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This easy-to-use spreadsheet calculates your monthly mortgage payments. Use this calculator to determine how much a house will cost each month. It is a useful tool for determining if a particular house is within reach.
Home Loan Mortgage Payment Calculator
This is a simple payment calculator that requires no more than eight inputs. The spreadsheet returns the total monthly mortgage payment with a graphical overview of the components that make up the monthly payment, including:
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The first step to seeing if the FHA can make you a homeowner is to run the numbers with this FHA mortgage calculator.
When you pay off your mortgage, you're not just paying the principal and interest on the loan to your lender. You also have to pay homeowners insurance, property taxes, and other related costs.
The FHA mortgage calculator above lets you estimate your "real" payment when all of these fees are included. This will help you get a more accurate number and figure out how much home you can really afford with an FHA loan.
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Here is an overview to help you understand all the terms and fees included in our FHA Loan Affordability Calculator:
This is the dollar amount you are investing in buying your home. FHA has a low down payment of a minimum of 3.5% of the purchase price. This can come from a down payment gift or an eligible down payment assistance program.
This is the fixed amount of time you have to repay the mortgage loan. Most homebuyers choose a 30-year fixed-rate mortgage, which has equal payments over the life of the loan. 15-year fixed rate loans are also available through the FHA program.
The FHA also offers adjustable rate mortgages, although they are much less popular because the mortgage rate and payment can increase over the life of the loan.
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This is the annual rate charged by the mortgage lender as the cost of the loan. Mortgage rates are expressed as a percentage of the mortgage amount. For example, if the loan amount is $150,000 and the interest rate is 3.0%, you will pay $4,500 in interest during the first year (0.03 x 150,000 = 4,500).
This is the amount that goes towards paying off the loan balance plus the interest you owe your mortgage lender each month. This remains constant throughout the term of the fixed rate mortgage. Your monthly mortgage payment doesn't change, but you pay more principal and less interest each month until the loan amount is paid off. This progression of payments is called amortization.
FHA charges a monthly premium which is very similar to Private Mortgage Insurance (PMI). This fee, called FHA Mortgage Insurance (MIP), is a type of insurance that protects creditors from loss in the event of a foreclosure.
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The FHA charges an Advance Mortgage Insurance Premium (UFMIP) of 1.75% of the loan amount. This can be entered into the loan balance. It also charges an annual mortgage insurance premium, usually 0.85% of the loan amount. The annual MIP is paid in monthly installments together with the mortgage payment.
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The county or municipality where the house is located collects a certain amount of taxes annually. This cost is divided into 12 installments and is collected each month with the mortgage payment. Your lender collects this fee because the county can foreclose on a home if the property taxes aren't paid. The calculator estimates property taxes based on tax-rates.org averages.
Lenders require you to insure your home against fire and other damage. Your monthly home insurance premium is collected with your mortgage payment, and the lender sends the payment to your insurance company each year.
If you are buying a condo or home in a planned unit development (PUD), you may have to pay homeowners association (HOA) taxes. Loan officers take this cost into account when determining DTI ratios. You can enter other home-related expenses like flood insurance in this field, but don't include things like utilities.
Property taxes and homeowners insurance are usually paid to the lender every month along with the mortgage payment. Taxes and insurance are held in an escrow account until they become due, at which time the lender pays them to the correct company or agency.
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FHA mortgages have great benefits for first time home buyers. But to use this loan program, you must meet the requirements set by the Federal Housing Administration and your FHA-approved lender.
These are general guidelines for qualification. However, lenders often have the flexibility to approve loan applications that are weaker in one area but stronger in others. For example, you can get away with a higher debt-to-income ratio if your credit score is good.
If you're not sure if you're eligible for financing, check your eligibility with several mortgage lenders.
This agency, which is an arm of the Department of Housing and Urban Development (HUD), uses its FHA mortgage program to make home ownership more affordable for underserved home buyers.
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Lower down payments and lower credit score requirements make home ownership more affordable for buyers who might not otherwise be eligible for a mortgage.
Although FHA loans are guaranteed by the federal government, they are originated ("made") by private lenders. Most major mortgage lenders are FHA approved, so it's relatively easy to shop around and find the best FHA mortgage deal.
If you have a poor credit score, low savings, or high debt levels, an FHA mortgage can help you move into a new home sooner rather than later.
The FHA defines a low-cost area as an area where you can multiply the average home price by 115% and the resulting price is less than $.
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On the other hand, high-cost areas exceed $. In these cases, the maximum loan amount is $. About 65 counties in the United States have home purchase prices high enough to qualify as high-cost areas.
Alaska, Hawaii, Guam and the US Virgin Islands are special exceptions and have loan limits above $1 million.
Although the FHA allows the purchase of multi-family homes, you must live in one of the units as your primary residence.
Today's 30-year FHA fixed rate loan rates start at % (%APR), according to The Mortgage Reports Daily Rates Survey.
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Interest rates on FHA loans are generally competitive and can be lower than those on conventional loans, making them an attractive option for eligible borrowers.
It's important to note that FHA loan interest rates can vary based on factors such as your credit score, loan amount, and market conditions, so it's a good idea to shop around and compare offers from different lenders.
Using an FHA loan calculator can help you in a number of ways, especially if you're new to the real estate market or need a complete picture of your future mortgage payments.
The FHA loan calculator is a useful tool that can help you figure out how much you can expect to pay each month on your mortgage. The calculator gives you a clear picture of your monthly obligations by entering details such as the loan amount, interest rate, loan term and other relevant details.
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This allows prospective homeowners to plan their budget effectively while making sure they can comfortably manage their monthly mortgage payments along with other expenses.
Mortgage insurance premiums (MIPs) are typically required with FHA loans and are an additional cost that borrowers must factor into their monthly mortgage payments. This is usually included in the calculation of the FHA loan calculator, providing a more accurate estimate of monthly costs and helping borrowers understand the full financial implications of their loan.
It's important to be aware of some common mistakes that can lead to incorrect calculations when using an FHA loan calculator.
Entering incorrect or outdated information into the calculator is a common mistake. This includes information such as the home purchase price, loan term, interest rate, and cost of insurance.
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