Our 203k Loan Calculator is EASY to Use and Read
Have you ever wondered how the renovation part of the FHA 203k loan is figured out? Well now you can because 203k Mortgage Lender has a new feature – our FHA 203k loan calculator for purchasing a property.
Unlike conventional loan amounts, FHA loans are calculated differently and because the FHA 203k has a renovation feature there are some additional numbers that need to be taken into consideration. To start, the main difference between figuring out an FHA over a Conventional loan amount is that FHA requires Upfront and Monthly mortgage insurance regardless of how much down payment a buyer comes in with, unlike conventional loans that typically only require monthly mortgage insurance when there is less than a 20% down payment.
Most mortgage payment calculators will only figure out a basic payment without taking into consideration mortgage insurance on any type of home loan let alone the upfront and monthly mortgage insurance required on an FHA loan. However, our 203k loan calculator is designed to do just that. Not only will it figure out the mortgage insurances on an FHA purchase loan with the minimum down payment but it will also include the additional funds for renovations, plus the costs and fees associated with those renovations.
The 203K Calculator will give you a general idea of:
Your renovation budget with the related costs and fees
Your base loan amount before adding the “Upfront Mortgage Insurance” UFMIP and your final FHA loan amount (which includes the UFMIP) with the included renovations plus cost and fees
Your minimum FHA 203k down payment
Your monthly mortgage payment including the FHA monthly mortgage insurance
The type of 203k loan you can expect Full or Streamline
Plus a printable 203k calculation summary page and easy access to contact a 203k specialist for your area to get more details or further information.
We understand that most Homebuyers and Real Estate Agents, regardless of the type of home loan they are looking for, would like to at least get a ball park estimate on how much the total house payment would be without having to contact a lender or loan officer. The only drawback is finding that right calculator for the mortgage you are interested in. So, we hope whether you are a homebuyer, real estate agent or even a loan officer this tool can help you calculate your 203k loan much faster and easier.