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FHA Loan Calculator

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FHA Loan Calculator

An FHA loan usually requires the lowest down payment when purchasing a home, only 3.5% of the sales price. It also allows for lower scores than conventional loans, usually down to a 580. You may be able to roll your closing costs in to your loan. The home must be the borrower's primary residence. FHA is often the best loan program for first time home buyers. If you already have an FHA loan, you can refinance with FHA Streamline to lower your interest rate.

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Simply enter the price of the home and your down payment. In seconds, you will have an estimate of your monthly mortgage payment, schedule and closing cost.
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Are you thinking about purchasing a new home with an FHA home loan or refinancing your existing FHA loan with a streamline refinance? Using a FHA loan calculator can help you understand how loan options such as term length and interest affect your payment amount, payoff and your total FHA closing costs. 

How to Use an FHA Mortgage Calculator

FHA mortgage calculators work with four variables associated with your loan. These include term length, FHA loan amount, payment amount and interest rate. Paying close attention to these details can save you thousands of dollars whether you’re applying for a traditional mortgage or an FHA home loan. 

Types of FHA Loan Calculators

There are three basic types of mortgage calculators you need to know about. These include purchase, loan amortization and refinance calculators. Purchase calculators can help you analyze the numbers and determine if the monthly payment on the property you are purchasing is within the limits of your budget. You’ll also be able to see how choosing a 15 year term or a 30 year term length along with the amount of your required down payment affects your monthly payment amount. 

You can even factor in the difference between choosing a fixed or adjustable interest rate. Some purchase calculators allow you to configure annual taxes and insurance for the most accurate payment amount.

If you’re having trouble making sense of the numbers we have FHA mortgage loan specialists standing help you make sense of your options and choose the right credit program for your family.

If you are considering an FHA Streamline refinance for your existing home loan, refinance calculators can help you make educated decisions when choosing programs from a variety of lenders. With a refinance calculator, you can weigh the decision of lowering your monthly payment or paying off your mortgage sooner. 

You can play with various options including rate type, term length and FHA loan down payment to see how your monthly payment changes.

The third type of calculator you’ll encounter is an amortization calculator. Amortization is the schedule that repays your FHA home loan. Your monthly payments are divided between repaying FHA loan principal and paying interest to the lender. The amortization schedule determines how much of your payment goes where.

FHA home loans are front loaded with interest. This means in the early years most your loan payment goes into the lender’s pocket in interest and very little is applied the principal loan amount. Over time this gradually reverses with more being applied to the FHA loan amount and less going to finance charges.

You can visualize this schedule playing out over time using an amortization calculator. If you’re unhappy with the amount of cash going to the lender versus repaying your mortgage you can see how paying extra each month pays down your loan principal ahead of schedule.

Using an FHA loan calculator is an excellent tool for understanding how different loan options like programs, interest rates, and term lengths all affect your bottom line. They offer great value for comparison shopping and will save you thousands of dollars and time when used correctly.

Do you need help crunching the numbers to make sure you’re not missing anything on your next FHA mortgage? Contact one of our licensed loan specialists and get started saving today!