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Guide To Single Family Home Mortgage Insurance
Payments on an FHA-Insured Mortgage
Monthly Payments
The amount of your monthly payment will depend on how much money you borrow and
the interest rate on your loan. Your monthly mortgage payment will include money
to repay the principal amount you borrowed, the interest on that money, your FHA
mortgage insurance premium, and amounts for taxes and property insurance.
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Typically, your combined monthly payment for principal, interest, taxes, and insurance should be no more than 29 percent of your gross (before taxes) monthly income for buying an existing home and 31 percent for new construction.
Advance Payments
With an FHA-insured mortgage, you can make extra payments toward the principal
when you make your regularly monthly payment. By making extra payments, you can
repay the loan faster and save on interest. However, extra payments do not
relieve you from continuing to make regular payments every month.
You can also pay off the entire balance of your FHA-insured mortgage at any time.
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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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