We recently revised our FHA mortgage payment calculator on the right side of the page. This FHA mortgage payment calculator figures the principle, loan interest, taxes, home insurance and FHA mortgage insurance “PMI” costs.
Home buyers will want to adjust the taxes and home insurance as needed, as each home will be different. You can look up annual taxes at the county tax site, or other real estate site like Zillow or Trulia. Annual home owners insurance estimates can be obtained by contacting any trusted insurance company.
FHA monthly mortgage insurance is adjusted based on down payment, loan amount, term (30 or 15 year fixed) and loan to value. The majority of FHA borrowers choose a 30 year fixed term with a 3.5% down payment. In this case, the monthly mortgage insurance factor would be .85%. The one-time up front (UPMIP) would be 1.75% – this is commonly added into the buyers loan amount. This is great especially for buyers with lower credit scores, as mortgage insurance for conventional loans ( 95%+ financing) commonly require a 680+ credit score even be able to obtain mortgage insurance.
Borrowers that put down 5% or more will see their MI costs even lower. Keep in mind FHA reduced mortgage insurance premiums last year. Not only is this good for new home buyers entering the housing market in 2016, but could also help existing FHA home owners that obtained their FHA loan in the years past. Please contact us and see if the new lower FHA mortgage insurance costs could help reduce your monthly mortgage payment. The FHA streamline refinance makes the process easy with no appraisal and little paper work.
Please see the new FHA monthly mortgage insurance chart below: yellow section reflects 2016.
Happy to serve all 50 states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming. FHA Mortgage Insurance Calculator 2016
Buyer that have questions are encouraged to contact us by calling 800-743-7556 or by submitting the Info Request form on your screen. We have FHA loan specialist standing by 7 days a week to assist you.