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Buying a home with an FHA mortgage means taking into account several variables. The selling price of the home is one of them, and borrowers need to budget for closing costs, a home inspection, plus taxes and insurance. An FHA mortgage calculator will help you estimate your your monthly mortgage payment amount.

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The Advantage of Using an FHA Loan Calculator

The Advantage of Using an FHA Loan Calculator
March 22, 2016 - Buying a home with an FHA mortgage means taking into account several variables. The selling price of the home is one of them, and borrowers need to budget for closing costs (which may vary from transaction to transaction), a home inspection (costs vary depending on the housing market) plus taxes and insurance. All of these things vary depending on the state you live in, the nature of the housing market, and the type of property you wish to buy with an FHA mortgage.

When you are in the planning stages of your FHA mortgage a lot of your efforts may involve financial “housekeeping” chores like requesting copies of your credit reports and examining them for outdated or inaccurate information. Some of this financial housekeeping involves FICO scores and payment amounts--concrete data you can use to help you determine how close you are to loan approval and how much you may be able to borrow.. But when it comes to figuring out an amount that could resemble your monthly mortgage payment, arriving at the actual number presents a challenge without some help along the way.

That’s why it’s advisable to use an FHA mortgage calculator to help you get close to an estimated amount for your monthly mortgage payment; an FHA loan calculator is very helpful, but using one  means having some key data even if the numbers you use are an estimate.

Using an FHA loan calculator requires having or estimating the purchase price of the home you want to purchase, including the down payment you’ll be making. FHA mortgage loans require a minimum of 3.5% of the price of the home, and you can calculate that amount based on the sales price. Another number you’ll need; the length of your home loan, whether that is 15 or 30 years. You should also be prepared to enter property tax data for your area plus the amount of any required insurance.

It may take a little time to get all this information, but the research is worth it--once you’re ready you can enter the data into the FHA loan mortgage calculator and determine your monthly mortgage loan payment with your taxes and insurance included.

The numbers you’ll come up with using an online mortgage loan calculator are subject to change depending on key variables. Sale prices can change, property taxes go up and down, the amount of your down payment may change, etc., or even if the sale price of the home fluctuates. The data you record using an FHA loan mortgage calculator should not be taken as promise of future results, but an estimate of your final costs based on the input given at the time. The advantage of using an FHA loan calculator is basically that you go into the home loan application process more fully informed as a borrower, knowing how much loan you can afford, what your payments may be, and how to budget for those payments.

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