FHA Extra Payment Calculator

Easy to use loan payment calculator.

Woman using an extra payment calculatorIf you're considering making extra payments on your mortgage, you can use an FHA Extra Payment Calculator to see how much money you could save. By making additional payments on your principal balance, you can potentially reduce the amount of interest you pay over the life of your loan.

To use the calculator, simply enter your loan amount, interest rate, and loan term. Then, enter the amount of extra payments you plan to make each year. The calculator will show you how much money you could save in interest over the life of your loan.

Making extra payments on your mortgage is a great way to save money in the long run. With the help of an FHA Extra Payment Calculator, you can easily see how much money you could save by making additional payments each year.

Rotating question markFrequently Asked Questions

Q. Is it possible to pay my mortgage on the 16th?

A. First-of-the-month payment dates are common for most mortgages. For the most part, a grace period of 15 days is included in mortgage agreements. You have until the 16th of the month to make a mortgage payment that is due on the first of the month. Be advised, however, that mail delivery may be slow. As a result, the service provider must open the envelope and deposit your money. A small problem might cause a payment to be delayed.

Q. Are extra principal payments made automatically?

A. This is a common question. Although the majority of lenders/servicers will apply any additional payments to the principal, you should confirm this with the servicer.

Q. Does increasing your mortgage payment lessen your monthly payments?

A. Paying extra money to your mortgage does not result in a reduction in your monthly payment; although the total interest paid will be reduced by the extra money.

Q. How quickly will I be able to pay off my mortgage with additional payments?

A. Use the extra principal payment calculator for the answer to your question.

Q. Is it true that reducing principle reduces the amount of interest charged?

A. Putting additional money towards your mortgage does not reduce your monthly payment. The additional principle payment will lower your interest costs throughout the term of the loan. 

Q. Is it preferable to make more escrow or principal payments?

A. Your loan's interest rate is determined based on the principal balance.
You will pay less interest to the lender if you decrease the loan amount.
Paying an extra premium to the escrow service will not save you any money.

Read more questions and answers about FHA loans

Conclusin

In conclusion, the FHA extra payment calculator can be a helpful tool for potential homeowners. It can help them budget their monthly payments and save money in the long run.

The calculator is easy to use and can provide users with a variety of information. Anyone who is thinking about buying a home should use the FHA extra payment calculator to get an idea of what their monthly payments would be.

Recommended Reading

  1. Do you need a cosigner for an FHA loan? 3 things to consider.
  2. FHA Loan Credit Requirements: Everything You Need to Know
  3. FHA Debt-to-Income Ratio: Everything You Need to Know