Down Payment: This is the part of your home's purchase price that you pay upfront, not covered by your loan. The amount you pay as a down payment can influence your mortgage interest rate.
However, even an FHA loan has fees and extra costs that need to be factored into your monthly mortgage payment. Use this calculator to estimate how much you might pay for an FHA home loan to ...
Home equity is a valuable financial resource. By definition, it's the difference between your home's value and how much you owe on your mortgage. For example, if your home is worth $500,000 and ...
Using the 28% rule, we can calculate the recommended gross monthly income required for a loan of this size. To find this number, divide the monthly mortgage payment by 28% (or 0.28): Based on the ...