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Are you planning to apply for an FHA mortgage? One of the most important things you can do in the planning stages for your new mortgage is to work on a budget for the monthly mortgage payment you'll be making once the loan is closed.  

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Three Types of FHA Loan Calculators

March 29, 2016 - Are you planning to apply for an FHA mortgage? One of the most important things you can do in the planning stages for your new mortgage is to work on a budget for the monthly mortgage payment you'll be making once the loan is closed.
 
Online mortgage calculators can be a big help. There are online loan calculators to help you you calculate your mortgage with taxes and insurance, while other types of mortgage calculators will help you learn how much loan you can afford.

And then there are the online loan calculators used to determine how much you can borrow with your FHA mortgage loan. These three types of home loan calculators can provide crucial estimates to help you in the budgeting phase of your prep for an FHA mortgage. Let’s examine the questions you’ll answer by using an FHA loan calculator:

How Much FHA Loan Can You Afford?

Using this FHA loan calculator means having some basic details about the loan you want. That includes the term of the loan. Do you need a 15-year mortgage or a 30-year loan? How much will you be putting down on the loan? Other important data--projected interest rate, property taxes, and the amount of debt unrelated to the home loan that you anticipate having once your mortgage payments begin. This information is very important when using this type of FHA loan calculator online.

How Much are You Allowed To Borrow?

One type of online FHA calculator can provide a basic estimate of how much money a lender may be willing to lend. This information is  based on your financial data--monthly salary, your current or anticipated credit card debt (as well as your other monthly financial obligations) hazard insurance, and property taxes. This kind of FHA loan calculator requires you to enter this financial data as monthly obligations/payments. A yearly estimate isn’t helpful when using this type of loan calculator since the idea is to see what your monthly income is compared to your monthly payments.

FHA Mortgage Payment Calculator

One of the most important tools you have at your disposal--you'll need to know the sales price of the home, the amount of property taxes you may be liable for, the amount of your homeowner's insurance, anticipated down payment, plus the term of your home loan, whether it’s 15 or 30 years. The mortgage payment calculator helps you arrive at a monthly budget that includes your mortgage obligations. The variables you’ll use to make this calculation, -including the amount of your down payment among other factors-may affect the final total of your loan at closing time. 

When you start using one or more of these FHA loan calculators, remember that the results are basically estimates and don’t take into account that interest rates may go higher or lower, or whether the down payment amount you plan to make changes, etc. The results should not be taken as a guarantee.