#Free mortgage calculator nc how to#
#Free mortgage calculator nc plus#

Loan officers factor in this cost when determining your DTI ratios. If you are buying a condo or a home in a Planned Unit Development (PUD), you may need to pay homeowners association (HOA) dues. Your monthly home insurance premium is collected with your mortgage payment, and the lender sends the payment to your insurance company each year. Lenders require you to insure your home from fire and other damages. The calculator estimates property taxes based on averages from. Your lender collects this fee because the county can seize a home if property taxes are not paid. This cost is split into 12 installments and collected each month with your mortgage payment. The county or municipality in which the home is located charges a certain amount per year in taxes. Annual MIP is paid in monthly installments along with your mortgage payment. It also charges an annual mortgage insurance premium, usually equal to 0.85% of your loan amount. This can be rolled into your loan balance. FHA charges an upfront mortgage insurance premium (UFMIP) equal to 1.75% of the loan amount. This fee, called FHA Mortgage Insurance Premium (MIP), is a type of insurance that protects lenders against loss in case of a foreclosure. FHA mortgage insuranceįHA requires a monthly fee that is a lot like private mortgage insurance (PMI). This payment progression is called amortization. Your monthly mortgage payment doesn’t change, but each month you pay more in principal and less in interest until the loan amount is repaid. This remains constant for the life of a fixed-rate loan.

#Free mortgage calculator nc plus#

This is the amount that goes toward paying off your loan balance plus interest due to your mortgage provider each month. For example, if your loan amount is $150,000 and your interest rate is 3.0%, you’d pay $4,500 in interest during the first year (0.03 x 150,000 = 4,500). Mortgage interest rates are expressed as a percentage of the loan amount. This is the annual rate your mortgage lender charges as a cost of borrowing. FHA offers adjustable-rate mortgages, too, though these are far less popular because the mortgage rate and payment can increase during the loan term.

15-year fixed-rate loans are also available via the FHA program. Most home buyers choose a 30-year, fixed-rate mortgage, which has equal payments over the life of the loan. This is the fixed amount of time you have to pay off your mortgage loan. This can come from a down payment gift or an eligible down payment assistance program. FHA features a low down payment minimum of 3.5% of the purchase price. This is the dollar amount you put toward your home purchase. Here’s a breakdown to help you understand each of the terms and fees included in our FHA loan affordability calculator: Down payment This will help you get a more accurate number and figure out how much house you can really afford with an FHA loan. The FHA mortgage calculator above lets you estimate your ‘true’ payment when all these fees are included. You also need to pay homeowners insurance, property taxes, and other associated costs. When you pay your mortgage, you’re not just repaying loan principal and interest to your lender. Many first-time home buyers aren’t aware of all the costs associated with homeownership.

#Free mortgage calculator nc how to#

>Related: How to buy a house with $0 down: First-time home buyer FHA mortgage calculator terms The first step to seeing if FHA can make you a homeowner is to run the numbers with this FHA mortgage calculator. FHA Loan Calculator: Check Your FHA Mortgage PaymentįHA home loans require just 3.5% down and are ultra-lenient on credit scores and employment history compared to other loan types.