Best FHA Loan Calculator - Comparewise

FHA Loan Calculator

The Federal Housing Administration (FHA) insures conforming loans that are backed by the federal government. For qualifying homebuyers in Canada, FHA loans require a down payment and feature lower credit. Check out our FHA loan calculator to see how much you could get.

As an illustration, only 3.5% of the purchase price must be put down when applying for an FHA loan. In the estimated monthly payment provided by the FHA mortgage calculator, additional expenses are included. These expenses include the annual premium paid monthly and the upfront mortgage insurance premium (MIP).

 Based on the data you enter, the FHA loan calculator generates information that is specifically tailored to your needs. However, it makes some assumptions about you.

Suppose, for instance, that you’re purchasing a single-family home to use as your primary dwelling. Additionally, the calculator includes substantial assumptions regarding closing expenses, lender fees, and other charges.

Fha Loan Mortgage Calculator - Comparewise

FHA Loan Calculator Terms

Here are some important concepts to understand when using an FHA loan calculator.

Down payment

This sum of money is what you have contributed to buying a house upfront at the time of purchase. 3.5% of the purchase price is the minimum required down payment under FHA. These options include qualifying down payment assistance programs and gifts towards the down payment.

Loan Term

This is the predetermined time frame in which you must repay your home loan.

Interest rate

This is the yearly interest rate expressed as a percentage that your lender assesses as a borrowing fee. The percentage of the loan amount is how loan interest rates are calculated and your interest payments are lumped into your monthly payments along with the principal of your loan.

Principal and Interest

This sum represents the monthly payment you must make to your mortgage provider to cover both the principal balance of your loan and the interest. This doesn’t change over the course of a fixed-rate loan.

Property taxes

This is an annual tax imposed on your house and land by a government agency. They are frequently included in your payment and are paid through an escrow account.

FHA Mortgage Insurance

This is an expense included in FHA loans. At closing, you will pay a one-time premium payment, and monthly payments will include any subsequent premiums.

Home Owner Association (HOA) fee

It’s possible that you will have to pay homeowners association (HOA) dues if you decide to purchase a condo or a house in a planned unit development (PUD).

Fha Home Loan Calculator - Comparewise

FHA Loan Eligibility

For first-time home buyers in Canada, FHA financing offers fantastic benefits. However, you must adhere to the conditions established by the Federal Housing Administration and your FHA-approved lender to use this loan program.

The following requirements must be met to qualify for an FHA loan:

  • A credit score of at least 580; lesser scores may still be accepted with a 10% down payment.
  • A down payment of 3.5%
  • The employment history of about 1-2 years
  • A debt-to-income ratio of about 43% or less
  • A home that satisfies FHA requirements or qualifies for FHA 203k financing
  • A loan amount that falls under the $420,680 maximum FHA loan amount for most counties as of 2022

Thanks for checking out our FHA loan calculator.

You might also like…

FHA Down Payment (Max. 12%)

Contract Sales Price (Max. $1,000,000)

Home Value (Max. $1,000,000)

Borrower Closing Costs (Max. $100,000)

Prepaid Expenses (Max. $100,000)

Discount Points (Max. $100,000)

Repairs (Max. $100,000)

MIP Paid in Cash (Max. $100,000)

Other Expenses (Max. $100,000)

Result

Cash Required at Close
Financed Upfront MIP
Loan Available

Based on the information provided, you will need in cash for a mortgage. Let us match you with a mortgage provider. Get started.

Get a Mortgage Quote

FHA Loan Calculator

The Federal Housing Administration (FHA) insures conforming loans that are backed by the federal government. For qualifying homebuyers in Canada, FHA loans require a down payment and feature lower credit. Check out our FHA loan calculator to see how much you could get.

As an illustration, only 3.5% of the purchase price must be put down when applying for an FHA loan. In the estimated monthly payment provided by the FHA mortgage calculator, additional expenses are included. These expenses include the annual premium paid monthly and the upfront mortgage insurance premium (MIP).

 Based on the data you enter, the FHA loan calculator generates information that is specifically tailored to your needs. However, it makes some assumptions about you.

Suppose, for instance, that you’re purchasing a single-family home to use as your primary dwelling. Additionally, the calculator includes substantial assumptions regarding closing expenses, lender fees, and other charges.

Fha Loan Mortgage Calculator - Comparewise

FHA Loan Calculator Terms

Here are some important concepts to understand when using an FHA loan calculator.

Down payment

This sum of money is what you have contributed to buying a house upfront at the time of purchase. 3.5% of the purchase price is the minimum required down payment under FHA. These options include qualifying down payment assistance programs and gifts towards the down payment.

Loan Term

This is the predetermined time frame in which you must repay your home loan.

Interest rate

This is the yearly interest rate expressed as a percentage that your lender assesses as a borrowing fee. The percentage of the loan amount is how loan interest rates are calculated and your interest payments are lumped into your monthly payments along with the principal of your loan.

Principal and Interest

This sum represents the monthly payment you must make to your mortgage provider to cover both the principal balance of your loan and the interest. This doesn’t change over the course of a fixed-rate loan.

Property taxes

This is an annual tax imposed on your house and land by a government agency. They are frequently included in your payment and are paid through an escrow account.

FHA Mortgage Insurance

This is an expense included in FHA loans. At closing, you will pay a one-time premium payment, and monthly payments will include any subsequent premiums.

Home Owner Association (HOA) fee

It’s possible that you will have to pay homeowners association (HOA) dues if you decide to purchase a condo or a house in a planned unit development (PUD).

Fha Home Loan Calculator - Comparewise

FHA Loan Eligibility

For first-time home buyers in Canada, FHA financing offers fantastic benefits. However, you must adhere to the conditions established by the Federal Housing Administration and your FHA-approved lender to use this loan program.

The following requirements must be met to qualify for an FHA loan:

  • A credit score of at least 580; lesser scores may still be accepted with a 10% down payment.
  • A down payment of 3.5%
  • The employment history of about 1-2 years
  • A debt-to-income ratio of about 43% or less
  • A home that satisfies FHA requirements or qualifies for FHA 203k financing
  • A loan amount that falls under the $420,680 maximum FHA loan amount for most counties as of 2022

Thanks for checking out our FHA loan calculator.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Get 50 Free Trades on Canada's #1 trading platforms.
Min Investment
$0
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Earn passive income, start investing in real estate.
Min Investment
$1
Target Return
Varied
Use code KKZH8A when you sign up to get 2 free stocks
Min Investment
$1
Target Return
Varied
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Buying and seucring gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
Get a $25 bonus when you sign up and trade.
Min Investment
$10
Target Return
Varied
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

October 29, 2022
Fact Checked

Browse calculators by type

Check out business loan calculators on Comparewise...

Check out car loan calculators on Comparewise to s...

Check out date and time calculators on Comparewise...

Check out health calculators on Comparewise to see...

It's never been easier to calculate your monthly p...

Check out our investment calculators to see how mu...

Check out mathematics calculators on Comparewise t...

Check out mortgage calculators to see what you can...

Our personal finance calculators help you compare ...

Check out our personal loan calculators to see wha...

Check out student calculators to check your GPA an...

Check out tax calculators to see different income ...

FAQs about our FHA Loan Calculator

How much FHA loan can I qualify for?

For a single-family home in Canada, the maximum loan limit is $647,200. Loan amounts start at $420,680 for a single-unit property in an affordable neighborhood.

How can I calculate my PMI on an FHA loan?

Take the PMI percentage that your lender gave and multiply it by the entire loan amount to determine PMI. If you are unsure of your PMI percentage, make adjustments for the high and low end of the range to get an idea of how much the loan could fluctuate.

How much house can I afford with an FHA loan calculator?

This depends on your need and requirements. You can make use of an FHA loan calculator to calculate the amount of house you can afford.

How to calculate debt to income ratio for FHA loan

To determine your debt-to-income ratio:

  • Add up all of your monthly expenses, like your housing costs (rent or mortgage payment), utilities, subscriptions, etc.
  • Divide the sum of all your expenses by your gross monthly income i.e. your income before taxes are deducted.
  • Your DTI, which is presented as a percentage, is the end outcome. Lenders view you as less risky when your DTI is lower.

You may also like:

Algebra is an area of mathematics that involves the application of calculations and for...
To increase your chances of conceiving a child, becoming familiar with your unique mens...
Do you have excessive auto insurance costs? The majority of Canadian drivers ponde...
In Canada, there are quite a number of things to take into consideration when deciding ...
One of the most important aspects of a course is understanding and setting the grading ...
Car loan?
Personal Loan?

Top deals await you just a short
application away!