Mortgage interest rates are expressed as a percentage of the loan amount. This is the annual rate your mortgage lender charges as a cost of borrowing.
15-year fixed-rate loans are also available via the FHA program.įHA offers adjustable-rate mortgages, too, though these are far less popular because the mortgage rate and payment can increase during the loan term. Most home buyers choose a 30-year, fixed-rate mortgage, which has equal payments over the life of the loan. This is the fixed amount of time you have to pay off your mortgage loan. This can come from a down payment gift or an eligible down payment assistance program. FHA features a low down payment minimum of 3.5% of the purchase price. This is the dollar amount you put toward your home purchase. Here’s a breakdown to help you understand each of the terms and fees included in our FHA loan affordability calculator: Down payment This will help you get a more accurate number and figure out how much house you can really afford with an FHA loan. The FHA mortgage calculator above lets you estimate your ‘true’ payment when all these fees are included. You also need to pay homeowners insurance, property taxes, and other associated costs. When you pay your mortgage, you’re not just repaying loan principal and interest to your lender. Many first-time home buyers aren’t aware of all the costs associated with homeownership.
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>Related: How to buy a house with $0 down: First-time home buyer How to use an FHA loan calculator The first step to seeing if FHA can make you a homeowner is to run the numbers with this FHA mortgage calculator. FHA Loan Calculator: Check Your FHA Mortgage PaymentįHA home loans require just 3.5% down and are ultra-lenient on credit scores and employment history compared to other mortgage types.
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