Here are some important points that you should be aware of: It also helps you understand the total cost of home ownership over the entire loan term, by taking into account one-time expenses (closing costs, home furnishing etc.) and recurring costs such as property taxes, homeowner’s insurance and HOA fees. This calculator allows you to compute the monthly/bi-weekly mortgage payment for your FHA mortgage loan, including the Upfront Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (MIP). Because of FHA’s low down payments and small reserve requirements, along with options to roll up-front mortgage insurance into the loan, many buyers find they can get into an FHA loan and onto the road to homeownership much more quickly than they can with traditional loan products. However, compared to other loans, FHA is much more forgiving of your liquidity-related woes. That’s not a judgement statement - we all start somewhere. First time homebuyers, more than any class of homeowners, tend to be cash poor.
