House payments are comprised of: P. I. T. I.
(Principle, interest, taxes, insurance)
FHA loans require 3.5% down payment vs. conventional loans require 5% down. 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. 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 home buyers don't have)
Investors: Rental properties will require 20% down payment.
*If you're shopping for town homes, pay attention to the association fees. (Some can be very high)
When calculating what your payment will be, PMI is typically 1% of the loan. Conventional loan PMI is determined by your credit scores. Your mortgage lender will advise you on that exact amount.
Click blue link for mortgage calculator. Be sure to click on, "Advanced," for taxes, insurance, and PMI:
CALCULATOR