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Prime pricing — lenders compete for this score. Calculator prefilled with an estimated rate; adjust anything.
Compare rates and get pre-approved. Shopping multiple lenders can save tens of thousands over the life of a loan.
For educational purposes only. Not financial advice. Actual loan approval depends on credit score, employment history, and lender criteria. Consult a mortgage professional before making home buying decisions.
A 720 credit score is prime. Lenders compete for borrowers at this level, conventional rate adjustments are small, and PMI (if you need it) is inexpensive. Your mortgage rate is now determined mostly by the market, your down payment, and how hard you shop.
One more tier exists above you — 740+ — where conventional pricing fully maxes out, but the difference is small. Don't delay a purchase you're otherwise ready for just to chase it.
Conventional wins at this score in nearly every scenario; FHA no longer makes sense unless a specific underwriting quirk (like a recent credit event) applies.
Take a buyer earning $85,000 a year, with $400/month in existing debt and $25,000 saved for a down payment, on a 30-year loan:
| Estimated rate at a 720 score | 6.60% |
| Max home price (bank approval estimate) | $256,000 |
| Estimated monthly payment (P&I + tax + insurance) | $1,980/mo |
| Same buyer with a 760+ score | $257,000 |
| Buying power cost of a 720 score | −$1,000 |
PMI with less than 20% down is inexpensive here — roughly $25–40 per month per $100,000 borrowed — and cancels at 20% equity.
At a 760 score (estimated 6.50%), the same buyer could afford about $257,000 — $1,000 more house for the same income and monthly budget. You're 10–20 points from top-tier pricing. If your card utilization is above 10%, paying it down before the credit pull may bump you over 740.
Rules and pricing change at 580, 620, 640, and every 20 points beyond. Pick your exact score, or use the main affordability calculator if credit isn't your constraint: