As we know that the FHA mortgage Program allows you to purchase a property with a low down payment but there are still a number of factors to be considered including loan limits and FHA loan insurance. Fha loan calculator uses several inputs to help you understand whether you should use a FHA Loan to purchase a home or you have to use other loan programs. Here are several things you need to input on fha home loan calculator.
FHA Loan Amount - Put the FHA mortgage amount you want on the fha loan calculator. The higher your mortgage amount, then the higher your monthly mortgage payment and other costs such as FHA MIP you need to pay.
Mortgage Rate - It is as simple as the lower your mortgage rate, the lower monthly payment you will get.
Loan Length - Also called as loan term, this is the length of FHA loan you want to take. The longer the length of your loan you choose, the lower your monthly payment you will get. A lot of FHA borrowers choose 30 year fixed rate loans on the fha loan calculator.
Down Payment - This is how much you are putting down for the home purchase price as compared to the part of the purchase price that comes from an FHA loan.
State And County For The Property Being Financed - FHA loan limits are applied to determine the maximum loan amount you are qualified for. FHA limits will be different based on location as counties with higher housing costs will have higher limits and areas with lower home prices will have lower limits.
Number Of Units In The Property - The mortgage limit is based on the number of units in the property being financed up. Use the fha home loan calculator to see the estimated number of your Fha loan. Or if you want the more accurate result you can visit a mortgage lender such as Just Funded Mortgage to make sure that you are qualified for Fha loan.