# How To Calculate FHA Mortgage Payments

Mortgage and Lending with CMG Mortgage, San Diego, CA NMLS 259027

How to calculate FHA mortgage payments now that the most recent Monthly Mortgage Insurance changes have been implemented.

How to calculate FHA mortgage payments

Step 1: Determine the loan amount

1. Purchase Price x .965 = Base Loan Amount (assuming the Borrowers opt for the minimum 3.50% down payment)
2. Base Loan Amount x .0175 = Up Front Mortgage Insurance Premium (UFMIP)
3. Base Loan Amount + UFMIP = Final Loan Amount

Step 2: Determine the monthly payment

1. Principal + Interest Payment Calculation
1. Click here to access a free mortgage payment calculator
2. When the new window pops up, click on:
• The "resources & tools" tab
• Then "mortgage calculators"
• Then "payment/amortization" and plug in the following:
• Loan Amount (use the Final Loan Amount)
• Interest Rate
• Number of years
• Click CALCULATE (you will then see the amount of your Principal + Interest payment)
• Property Taxes = Purchase Price of home x 0.0125 divided by 12 months
• Monthly Mortgage Insurance (MMI) = Base Loan Amount x 0.0125 divided by 12 months
• Note: if the down payment is 5.00% or more, you will use 0.0120 instead of 0.0125
• Homeowners Insurance (internal "walls-in" coverage): Feel free to estimate roughly \$60.00 - \$80.00 per month (this number will vary depending on your insurance coverage amounts and insurance company)
• Homeowners Association (HOA) Dues (Condominiums): This payment (when applicable) wil vary depending on which condominium you choose.
• Note: If you buy a condominium, you can expect your Homeowners Insurance to be slightly lower (closer to the \$35.00 - \$45.00 per month range)
• Total FHA Mortgage Payment (add the total of numbers 1-5)
• By following these simple steps, you now know how to calculate FHA mortgage payments.

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Educational content provided by:

Jason E. Gordon

Sr. Mortgage Loan Officer

CMA, CMPS, CDLP, CDRE, RCS-D, CDPE, CMHS, CMC, NMLS 259027

Office: 619-200-8031

Email: jasongordonmortgage@gmail.com

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