FHA mortgage rates had moved up just slightly based on data released from Findlocalmortgagerates.com. Using the mortgage payment calculator to calculate the monthly mortgage payments on an FHA loan amount of $185,000.00, the change in payment can be quickly evaluated based on the new mortgage rates.
Based on the survey results, the average 30 year FHA mortgage rate is 4.75% which is an increase of five basis points or 5/100 of a percent from the prior week’s average 30 year fixed rate FHA loan rate of 4.70%.
The results of the mortgage payment calculator show that the rate changes yielded only a minor increase on the on monthly mortgage payment for the average loan amount.
For a loan amount of $185,000.00 for a term of 30 years and a mortgage rate of 4.75%, the mortgage calculator results indicate a monthly mortgage payment of $965.05. The monthly payment calculations from the mortgage calculator based on last week’s average FHA mortgage rate of 4.70% indicates a payment of $959.48 or an increase in monthly payments of just $5.57.
If a loan amount of just $145,000.00 was input into the mortgage payment calculator the current monthly payment would be $756.39 or an increase of $4.37 from the previous week.
FHA loans require a minimum down payment of 3.5%. The mortgage qualification calculator can quickly reveal the maximum loan amount a borrower may qualify for based on the current FHA rate, the borrower’s income and debt payments and the amount of money available for the 3.5% down amount. Analyzing the monthly mortgage payment and the maximum loan amount a borrower may qualify for are the most prevalent uses of these online mortgage calculators.
Findlocalmortgagerates.com produces a weekly survey of the average mortgage rate from the largest bank mortgage lenders for FHA mortgages, conforming loans and jumbo loans. These mortgage rates provide a good staring point to be used as input for the mortgage calculators to help prospective borrowers understand qualifying loan amounts and monthly mortgage payments before committing to a mortgage loan.
The Selectcalculators.com mortgage payment analysis survey shows monthly mortgage payments on the 30 year fixed rate mortgage are up marginally for the week ending March 12, 2010.
Selectcalculators.com performs a weekly survey of mortgage rates at the top five largest U.S. banks and uses that data to evaluate monthly mortgage payments with the mortgage payment calculator.
The average rate this week on a 30 year fixed rate home loan from the top five banks is 5.00% with 0.43 points. Using the free mortgage payment calculator and the average mortgage rate produced by the survey, the monthly payment for a $200,000.00 home loan on a 30 year term would be $1,073.64.
The monthly payment is higher this week by $8.54. Last week’s average rate from the top five largest banks was 4.93%, yielding a monthly payment of $1,065.10 based on the results of the mortgage payment calculator.
The average rate for a 15 year mortgage loan, based on the weekly rate survey, stood at 4.38% with 0.38 points. Employing the mortgage payment calculator with this mortgage rate, the monthly payment for a $200,000.00 home loan on a 15 year term would be $1,415.29.
The mortgage rates obtained are for owner occupied, single family homes with a minimum 20% down payment. Mortgage rates were obtained from the top five banks which includes: Chase Bank, Bank of America, Citibank, Wells Fargo and US Bank
Inputting the mortgage rates on the 30 year home loan for each bank into the mortgage payment calculator yields the following results:
Chase Bank Mortgage 30 year rate is 5.125% with 0.250 points and a 5.207% APR. The monthly mortgage payment for a $200,000.00 home loan with this rate according to the mortgage payment calculator would be $1,088.97 per month.
Bank of America offers the 30 fixed rate mortgage at 4.875% with 0.75 points and an APR of 5.001%. The monthly payment based on the results of the online mortgage payment calculator comes in at $1,058.42
Citibank markets the 30 year with a mortgage rate of 5.125% and 0.125 points and a 5.317% APR with a monthly payment of $1,088.97.
Wells Fargo Home Loan is at 4.875% on the 30 year fixed with 1.00 point and a 5.034% APR. $1,361.22 is the monthly payment for this loan.
US Bank promotes a 30 year fixed rate home loan with a mortgage rate of 5.00% and no points with an APR of 5.066% leading to a $1,073.64 monthly mortgage payment.
The following mortgage rates are dated as of March 12, 2101. The monthly mortgage payment results returned from the mortgage calculator are for principal and interest only and do not include taxes and insurance.
Mortgage loan comparisons based on the mortgage rate alone does not perform a thorough comparison of loan products, some mortgage loans include higher closing costs in the form of points charged and other fees. Before choosing the mortgage loan and mortgage lender to work with, compare the mortgage rate along with the costs of obtaining that home loan.