![]() ![]() Use our FHA Mortgage Qualification Calculator to understand how your down payment impacts your loan amount and monthly payment. Although borrowers are required to pay an extra upfront and monthly FHA mortgage insurance premium (MIP), the FHA mortgage program makes owning a home possible for more people. FHA Loan Calculator Monthly Pay: 3,278.20 Latest Mortgage Rates: 30 Years: 7.03 15 Years: 6.38 10 Years: 6.57 (Source:, Jun. For example, borrowers can combine an FHA mortgage with a home buyer assistance grant to pay for a down payment or closing costs, enabling you to purchase a home with minimal personal financial contribution. ![]() The funds for your down payment can come from a gift or down payment assistance program but the FHA program only lends you a maximum of 96.5% of the property purchase price and you are responsible for the rest in addition to closing costs. Saving money to pay for a down payment is one of the biggest obstacles to buying a home so enabling borrowers to qualify for a mortgage with such a low down payment is a huge benefit. Our FHA loan calculator estimates how much you might pay each month for principal and interest, taxes and insurance. How much you can borrow depends on circumstances. We can help you understand how a lender looks at your ability to make payments. The FHA mortgage program only requires a down payment of 3.5% of the property purchase price. Fees for a first-time VA purchase loan are 2.15 with a zero to 4.9 down payment, 1.5 with a down payment of 5 to 9.9, and 1.25 with a down payment of 10 or more. Use our FHA mortgage calculator to determine the highest monthly payment and the maximum loan amount you can qualify for. ![]()
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