calculate the FHA funding Fee (UFMIP) & the monthly FHA mortgage
insurance fee (MIP) for a 30 and 15 year FHA mortgage.
enter the sales price, choose the down payment percentage & loan term.
Since the FHA mortgage has a "maximum" loan amount, click on the FHA
Lookup button, and you will be redirected to the
HUD web site.
Choose the appropriate state and a list of counties will populate. The
name of the county is located in the third column. If necessary, scroll
to the bottom of the page to go to the next page of counties for that
state. Notice that there are FHA limits for 1, 2, 3 and 4 units. If you
estimating the FHA loan for a single family home, use the One-Family
limit for that county. Needless to say (but I'll say it anyway), pick up
Two-Family loan maximum for a duplex, 3-unit, or 4 unit as appropriate. After
acquiring the maximum FHA loan amount, click on the FHA Calculator
button and enter the maximum FHA mortgage
amount in the Maximum Mortgage From Chart box. Click on the
button to estimate the mortgage amount and monthly
mortgage premium (mip) cost. Select the
and enter the property taxes, and
homeowner's insurance if desired to estimate the monthly FHA
loan payment. The closing cost section is
similar to the new
Good Faith Estimate (GFE)
required by HUD.
Learn more about FHA loans and the FHA loan program on the
. This calculator has been updated for
the April 1, 2013 annual (monthly) mip change.