How many mortgage calculators do you need? There are multiple versions and they all have an important function. Many seeking FHA loans won’t need to use all of them or even most of them. Sometimes you just need a little extra information for planning and saving purposes.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Loan Calculators for Mortgage Borrowers

July 22, 2021

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How many mortgage calculators do you need? There are multiple versions and they all have an important function. Many seeking FHA loans won’t need to use all of them or even most of them--sometimes you just need a little extra information for planning and saving purposes. What types of FHA loan calculators are waiting for you?

The “How Much Can I Borrow?” FHA Loan Calculator

This home loan calculator needs your income, an estimated amount of hazard insurance, mortgage insurance, property taxes, the term of your loan, and other information to help you arrive at the maximum monthly payments you could be making (principal and interest rate combined) and the maximum loan amount you could qualify for on a 15-year or 30-year loan. 

For this type of calculator, you will enter all information as it applies to your monthly payments, income and expenses, not your annual expenses and earnings. Also, don't forget that you'll be required to either pay the UpFront Mortgage Insurance Premium for an FHA mortgage or roll it into the loan amount, which can also affect your monthly mortgage payments.

Don’t forget to think about your down payment when making these FHA mortgage calculations as that will affect the overall loan amount. If you can't estimate your down payment at the moment, plan on making the minimum required down payment possible depending on the type of loan you seek--at least for the purpose of running the calculator.

The “How much can I borrow?” calculator can help borrowers determine the size of your monthly mortgage payment obligation (as an estimate only) as well. These are good numbers to know ahead of your budgeting and saving phase of loan planning. Remember, you won't just save for your down payment, but also closing costs and other fees.

The Rent Versus Buying Calculator

Want to estimate how much you might save by purchasing your own home rather than renting out somebody else’s property? 

The Rent Versus Buying calculator is a good tool to use, but you will need to have some additional information at hand such as the amount of any renter’s insurance you carry, plus the amount of any proposed homeowner insurance and a projected purchase price of the home.

Refinance Calculators

How early is too early to consider your refinance loan options? A participating FHA lender might tell you it depends on your financial goals and your plans for the home. If you already know you won’t stay in the home for the full term of the loan, it is never too early to start planning your next financial move. In the same way you want to start working on your credit scores as early as possible, you'll want to start planning your refi loan.

A refinance calculator can tell you early in the planning stages whether it makes sense to apply for a refinance loan.

How? By showing you how much your refinance loan costs initially and over the lifetime of the mortgage. If your goal is to save money over the lifetime of the current loan (or over the lifetime of your refinance loan), you’ll want these numbers to help you learn what the best move might be. 

Pro tip: the longer you pay on your mortgage, the less sense it makes to refinance if your goal is to pay the lowest amount possible on the overall loan. But if you need lower payments or want to cash in on your home equity, a refinance loan could make more sense.

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