Additional fees and FHA MIP are included in the breakdown. The FHA loan calculator calculates the monthly mortgage payment by amortizing the mortgage over the loan term. The fee is determined based on the mortgage amount, down payment, and term of the loan. The FHA MIP has an upfront fee of 1.75% and an annual fee that ranges from 0.45% - 1.05%. FHA MIP is required for all FHA loans irrespective of the size of the down payment. The FHA loan calculator also determines the amount of FHA mortgage insurance premium (MIP) that will be included in the monthly mortgage payment. Additional Options – Property tax, homeowners insurance, and HOA fees can also be included in the total monthly mortgage payment.Mortgage Rate – The FHA loan rates are competitive and depend on several factors such as down payment, credit score, debt-to-income ratio, loan-to-value (LTV) ratio, etc.Loan Term – The FHA program offers loans with either a 15 or 30-year term.This results in a maximum loan-to-value (LTV) ratio of 96.5%. Down Payment – The minimum down payment for an FHA loan is 3.5%.Loan limits can be found on the FHA page. The loan limits vary by county, the range of the loan limit is from $420,680 - $970,800.
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