How Do You Calculate FHA Mortgage Payments?
FHA loans are extremely popular with first time home buyers. They can help people with little or less-than-perfect credit secure the home of their dreams. FHA loans offer competitive rates and are often more affordable than conventional home loans, as they are granted through the government rather than a private lending institution. If you are considering an FHA loan, you may be wondering what your mortgage payment will be. You can calculate your FHA mortgage payments in order to gauge what you can afford. Visit a website that offers a mortgage payment calculator such as the one at DecisionAide.com (see Recources). Enter the potential home amount in the filed labeled “New Loan Amount or Existing Loan Balance.” Do not use commas. Enter the yearly interest rate for the FHA Mortgage in the field labeled “Interest Rate per Year.” You can find the rate by calling your local bank; they’ll know the most up-to-date information on interest rates. Enter the term of the loan in months. Most mortg
