FHA Payment Calculator

Instructions

  1. Purchase Price/Appraised Value:
    Enter the lowest of the Purchase Price or Appraised Value.
  2. Hazard Insurance:
    Hazard insurance will vary depending on the borrowers credit profile, the location of the property and the replacement cost of the property. If hazard insurance is unknown, enter the estimated percentage or use the default percentage entered. If homeowner's insurance is known, divde the yearly hazard insurance by the purchase price and multiply by 100 to get the percentage. For example: If purchase price is $200,000 and yearly hazard insurance is $900 the percentage is (900 ÷ 200,000) x 100 = .45%.
  3. Property Tax:
    Property tax will vary depending on the county and the tax assessed value of the home. Once a property is identified, you can ask your realtor for the yearly taxes. If property tax is unknown enter the estimated percentage or use the default percentage entered. If property tax is known, divde the yearly tax by the purchase price and multiply by 100 to get the percentage. For example: If purchase price is $200,000 and yearly tax is $2000 the percentage is (2000 ÷ 200,000) x 100 = 1%.
  4. Loan Amount:
    Enter the desired loan amount. Use the charts below to determnine the maximun loan amount for FHA financing:
      If in the following states: AZ, CA, CO, ID, IL, IN, NM, NV, OR, UT, WA, WI, & WY All other states
    ≤ $50k 98.75% 98.75%
    > $50k to $125k 97.65% 97.75%
    > $125k 97.15% 97.75%
  5. Interest Rate:
    Enter the current interest rate. If you do not know what the current rate is, contact a mortgage specialist.
  6. Term:
    To determine the term calculate the number of years by 12 to get the total months for the term of the loan.
  7. Credit Score:
    When applying for a mortgage most lenders will look at your middle score from the three different bureaus. If you are not sure what your credit score is, contact a mortgage specialist.