Easily calculate the FHA funding Fee (UFMIP) & the monthly
FHA mortgage insurance fee (MIP) for a 30 and 15 year FHA home loan.
Simply enter the sales price, choose the down payment percentage & loan term.
Since the FHA loan has a "maximum" loan amount, click on the FHA
link, 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 loan limits
for 1, 2, 3 and 4 units. If you are estimating the FHA home 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 Mortgage Calculator link and enter the maximum FHA loan amount in the
Maximum Mortgage From Chart box. Click on the Calculate button
to estimate the FHA home loan amount and monthly mortgage premium (mip) cost.
Select the interest rate and enter the real estate tax, 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 FHA Page. This calculator has been updated for
the April 1 and June 3, 2013 annual (monthly) mip changes.
The calculators and information contained herein are
made available to you as a self-help tool for illustrative use only. Examples
are hypothetical. We can not and do not guarantee the applicability or accuracy
in regards to your individual circumstances. I encourage you to seek personalized
advice from qualified professionals.