How to Calculate FHA Mortgage Payments
- 1). Visit a website that offers a mortgage payment calculator such as the one at DecisionAide.com (see Recources).
- 2). Enter the potential home amount in the filed labeled "New Loan Amount or Existing Loan Balance." Do not use commas.
- 3). 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.
- 4). Enter the term of the loan in months. Most mortgages last for 30 years, or 360 months. Enter it into the filed labeled "Enter the Term (in Months) Here."
- 5). View the monthly payment amount that will appear in the filed labeled "Payment Amount Here." This is how much your monthly mortgage payment would be.
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