Mortgage Payment Calculator and FHA Mortgage Rates May 27, 2010

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.

Tags: down payment, mortgage calculator, mortgage payment, mortgage payment calculator, mortgage qualification calculator, mortgage rates, online mortgage calculators

This entry was posted on Thursday, May 27th, 2010 at 3:07 pm and is filed under Credit and Rate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.