. I'll supply names if you don't have a good lender. They're your ally, like me.
Click blue link for residential mortgage calculator. Click on, "Advanced," for taxes, insurance, and PMI:
Click blue link for commercial real estate calculate:
Click blue link for simple i.e. a general calculator like private loans, car loans, etc.