FHA Loan Figures in Calculators

5 Replies

Hello All,

I am enjoying some of the new features of the new Rental Property calculator tool but I find it kind of limiting with the strategies I'd like to pursue. Is there a way to have the calculator estimate what a monthly payment would be for FHA loans instead of only conventional? Currently, I have to use other online FHA calculators just to get the monthly PITI for FHA loans and then manually add the difference to the calculator's numbers. It's a bit of a pain.

If not, is it possible for me to access the old calculator tool in the meantime?

Thanks,

Evan

Yeah so generally (at least where I am in the country and I am not sure if it changes depending on state, city, etc) there is a 1.05% PMI rate that I am unable to add and maybe that is due to my inexperience with the new layout of th calculator. There is also an additional 1.75% of purchase price upfront cost on top of the closing costs and that is specific to FHA. I may have gotten those numbers mixed up but to my knowledge they are potentially nation-wide standards for FHA loans so I would think it would be relatively easy to add them to the calculator. Again, maybe I am missing a functionality

@Evan Franco I will be doing the house hack strategy using an FHA loan. If I find a potential property, I just send the lender the property information, and they provide me with that the (estimated) monthly payments would be based off of the target purchase price. Of course, there are estimations such as home insurance and rates (because they fluctuate).

You could try shopping around at FHA lenders to go ahead and get approved, and they should be able to get you pretty close to what your estimated loan payment would be if you are not able to have success with the calculators.

Hope this helps

Yeah I do send the info to a lender to get accurate monthly payment estimations but I was looking for a way for it to be automatically generated in the rental property calculator like the conventional loan payments are now so I could analyze properties quick and easy that way.  I find currently it only supports conventional loan estimations which is unfortunate.

Again, someone please let me know if I am missing a piece of functionality here.