This FHA estimator tool will help you estimate your potential monthly mortgage payments based on current FHA loan rates.
How to use the FHA Estimator
To use the FHA Estimator, you’ll need to fill in several details about the home you are considering purchasing. Follow these steps:
- Enter the home price in dollars.
- Enter the down payment in dollars.
- Enter the mortgage interest rate as a percentage.
- Specify the loan term in years.
- Enter the annual property taxes for the home.
- Enter the annual homeowner’s insurance.
- Enter the monthly HOA fees, if applicable.
- Specify whether the loan is an FHA loan or not.
- Click “Calculate” to see the estimated monthly payment.
How It Calculates
The calculator takes into account the following details to compute the estimated monthly mortgage payment:
- Principal and Interest: It calculates the monthly principal and interest based on the loan amount, interest rate, and loan term.
- Property Taxes: It divides the annual property taxes by 12 to get the monthly amount.
- Homeowners Insurance: It divides the annual homeowners insurance by 12 to get the monthly amount.
- HOA Fees: It simply adds the monthly HOA fees to the total.
- FHA Loan: If it’s an FHA loan, it includes the upfront mortgage insurance premium (UFMIP) and annual mortgage insurance premium (MIP).
The sum of these components gives the total estimated monthly mortgage payment.
Limitations
This calculator provides an estimate and may not reflect the actual monthly payment. Factors such as additional fees, insurance costs, and changes in interest rates can affect the final payment. Consult with a mortgage professional for a precise calculation.
Use Cases for This Calculator
Estimate FHA Mortgage Insurance
Enter your home value, loan amount, and FHA upfront and annual mortgage insurance rates to calculate your FHA mortgage insurance costs accurately.
Calculate Monthly FHA Mortgage Payments
Input your loan amount, interest rate, loan term, and upfront mortgage insurance premium to find out your estimated monthly mortgage payments with FHA financing.
Determine Maximum FHA Loan Amount
By entering your annual income, monthly debts, desired loan term, and interest rate, the FHA estimator calculates the maximum loan amount you may be eligible for.
Compare FHA vs. Conventional Loans
Input your financial details to compare the total costs of an FHA loan versus a conventional loan, including mortgage insurance, interest rates, and monthly payments.
Estimate Closing Costs with FHA Loan
By entering home purchase price, loan amount, and other relevant fees, you can get an estimate of your total closing costs when using an FHA loan for financing.
Calculate FHA Refinance Savings
Input your current loan details, new loan amount, and refinance costs to determine the potential savings of refinancing your existing mortgage with an FHA loan.
Estimate FHA Loan Approval Odds
By providing information on your credit score, income, debts, and other financial factors, the FHA estimator predicts your likelihood of getting approved for an FHA loan.
Determine FHA Loan Eligibility
Input your credit score, debt-to-income ratio, and other eligibility criteria to see if you qualify for an FHA loan based on the program’s requirements.
Estimate Net Equity with FHA Cash-Out Refinance
Enter your current loan balance, property value, and cash-out amount to estimate your net equity after refinancing with an FHA cash-out loan.
Calculate FHA Loan Amortization Schedule
By inputting loan details, the FHA estimator generates a complete amortization schedule showing how your mortgage balance decreases over time with monthly payments.