Estimating Your Monthly FHA Mortgage Payment
One resource the FHA official site (FHA.gov) refers potential borrowers to is a home loan calculator. This resource, located at GinnieMae.gov, is perfect for helping borrowers get a general idea of their monthly mortgage payments. This information is based on user-provided details including the sale price of the home and other important data.
Using the Ginnie Mae loan calculator is fairly simple. There's an online form which has fields for the sale price of the home, where the house is located, the term of the loan (15 or 30 years) plus the interest rate, and the amount of down payment you plan to bring to the bargaining table.
Once these fields are filled in, the GinnieMae.gov monthly mortgage calculator returns the results with details including across-the-board comparisons with conventional loans, VA mortgages and the FHA loan.
Naturally this mortgage calculator is intended as an estimate only--there are many factors and variables which may change the actual amount of money owed on the FHA home loan per month.
This loan calculator requires a borrower to have a sale price, interest rate, and other factors in order to use it properly, but borrowers who don't know all the details yet can still use the calculator to get a rough idea what to expect.
Doing so is fairly simple--do you have a general idea of what typical interest rates for your housing market are? Do you know the price range of the type of home you want to buy? Do you have a down payment amount in mind? With these general details, the monthly mortgage calculator can give you a ballpark average of an estimated mortgage payment.
It's important to remember that your mortgage estimate won't options you may choose later down the line-for example, if you finance interest rate discount points, allowable closing costs or add energy efficient improvements to the loan amount, your mortgage payment could be higher as a result; discuss such options with your loan offers for more details on how such options could change the price of your loan.
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