FHA Amortization Calculator

Easy to use amortization calculator with an over pay option.

Amortization graphicAn amortization calculator helps you figure out how much of your mortgage payment goes towards the principal balance and how much goes towards the interest. This is helpful when budgeting for your monthly mortgage payment.

You can use an amortization calculator to estimate your monthly payments for an FHA loan. This calculator will also allow you to add extra money with your mortgage payment each month to rapidly pay off your FHA loan.

What is an Amortization Calculator?

An amortization calculator is a handy tool that can help you figure out how much of your monthly mortgage payment is going toward the principal balance, and how much is going toward interest. This can be especially helpful if you are trying to figure out how much you can afford to borrow. Most amortization calculators will also let you know how long it will take you to pay off your mortgage fully, and what your total interest payments will be.

How to Use an Amortization Calculator?

When you are looking to purchase a new home, it is important to understand how much you can afford. One way to get a rough estimate is to use an amortization calculator.

An amortization calculator will help you figure out how much your monthly mortgage payments will be, as well as how much you will pay in total interest over the life of the loan.

To use an amortization calculator, you will need to know the following information:

  1. Home Price
  2. Interest Rate
  3. Mortgage Term
  4. Start Date
  5. Add extra money

Once you have entered this information into the calculator, you will be able to see your monthly mortgage payment, as well as how much of your monthly payment will go towards the principal and how much will go towards the interest. You can cancel the amortization by clicking the "x" in the top right corner.

Amortization Calculator for an FHA Loan

Animated interest rate graphicAn amortization calculator is a invaluable tool when it comes to figuring out your monthly mortgage payment. When you are using an FHA loan, it is important to use an FHA-specific calculator, as the calculation methodology is a bit different than with a traditional mortgage.

The FHA calculator will take into account your down payment, mortgage term, and interest rate in order to come up with an accurate monthly payment. Make sure to use the calculator on a regular basis, so you can keep track of your loan status and ensure you are on track with your payments.

Read more questions and answers about FHA loans

Conclusion

In conclusion, the FHA amortization calculator can be a valuable tool for homeowners looking to save money on their mortgage. By making extra payments, you can shorten the length of your loan and reduce the amount of interest you pay over the life of the mortgage. So if you're looking for a way to reduce your monthly payments, be sure to use the FHA amortization calculator.

Recommended Reading

  1. How to use FHA Gift Funds to buy a home
  2. The Easiest Way to Calculate MIP for an FHA Loan
  3. FHA Home Loans: What are the Income Requirements?