Make down payments as small as 3.5% Get approved despite thin credit or credit history problems Buy not only single-family homes, but condos, multi-unit properties, or manufactured homes Get funding beyond the amount of purchase for renovations and repairs through the FHA 203 (k) program Fund a down payment with gift money or help from the seller More items...
Use our tool to find out how much home you can afford. FHA rules allow borrowers to put as little as 3.5% down, but you must have a credit score above 580 to be eligible for that level of down payment. Check your credit score for free. Check today's FHA mortgage rates.
The principal is the current loan amount. For example, say you are paying off a 30-year mortgage. ... Your interest rate (6%) is the annual rate on the loan. To calculate amortization, you will convert the annual interest rate into a monthly rate. The term of the loan is 360 months (30 years). ... Your monthly payment is $599.55. ...
To calculate the loan amount we use the loan equation formula in original form: P V = P M T i [ 1 − 1 ( 1 + i) n] Example: Your bank offers a loan at an annual interest rate of 6% and you are willing to pay $250 per month for 4 years (48 months).
pdf for "first home buyers loan calculator".(Page 1 of about 18 results)