Homebuyers want to be sure they use an accurate FHA mortgage payment calculator when figuring up monthly loan payments. Keep in mind many online mortgage payment calculators do NOT apply the applicable mortgage insurance, taxes, and insurance. Please note each mortgage program has different monthly mortgage insurance (MIP, PMI) amounts. For example, the FHA home loan program has a .80% factor, where the USDA rural housing has .35%
|Base Loan Amount||LTV||Annual MIP|
|≤ $625,500||≤ 95%||80 bps (0.80%)|
|≤ $625,500||> 95%||85 bps (0.85%)|
|>$625,500||≤ 95%||100 bps (1.00%)|
|> $625,500||> 95%||105 bps (1.05%)|
Home Buyers doing FHA financing can find the FHA Payment Calculator at the bottom right side of this screen. The FHA loan calculator includes the current amount of monthly mortgage insurance already included.
Florida home buyers just want to ensure they add 1.75% to their loan amount. For example: if you are purchasing a $100,000 home and planning on 100% financing – be sure to input $101,750 for your loan amount to account for the required 1.75% Upfront mortgage insurance premium (UFMIP)
Questions? Please reach out to us today by calling 800-743-7556 or just submit the quick Info Request Form on the right side of this page.