Fha Loan Calculator

We’re moving due to job commitments. We have excellent credit and a decent salary and no debt beyond the mortgage and a small car loan. An apartment at the new location isn’t an option (ok – it’s the VERY last option because we have 7 animals I would do just about anything to keep). We’re looking at buying a small house, but that will mean 2 mortgages. If I do a "calculator" for how much house I can afford, it’s over $500,000. Our current mortgage is under $300,000. We’re looking at a house for $100,000. It will be tight, but doable. Is this a good idea? I’m hoping the first house will sell soon, but you never know in this market. Should we come up with a different plan?

I think I would get rid of both before you get into a huge financial mess.

Me, my boyfriend and my daughter have found a house that’s in our price range. We have consulted a mortgage calculator to figure this out and its cheaper than what we pay a month now. However, we had to consult a bank in order to get the loan. The bank claims we need a co borrower. Is there a way around this? If so how? If not, how do I find one?

banks require cosigners because they view you as a poor credit risk.

basically, they don’t trust you with their money. i doubt you’ll earn their trust by looking for loopholes.

but shop around. you were denied by this bank. it doesn’t mean that other banks will deny you.

The reason I’m putting this in weddings is that I’m here most of the time and figure there are people here in the same situation. Thanks for your help!!

I know a fixed rate mortgage is better than a variable (9 times out of 10).

I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I will be a first time buyer. Any ideas where I can find that information?

Any general suggestions? We are working on paying off our credit cards, car, and student loans.. Saving as much as we can for a down payment..
just under a year ago, my credit score was in the mid to upper 600’s (depending on the credit company). I will be checking my credit again once it’s been a full year.

Also, just as a side note, I am not looking to e-mail someone to get approved for a loan. I am nowhere near that point yet, but thank you for any advice you can give.

1. Know what the maximum monthly payment you can afford is – for tax, house and insurance.
2. Based on this amount you can fool around with the calculators to see what the total cost of a home you can afford would be.

Your taxes and insurance rates will be based on the cost and worth of the house, sq footage, size of lot, etc., not on the fact that you are a first time buyer.

You definitely want a fixed rate mortgage. Don’t even bother with the other, its a nightmare.

When you get your loan, amortize your property tax into your monthly payments so you don’t have to worry about saving that money each year and paying it out of pocket. You can do this with your insurance as well..in fact on most loans this is required for insurance to be part of the payment. You can choose your insurance agency, but you pay a year in advance through your escrow acct.

For an idea of what the taxes will be, get on www.rmls.com and do some searching for houses in your area. They list the property tax right on there.

Most FHA loans require a 3% downpayment….some FHA and other loans don’t require any downpayment.

Here is our scenario, we just bought in October:
1500 sq foot house, 3 br, 2 bath, 1/4 acre lot, house built in 1977…we paid $199,500 for it. 6.5% APR
We paid $5280 as a down payment and another $2520 for the years property tax. (In Oregon prop tax is due in November..since we bought in October we had to pay the whole year up front. Dependign on when you buy, you will pay the following months in tax up front)
The seller paid up to 6% of the closing costs up front…so they paid like $6,000 or something, cant remember, toward the cost of the house, our first year of insurance, a home warranty, closing costs, etc.

After all was said and done, our final loan amount was $195,000. Our payment for the house alone is $1298, add insurance and property tax into that each month and our payment total is $1617 a month.

Don’t freak on that amount…we opted to give less of a down payment so we could buy new furniture, etc. for the house… plus we can well afford it. Just make sure you don’t get into something you can’t afford…its not worth it.

Thinking about buying a condo with my fiancé in Los Angeles…Do you think we will qualify and about how much?

His Score EX 750
Mine EX 710
No negatives

INCOME
Gross income combined is 51k
My fiancé makes another 4k a year but is not reported or taxed…I know this won’t help us.

EMPLOYMENT
I am done with school and I am currently working in the same field I studied. I have been working with my current employer for a year and 3 months. Prior to that I worked at another company in the same field for 1 year.
My fiancé has been at his employer for a year and 6 months. Before that he worked for a sporting goods store for 3 years.

DEBT
Together the only debt we have is a 239.00 monthly lease payment on my car.
No school loans.
We have plenty of Credit cards but all balances are very small and paid off every month if any.
I also contribute $100 a month to a IRA retirement account.

ASSETS
25000K in savings to spend on down payment AND closing cost.
My fiancé has a 2006 truck with 15k mileage –Paid off… (I don’t know if that counts)

I have been looking at those online mortgage calculators but I don’t know how true they are.

Let me know what you guys think… THANKS!

Kind of a tough question. Typically, banks want your debt to income ratio to be less than 40% which based on what you said, your current dti is about 6% (car lease). Looking at that, to get to 40%, you could have an additional $1,400 in monthly payments. You’d have to back out your escrow (taxes and insurance) from that. Just assume that to be around $300 per month. (just a guess). That leaves you with about $1,100 per month for just the mortgage. You should honestly ask yourself if you can afford a total house payment of $1,400 per month along with you other expenses.

Considering $1,100 per month mortgage, on a 30 year note at 5.5%, that’s a balance of about $190,000. Add in your $25k down payment and that gives you about $215k that you could afford.

That’s based on a 30 year note. There are millions of financing options that could change that.

I made around 42,000 this year. Im single with no dependents… dont own a house… and had 3k in student loan interest.

I put all this in a tax calculator today and it said i was going to get approximately 1-2k back…. i expected MAYBE 500 bucks or so. Obviously- im thrilled!

Does this seem possible to you? Im afraid i did something wrong or something b/c that refund sounds extremely high. Do some people get that much back?

Thanks!
i claimed one.. which made this even more surprising.

It all depends on what was withheld. Using the Quick Tax Method your tax liability for the year is approx. 4600. So look at Box 2 of your W2. If it’s more you get the extra back. Your student loan interest is an adjusment to your income and lowers it by $2500 (it’s not an education tax credit)

My husband and I are looking at buying our first house. We’ve been in an apartment for a year and a half now and we’re more than ready to move into a house and actually have some counter space and decently sized bedrooms haha.

How do you calculate mortgage payments? I saw some mortgage calculators online, but they were not accurate. They didn’t ask for interest rates or property taxes or anything like that. They just divided the cost of the house over 30 years. I would have assumed that you multiply the interest rate (we’ll say 6%) by the cost of the house. Then divide the actual loan amount by 30 and add the interest to it.

80,000 x 0.06= $4,800 (per year, interest).

80,000/30= 2,667 + 4,800= $7,466/year or $622/month.

Is that how you do it? Am I doing it wrong?

Also, my husband is paying back his school loans. Our cars are paid off. We spend $65/week in groceries, $125/month for car insurance, $116/health insurance, etc. We don’t waste money on frivolous crap… And according to this mortgage calculator online, it says he needs to make $61,000. If the mortgage + utilities = what we pay in rent now, and we’re paying that on time every month with no problems, why does it say his salary needs to be almost twice what it is now?

This is stressful…

In my part of Texas your house payment on a $80,000 house with FHA minimum down payment, your monthly payment would be about $800 including homeowners insurance and property taxes.

Every mortgage calculator I have seen on line includes the principal and interest. It is not figured the way you did. But you made a good effort. Each payment remains the same but the principal is slightly higher with each payment and the interest in slightly lower.

The insurance depends on exactly what policy you buy and the taxes depend on your tax district and any exemptions you can take.

The calculator is making a lot of rough guesses. When you talk to a loan officer they will be able to take into account how good you have been with money and come up with a much better idea of what you will qualify for.

I did an mortgage affordability calculator and it told me I could only afford a $41,000 house? Really, kind of funny that when I do a mortgage monthly payment calculator with tax and homeowners insurance on a $110,000 loan I come to a monthly payment that equals what I am already paying in rent on an apartment, and I am making it right now so how is that possible? I mean, I know I couldn’t afford much more than what I am already paying but regardless, it was a little disheartening. Are those things right?

Does the affordability calculator take into account PMI, utilities (gas,electric, water/sewer, phone, cable), personal expenses or maintenance? If so, that could be why you may only be able to afford a lower priced home.

Which one to pay of first or to prepay on all of them equally

I have 3 loans against my house, when I bought my house for 145K 3 years ago I had a 80/15/5 loan (to avoid PMI). And 2 years ago I got a HELC for 15K

Loans – (current balances) [monthly payment]
#1 – 116K (112K) @ 6% fixed for 30 years [$836]
#2 – 21,750 (19,860) @ 6.75% fixed for 30 years [$165]
#3 – 15K (14500) 4.25% adjustable for 20 years

My monthly payments for #1&2, including taxes are $1001. (I prepay my insurance) payment for # 3 varies but is $215 per month right now.

I CANNOT refinance, I have tried for 3 months now, with different companies, the numbers don’t make sense, and there is too much cost for it to help me.

I dont live in the property; it is a rented for $1050 per month.
I dont have any plans to sell it.

maybe i will try to refi or sell in a year
If you know of an online calculator where is can put in all of my figures and do it myself, i looked but coulnt find one.

Pay off the highest rate first by paying some extra each month. Right now that’s #2. If #3 becomes the highest due to a rate change then start adding some extra to #3’s monthly payment. If you get rid of #2 and #3 you will have positive cash flow (monthly income exceeding monthly payments).

You should always have a mortgage on a rental property. If you don’t, all of the income is taxed as regular income just like your paycheck. The mortgage payments will offset some (or all) of the rental income and can be used to create tax free income through refinancing.

I really feel like we made a mistake two years ago and bought “too much house” (we got a zero-down, 30-year loan, house $240K. But whenever I bring it up to my husband, it always ends up in an argument and we can’t seem to understand each other. Every time I plug the numbers into the “rent” or “own” calculators on Freddie Mac, it always shows up that we could have saved at least $44,000 over 10 years by renting instead of buying, and that’s assuming the house goes up in value, what if it doesn’t?. This makes me sick to my stomach because we work so hard for our income but just can’t seem to hold on to it, and if we would just have kept renting, we would have been able to save up for a huge down payment and bought something more reasonable. We’ve already had to put another $18K into the house (AC went out, needed new floors, new fence, etc), and we’ve only lived there 2 years, so if we were to sell in this economy, we would be out thousands of dollars, and we have no equity, and it would likely sell for less than our purchase price. I don’t know what to do. My main question is, how can I bring it up to my husband in a non-threatening way so we can get on the same page, and my second question is, what should we do with our situation?

o-kay….. so you could have saved…. $44,000.

however… in saving that $44,000…. all you would have is $44,000

now you will have a house……. at $240,000…….

seems to me…. you are making $196,000 this way.

My wife and I are looking into buying a house. Online mortgage calculators give us an estimate of about $700-800 (diff. interest rates) taxes added no PMI needed. Someone told us they have called a bank and got a quote of $980. Huge difference. 105K loan at around 5%, 30 yr fixed. Why the big difference and which is right?

Not knowing your taxes how could anyone tell.

Principal & Interest on $105,000.00 at 5% over 30 years would be $563.66 add your taxes and insurance and you have your mortgage payment.

I suggest you get a good faith estimate which your loan officer will give you at application. You will need to give them an estimate for the property taxes and insurance and they will estimate your payment based upon a interest rate they can lock in on that day and they will estimate your closing costs.

Why go on what "Someone says" when you can get the information from the loan officer themselves.