A good rule of thumb to guestimate your monthly payment is about 1% of the price of the home. You need to realize the "total" of what you are required to pay every month is called the PITI payment which is your payment, interest, taxes, and insurance. If you put 20% down on a conventional loan, then you will avoid having to pay the mortgage insurance which will bring your total monthly payment down. Of course your payment will vary depending on how low the interest rate you get as well and how high the tax rate is in the area of where you want to purchase the property. Giving normal circumstances and if you are not putting at least 20% down payment on a conventional loan and you have a decent interest rate, your total monthly payment should be about 1% or less. If your taxes are not in an escrow account (in other words you pay your yearly taxes in one lump sum as opposed to being broken down into 12 monthly payments) then your monthly payment would of course be less as well because your taxes wouldn't be included. Just to be on the safe side when house hunting, I tell my buyers to plan around 1% just so their covered. For example, if the house costs $200k, guestimate give or take $2000 a month if you will be paying all the PITI every month. Good luck!