| | April 4, 2010 | | April 5, 2010 | Increase | | Sales Price | $100,000 | | $100,000 | | | Less Minimum Down Payment - 3.5% | $3,500 | | $3,500 | | | Base Mortgage | $96,500 | | $96,500 | | | X Funding Fee Percentage | 1.75% | | 2.25% | | | Equals Funding Fee | $1,688.75 | | $2,171.25 | + $482.50 | | | | | | | | Base Mortgage | $96,500 | | $96,500 | | | Funding Fee | $1,688.75 | | $2,171.25 | | | FHA Mortgage | $98,188.75 | | $98,671.25 | | | | | | | | | Payment at 6% for 30 years | $588.69 | | $591.58 | + 2.89 / month |
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Easily calculate the upfront FHA Funding Fee & FHA monthly mortgage premium (MIP). Simply enter the sales price, chose the down payment percentage, enter the mortgage term, enter the FHA maximum mortgage limit for the US county found on the FHA MORTGAGE LIMITS PAGE, and click calculate or click outside the box. If you don't see your county on the HUD web site, scroll down until you see the large grey boxes with arrows to advance to the next page of counties. Choose the mortgage amount based on the number of units (i.e. one family, two family, etc.) and enter that mortgage limit in the Maximum Mortgage From Chart box. You can also calculate your mortgage payment if desired. To learn more about the upfront FHA Funding Fee & MIP, click here: FHA Funding Fee & MIP Information. For information on FHA underwriting guidelines and requirements, mortgage loans, FHA mortgage limits, and FHA mortgage insurance, click here: FHA Home Page |
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UPDATE: The FHA Funding Fee increases from 1.75% to 2.25%! Effective on or after April 5, 2010 for FHA loans for which the case number is assigned! In other words, the cost of an FHA mortgage will cost more. You can read about the changes here: