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Guide To Single Family Home Mortgage Insurance
Annual Percentage Rate
The Truth in Lending Act requires lenders to disclose to borrowers the annual percentage rate charged on a mortgage to finance the purchase of residential real estate. The annual percentage rate is calculated by adding the interest rate, the
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discount points, the initial service charge, the premium paid to insure the mortgage, and certain other charges collected by the lender. The Truth in Lending Act is administered by the Board of Governors of the Federal Reserve System.
Your monthly payment will be determined by the amount of your mortgage, the interest rate, and the length of the loan. A longer mortgage term will lower your monthly payment, but it will increase the total amount of interest you pay. For example, if you borrow $50,000 with an interest rate of 10 percent, your payment to principal and interest will be:
| Monthly | Term | Total Payment |
| $537.50 | 15 years | $96,750 |
| $439.50 | 30 years | $158,040 |
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_________________________ Table of Contents How FHA Mortgage Insurance Works Who Can Get an FHA-Insured Mortgage? Types of Mortgages FHA Insures Shopping for an FHA-Insured Loan Initial Investment (Down payment) Closing Costs and Prepaid Items Payments on an FHA-Insured Mortgage Limits on FHA-Insured Mortgages The Most Frequently Used FHA Mortgage Insurance Programs Other FHA Mortgage Insurance Programs For more information on these and other FHA programs, please contact your local FHA approved lender. Source: General Services Administration
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