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| Loan | Mortgage | Car | Commercial | Student | Biweekly | Extra Payments | Payoff | Excel |
FHA 203K Loan Calculator
FHA 203K Loan Calculator to calculate the monthly payment and rehab costs for FHA 203K loans. An FHA 203K loan is used to finance the purchase of a home and renovation into a single mortgage loan.
FHA 203K Mortgage Calculator |
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| Home Value: | $320,000.00 | |||||
| Mortgage Amount: | $294,566.00 | |||||
| Monthly Principal & Interest: | $1,626.60 | |||||
| Monthly Extra Payment: | $0.00 | |||||
| Monthly Property Tax: | $175.00 | |||||
| Monthly Home Insurance: | $60.00 | |||||
| Monthly MIP: | $218.73 | |||||
| Monthly HOA Fees: | $0.00 | |||||
Total Monthly Payment: |
$2,080.34 |
|||||
| Total # Of Payments: | 360 | |||||
| Start Date: | Nov, 2024 | |||||
| Payoff Date: | Oct, 2054 | |||||
| Down Payment: | $11,200.00 | |||||
| Principal (includes UFMIP): | $294,566.00 | |||||
| Total Extra Payment: | $0.00 | |||||
| Total Interest Paid: | $291,011.57 | |||||
| Total Tax, Insurance, MIP and Fees: | $163,344.00 | |||||
Total of all Payments: |
$760,121.57 |
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FHA 203K Loan Amortization Schedule |
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| Payment Date | Payment # | Interest | Principal | Tax, Insurance, MIP & Fees | Total Payment | Balance |
|---|---|---|---|---|---|---|
| Nov, 2024 | 1 | $1,288.73 | $337.88 | $453.73 | $2,080.34 | $294,228.12 |
| Dec, 2024 | 2 | $1,287.25 | $339.36 | $453.73 | $2,080.34 | $293,888.77 |
| Jan, 2025 | 3 | $1,285.76 | $340.84 | $453.73 | $2,080.34 | $293,547.92 |
| Feb, 2025 | 4 | $1,284.27 | $342.33 | $453.73 | $2,080.34 | $293,205.59 |
| Mar, 2025 | 5 | $1,282.77 | $343.83 | $453.73 | $2,080.34 | $292,861.76 |
| Apr, 2025 | 6 | $1,281.27 | $345.33 | $453.73 | $2,080.34 | $292,516.43 |
| May, 2025 | 7 | $1,279.76 | $346.84 | $453.73 | $2,080.34 | $292,169.58 |
| Jun, 2025 | 8 | $1,278.24 | $348.36 | $453.73 | $2,080.34 | $291,821.22 |
| Jul, 2025 | 9 | $1,276.72 | $349.89 | $453.73 | $2,080.34 | $291,471.33 |
| Aug, 2025 | 10 | $1,275.19 | $351.42 | $453.73 | $2,080.34 | $291,119.92 |
| Sep, 2025 | 11 | $1,273.65 | $352.95 | $453.73 | $2,080.34 | $290,766.96 |
| Oct, 2025 | 12 | $1,272.11 | $354.50 | $453.73 | $2,080.34 | $290,412.46 |
| Nov, 2025 | 13 | $1,270.55 | $356.05 | $453.73 | $2,080.34 | $290,056.41 |
| Dec, 2025 | 14 | $1,269.00 | $357.61 | $453.73 | $2,080.34 | $289,698.81 |
| Jan, 2026 | 15 | $1,267.43 | $359.17 | $453.73 | $2,080.34 | $289,339.63 |
| Feb, 2026 | 16 | $1,265.86 | $360.74 | $453.73 | $2,080.34 | $288,978.89 |
| Mar, 2026 | 17 | $1,264.28 | $362.32 | $453.73 | $2,080.34 | $288,616.57 |
| Apr, 2026 | 18 | $1,262.70 | $363.91 | $453.73 | $2,080.34 | $288,252.66 |
| May, 2026 | 19 | $1,261.11 | $365.50 | $453.73 | $2,080.34 | $287,887.16 |
| Jun, 2026 | 20 | $1,259.51 | $367.10 | $453.73 | $2,080.34 | $287,520.07 |
| Jul, 2026 | 21 | $1,257.90 | $368.70 | $453.73 | $2,080.34 | $287,151.36 |
| Aug, 2026 | 22 | $1,256.29 | $370.32 | $453.73 | $2,080.34 | $286,781.04 |
| Sep, 2026 | 23 | $1,254.67 | $371.94 | $453.73 | $2,080.34 | $286,409.11 |
| Oct, 2026 | 24 | $1,253.04 | $373.56 | $453.73 | $2,080.34 | $286,035.54 |
| Nov, 2026 | 25 | $1,251.41 | $375.20 | $453.73 | $2,080.34 | $285,660.34 |
| Dec, 2026 | 26 | $1,249.76 | $376.84 | $453.73 | $2,080.34 | $285,283.50 |
| Jan, 2027 | 27 | $1,248.12 | $378.49 | $453.73 | $2,080.34 | $284,905.01 |
| Feb, 2027 | 28 | $1,246.46 | $380.14 | $453.73 | $2,080.34 | $284,524.87 |
| Mar, 2027 | 29 | $1,244.80 | $381.81 | $453.73 | $2,080.34 | $284,143.06 |
| Apr, 2027 | 30 | $1,243.13 | $383.48 | $453.73 | $2,080.34 | $283,759.58 |
| May, 2027 | 31 | $1,241.45 | $385.16 | $453.73 | $2,080.34 | $283,374.43 |
| Jun, 2027 | 32 | $1,239.76 | $386.84 | $453.73 | $2,080.34 | $282,987.58 |
| Jul, 2027 | 33 | $1,238.07 | $388.53 | $453.73 | $2,080.34 | $282,599.05 |
| Aug, 2027 | 34 | $1,236.37 | $390.23 | $453.73 | $2,080.34 | $282,208.82 |
| Sep, 2027 | 35 | $1,234.66 | $391.94 | $453.73 | $2,080.34 | $281,816.88 |
| Oct, 2027 | 36 | $1,232.95 | $393.66 | $453.73 | $2,080.34 | $281,423.22 |
| Nov, 2027 | 37 | $1,231.23 | $395.38 | $453.73 | $2,080.34 | $281,027.84 |
| Dec, 2027 | 38 | $1,229.50 | $397.11 | $453.73 | $2,080.34 | $280,630.74 |
| Jan, 2028 | 39 | $1,227.76 | $398.84 | $453.73 | $2,080.34 | $280,231.89 |
| Feb, 2028 | 40 | $1,226.01 | $400.59 | $453.73 | $2,080.34 | $279,831.30 |
| Mar, 2028 | 41 | $1,224.26 | $402.34 | $453.73 | $2,080.34 | $279,428.96 |
| Apr, 2028 | 42 | $1,222.50 | $404.10 | $453.73 | $2,080.34 | $279,024.86 |
| May, 2028 | 43 | $1,220.73 | $405.87 | $453.73 | $2,080.34 | $278,618.99 |
| Jun, 2028 | 44 | $1,218.96 | $407.65 | $453.73 | $2,080.34 | $278,211.34 |
| Jul, 2028 | 45 | $1,217.17 | $409.43 | $453.73 | $2,080.34 | $277,801.91 |
| Aug, 2028 | 46 | $1,215.38 | $411.22 | $453.73 | $2,080.34 | $277,390.69 |
| Sep, 2028 | 47 | $1,213.58 | $413.02 | $453.73 | $2,080.34 | $276,977.67 |
| Oct, 2028 | 48 | $1,211.78 | $414.83 | $453.73 | $2,080.34 | $276,562.84 |
| Nov, 2028 | 49 | $1,209.96 | $416.64 | $453.73 | $2,080.34 | $276,146.20 |
| Dec, 2028 | 50 | $1,208.14 | $418.46 | $453.73 | $2,080.34 | $275,727.73 |
| Jan, 2029 | 51 | $1,206.31 | $420.30 | $453.73 | $2,080.34 | $275,307.44 |
| Feb, 2029 | 52 | $1,204.47 | $422.13 | $453.73 | $2,080.34 | $274,885.31 |
| Mar, 2029 | 53 | $1,202.62 | $423.98 | $453.73 | $2,080.34 | $274,461.32 |
| Apr, 2029 | 54 | $1,200.77 | $425.84 | $453.73 | $2,080.34 | $274,035.49 |
| May, 2029 | 55 | $1,198.91 | $427.70 | $453.73 | $2,080.34 | $273,607.79 |
| Jun, 2029 | 56 | $1,197.03 | $429.57 | $453.73 | $2,080.34 | $273,178.22 |
| Jul, 2029 | 57 | $1,195.15 | $431.45 | $453.73 | $2,080.34 | $272,746.77 |
| Aug, 2029 | 58 | $1,193.27 | $433.34 | $453.73 | $2,080.34 | $272,313.43 |
| Sep, 2029 | 59 | $1,191.37 | $435.23 | $453.73 | $2,080.34 | $271,878.20 |
| Oct, 2029 | 60 | $1,189.47 | $437.14 | $453.73 | $2,080.34 | $271,441.06 |
| Nov, 2029 | 61 | $1,187.55 | $439.05 | $453.73 | $2,080.34 | $271,002.01 |
| Dec, 2029 | 62 | $1,185.63 | $440.97 | $453.73 | $2,080.34 | $270,561.04 |
| Jan, 2030 | 63 | $1,183.70 | $442.90 | $453.73 | $2,080.34 | $270,118.14 |
| Feb, 2030 | 64 | $1,181.77 | $444.84 | $453.73 | $2,080.34 | $269,673.30 |
| Mar, 2030 | 65 | $1,179.82 | $446.78 | $453.73 | $2,080.34 | $269,226.52 |
| Apr, 2030 | 66 | $1,177.87 | $448.74 | $453.73 | $2,080.34 | $268,777.78 |
| May, 2030 | 67 | $1,175.90 | $450.70 | $453.73 | $2,080.34 | $268,327.08 |
| Jun, 2030 | 68 | $1,173.93 | $452.67 | $453.73 | $2,080.34 | $267,874.41 |
| Jul, 2030 | 69 | $1,171.95 | $454.65 | $453.73 | $2,080.34 | $267,419.75 |
| Aug, 2030 | 70 | $1,169.96 | $456.64 | $453.73 | $2,080.34 | $266,963.11 |
| Sep, 2030 | 71 | $1,167.96 | $458.64 | $453.73 | $2,080.34 | $266,504.47 |
| Oct, 2030 | 72 | $1,165.96 | $460.65 | $453.73 | $2,080.34 | $266,043.82 |
| Nov, 2030 | 73 | $1,163.94 | $462.66 | $453.73 | $2,080.34 | $265,581.16 |
| Dec, 2030 | 74 | $1,161.92 | $464.69 | $453.73 | $2,080.34 | $265,116.47 |
| Jan, 2031 | 75 | $1,159.88 | $466.72 | $453.73 | $2,080.34 | $264,649.75 |
| Feb, 2031 | 76 | $1,157.84 | $468.76 | $453.73 | $2,080.34 | $264,180.99 |
| Mar, 2031 | 77 | $1,155.79 | $470.81 | $453.73 | $2,080.34 | $263,710.18 |
| Apr, 2031 | 78 | $1,153.73 | $472.87 | $453.73 | $2,080.34 | $263,237.31 |
| May, 2031 | 79 | $1,151.66 | $474.94 | $453.73 | $2,080.34 | $262,762.36 |
| Jun, 2031 | 80 | $1,149.59 | $477.02 | $453.73 | $2,080.34 | $262,285.35 |
| Jul, 2031 | 81 | $1,147.50 | $479.11 | $453.73 | $2,080.34 | $261,806.24 |
| Aug, 2031 | 82 | $1,145.40 | $481.20 | $453.73 | $2,080.34 | $261,325.04 |
| Sep, 2031 | 83 | $1,143.30 | $483.31 | $453.73 | $2,080.34 | $260,841.73 |
| Oct, 2031 | 84 | $1,141.18 | $485.42 | $453.73 | $2,080.34 | $260,356.31 |
| Nov, 2031 | 85 | $1,139.06 | $487.55 | $453.73 | $2,080.34 | $259,868.76 |
| Dec, 2031 | 86 | $1,136.93 | $489.68 | $453.73 | $2,080.34 | $259,379.08 |
| Jan, 2032 | 87 | $1,134.78 | $491.82 | $453.73 | $2,080.34 | $258,887.26 |
| Feb, 2032 | 88 | $1,132.63 | $493.97 | $453.73 | $2,080.34 | $258,393.29 |
| Mar, 2032 | 89 | $1,130.47 | $496.13 | $453.73 | $2,080.34 | $257,897.16 |
| Apr, 2032 | 90 | $1,128.30 | $498.30 | $453.73 | $2,080.34 | $257,398.85 |
| May, 2032 | 91 | $1,126.12 | $500.48 | $453.73 | $2,080.34 | $256,898.37 |
| Jun, 2032 | 92 | $1,123.93 | $502.67 | $453.73 | $2,080.34 | $256,395.70 |
| Jul, 2032 | 93 | $1,121.73 | $504.87 | $453.73 | $2,080.34 | $255,890.82 |
| Aug, 2032 | 94 | $1,119.52 | $507.08 | $453.73 | $2,080.34 | $255,383.74 |
| Sep, 2032 | 95 | $1,117.30 | $509.30 | $453.73 | $2,080.34 | $254,874.44 |
| Oct, 2032 | 96 | $1,115.08 | $511.53 | $453.73 | $2,080.34 | $254,362.91 |
| Nov, 2032 | 97 | $1,112.84 | $513.77 | $453.73 | $2,080.34 | $253,849.14 |
| Dec, 2032 | 98 | $1,110.59 | $516.01 | $453.73 | $2,080.34 | $253,333.13 |
| Jan, 2033 | 99 | $1,108.33 | $518.27 | $453.73 | $2,080.34 | $252,814.86 |
| Feb, 2033 | 100 | $1,106.07 | $520.54 | $453.73 | $2,080.34 | $252,294.32 |
| Mar, 2033 | 101 | $1,103.79 | $522.82 | $453.73 | $2,080.34 | $251,771.50 |
| Apr, 2033 | 102 | $1,101.50 | $525.10 | $453.73 | $2,080.34 | $251,246.40 |
| May, 2033 | 103 | $1,099.20 | $527.40 | $453.73 | $2,080.34 | $250,719.00 |
| Jun, 2033 | 104 | $1,096.90 | $529.71 | $453.73 | $2,080.34 | $250,189.29 |
| Jul, 2033 | 105 | $1,094.58 | $532.03 | $453.73 | $2,080.34 | $249,657.26 |
| Aug, 2033 | 106 | $1,092.25 | $534.35 | $453.73 | $2,080.34 | $249,122.91 |
| Sep, 2033 | 107 | $1,089.91 | $536.69 | $453.73 | $2,080.34 | $248,586.22 |
| Oct, 2033 | 108 | $1,087.56 | $539.04 | $453.73 | $2,080.34 | $248,047.18 |
| Nov, 2033 | 109 | $1,085.21 | $541.40 | $453.73 | $2,080.34 | $247,505.78 |
| Dec, 2033 | 110 | $1,082.84 | $543.77 | $453.73 | $2,080.34 | $246,962.01 |
| Jan, 2034 | 111 | $1,080.46 | $546.15 | $453.73 | $2,080.34 | $246,415.87 |
| Feb, 2034 | 112 | $1,078.07 | $548.53 | $453.73 | $2,080.34 | $245,867.33 |
| Mar, 2034 | 113 | $1,075.67 | $550.93 | $453.73 | $2,080.34 | $245,316.40 |
| Apr, 2034 | 114 | $1,073.26 | $553.35 | $453.73 | $2,080.34 | $244,763.05 |
| May, 2034 | 115 | $1,070.84 | $555.77 | $453.73 | $2,080.34 | $244,207.29 |
| Jun, 2034 | 116 | $1,068.41 | $558.20 | $453.73 | $2,080.34 | $243,649.09 |
| Jul, 2034 | 117 | $1,065.96 | $560.64 | $453.73 | $2,080.34 | $243,088.45 |
| Aug, 2034 | 118 | $1,063.51 | $563.09 | $453.73 | $2,080.34 | $242,525.36 |
| Sep, 2034 | 119 | $1,061.05 | $565.56 | $453.73 | $2,080.34 | $241,959.80 |
| Oct, 2034 | 120 | $1,058.57 | $568.03 | $453.73 | $2,080.34 | $241,391.77 |
| Nov, 2034 | 121 | $1,056.09 | $570.52 | $453.73 | $2,080.34 | $240,821.25 |
| Dec, 2034 | 122 | $1,053.59 | $573.01 | $453.73 | $2,080.34 | $240,248.24 |
| Jan, 2035 | 123 | $1,051.09 | $575.52 | $453.73 | $2,080.34 | $239,672.72 |
| Feb, 2035 | 124 | $1,048.57 | $578.04 | $453.73 | $2,080.34 | $239,094.69 |
| Mar, 2035 | 125 | $1,046.04 | $580.57 | $453.73 | $2,080.34 | $238,514.12 |
| Apr, 2035 | 126 | $1,043.50 | $583.11 | $453.73 | $2,080.34 | $237,931.02 |
| May, 2035 | 127 | $1,040.95 | $585.66 | $453.73 | $2,080.34 | $237,345.36 |
| Jun, 2035 | 128 | $1,038.39 | $588.22 | $453.73 | $2,080.34 | $236,757.14 |
| Jul, 2035 | 129 | $1,035.81 | $590.79 | $453.73 | $2,080.34 | $236,166.35 |
| Aug, 2035 | 130 | $1,033.23 | $593.38 | $453.73 | $2,080.34 | $235,572.98 |
| Sep, 2035 | 131 | $1,030.63 | $595.97 | $453.73 | $2,080.34 | $234,977.00 |
| Oct, 2035 | 132 | $1,028.02 | $598.58 | $453.73 | $2,080.34 | $234,378.42 |
| Nov, 2035 | 133 | $1,025.41 | $601.20 | $453.73 | $2,080.34 | $233,777.22 |
| Dec, 2035 | 134 | $1,022.78 | $603.83 | $453.73 | $2,080.34 | $233,173.39 |
| Jan, 2036 | 135 | $1,020.13 | $606.47 | $453.73 | $2,080.34 | $232,566.92 |
| Feb, 2036 | 136 | $1,017.48 | $609.12 | $453.73 | $2,080.34 | $231,957.80 |
| Mar, 2036 | 137 | $1,014.82 | $611.79 | $453.73 | $2,080.34 | $231,346.01 |
| Apr, 2036 | 138 | $1,012.14 | $614.47 | $453.73 | $2,080.34 | $230,731.55 |
| May, 2036 | 139 | $1,009.45 | $617.15 | $453.73 | $2,080.34 | $230,114.39 |
| Jun, 2036 | 140 | $1,006.75 | $619.85 | $453.73 | $2,080.34 | $229,494.54 |
| Jul, 2036 | 141 | $1,004.04 | $622.57 | $453.73 | $2,080.34 | $228,871.97 |
| Aug, 2036 | 142 | $1,001.31 | $625.29 | $453.73 | $2,080.34 | $228,246.68 |
| Sep, 2036 | 143 | $998.58 | $628.03 | $453.73 | $2,080.34 | $227,618.66 |
| Oct, 2036 | 144 | $995.83 | $630.77 | $453.73 | $2,080.34 | $226,987.88 |
| Nov, 2036 | 145 | $993.07 | $633.53 | $453.73 | $2,080.34 | $226,354.35 |
| Dec, 2036 | 146 | $990.30 | $636.30 | $453.73 | $2,080.34 | $225,718.05 |
| Jan, 2037 | 147 | $987.52 | $639.09 | $453.73 | $2,080.34 | $225,078.96 |
| Feb, 2037 | 148 | $984.72 | $641.88 | $453.73 | $2,080.34 | $224,437.08 |
| Mar, 2037 | 149 | $981.91 | $644.69 | $453.73 | $2,080.34 | $223,792.38 |
| Apr, 2037 | 150 | $979.09 | $647.51 | $453.73 | $2,080.34 | $223,144.87 |
| May, 2037 | 151 | $976.26 | $650.35 | $453.73 | $2,080.34 | $222,494.53 |
| Jun, 2037 | 152 | $973.41 | $653.19 | $453.73 | $2,080.34 | $221,841.34 |
| Jul, 2037 | 153 | $970.56 | $656.05 | $453.73 | $2,080.34 | $221,185.29 |
| Aug, 2037 | 154 | $967.69 | $658.92 | $453.73 | $2,080.34 | $220,526.37 |
| Sep, 2037 | 155 | $964.80 | $661.80 | $453.73 | $2,080.34 | $219,864.57 |
| Oct, 2037 | 156 | $961.91 | $664.70 | $453.73 | $2,080.34 | $219,199.87 |
| Nov, 2037 | 157 | $959.00 | $667.60 | $453.73 | $2,080.34 | $218,532.26 |
| Dec, 2037 | 158 | $956.08 | $670.53 | $453.73 | $2,080.34 | $217,861.74 |
| Jan, 2038 | 159 | $953.15 | $673.46 | $453.73 | $2,080.34 | $217,188.28 |
| Feb, 2038 | 160 | $950.20 | $676.41 | $453.73 | $2,080.34 | $216,511.87 |
| Mar, 2038 | 161 | $947.24 | $679.36 | $453.73 | $2,080.34 | $215,832.51 |
| Apr, 2038 | 162 | $944.27 | $682.34 | $453.73 | $2,080.34 | $215,150.17 |
| May, 2038 | 163 | $941.28 | $685.32 | $453.73 | $2,080.34 | $214,464.85 |
| Jun, 2038 | 164 | $938.28 | $688.32 | $453.73 | $2,080.34 | $213,776.53 |
| Jul, 2038 | 165 | $935.27 | $691.33 | $453.73 | $2,080.34 | $213,085.20 |
| Aug, 2038 | 166 | $932.25 | $694.36 | $453.73 | $2,080.34 | $212,390.84 |
| Sep, 2038 | 167 | $929.21 | $697.39 | $453.73 | $2,080.34 | $211,693.45 |
| Oct, 2038 | 168 | $926.16 | $700.45 | $453.73 | $2,080.34 | $210,993.00 |
| Nov, 2038 | 169 | $923.09 | $703.51 | $453.73 | $2,080.34 | $210,289.49 |
| Dec, 2038 | 170 | $920.02 | $706.59 | $453.73 | $2,080.34 | $209,582.90 |
| Jan, 2039 | 171 | $916.93 | $709.68 | $453.73 | $2,080.34 | $208,873.22 |
| Feb, 2039 | 172 | $913.82 | $712.78 | $453.73 | $2,080.34 | $208,160.44 |
| Mar, 2039 | 173 | $910.70 | $715.90 | $453.73 | $2,080.34 | $207,444.54 |
| Apr, 2039 | 174 | $907.57 | $719.03 | $453.73 | $2,080.34 | $206,725.50 |
| May, 2039 | 175 | $904.42 | $722.18 | $453.73 | $2,080.34 | $206,003.32 |
| Jun, 2039 | 176 | $901.26 | $725.34 | $453.73 | $2,080.34 | $205,277.98 |
| Jul, 2039 | 177 | $898.09 | $728.51 | $453.73 | $2,080.34 | $204,549.47 |
| Aug, 2039 | 178 | $894.90 | $731.70 | $453.73 | $2,080.34 | $203,817.77 |
| Sep, 2039 | 179 | $891.70 | $734.90 | $453.73 | $2,080.34 | $203,082.87 |
| Oct, 2039 | 180 | $888.49 | $738.12 | $453.73 | $2,080.34 | $202,344.75 |
| Nov, 2039 | 181 | $885.26 | $741.35 | $453.73 | $2,080.34 | $201,603.40 |
| Dec, 2039 | 182 | $882.01 | $744.59 | $453.73 | $2,080.34 | $200,858.81 |
| Jan, 2040 | 183 | $878.76 | $747.85 | $453.73 | $2,080.34 | $200,110.97 |
| Feb, 2040 | 184 | $875.49 | $751.12 | $453.73 | $2,080.34 | $199,359.85 |
| Mar, 2040 | 185 | $872.20 | $754.41 | $453.73 | $2,080.34 | $198,605.44 |
| Apr, 2040 | 186 | $868.90 | $757.71 | $453.73 | $2,080.34 | $197,847.74 |
| May, 2040 | 187 | $865.58 | $761.02 | $453.73 | $2,080.34 | $197,086.72 |
| Jun, 2040 | 188 | $862.25 | $764.35 | $453.73 | $2,080.34 | $196,322.37 |
| Jul, 2040 | 189 | $858.91 | $767.69 | $453.73 | $2,080.34 | $195,554.67 |
| Aug, 2040 | 190 | $855.55 | $771.05 | $453.73 | $2,080.34 | $194,783.62 |
| Sep, 2040 | 191 | $852.18 | $774.43 | $453.73 | $2,080.34 | $194,009.20 |
| Oct, 2040 | 192 | $848.79 | $777.81 | $453.73 | $2,080.34 | $193,231.38 |
| Nov, 2040 | 193 | $845.39 | $781.22 | $453.73 | $2,080.34 | $192,450.16 |
| Dec, 2040 | 194 | $841.97 | $784.63 | $453.73 | $2,080.34 | $191,665.53 |
| Jan, 2041 | 195 | $838.54 | $788.07 | $453.73 | $2,080.34 | $190,877.46 |
| Feb, 2041 | 196 | $835.09 | $791.52 | $453.73 | $2,080.34 | $190,085.95 |
| Mar, 2041 | 197 | $831.63 | $794.98 | $453.73 | $2,080.34 | $189,290.97 |
| Apr, 2041 | 198 | $828.15 | $798.46 | $453.73 | $2,080.34 | $188,492.51 |
| May, 2041 | 199 | $824.65 | $801.95 | $453.73 | $2,080.34 | $187,690.56 |
| Jun, 2041 | 200 | $821.15 | $805.46 | $453.73 | $2,080.34 | $186,885.10 |
| Jul, 2041 | 201 | $817.62 | $808.98 | $453.73 | $2,080.34 | $186,076.12 |
| Aug, 2041 | 202 | $814.08 | $812.52 | $453.73 | $2,080.34 | $185,263.60 |
| Sep, 2041 | 203 | $810.53 | $816.08 | $453.73 | $2,080.34 | $184,447.52 |
| Oct, 2041 | 204 | $806.96 | $819.65 | $453.73 | $2,080.34 | $183,627.88 |
| Nov, 2041 | 205 | $803.37 | $823.23 | $453.73 | $2,080.34 | $182,804.65 |
| Dec, 2041 | 206 | $799.77 | $826.83 | $453.73 | $2,080.34 | $181,977.81 |
| Jan, 2042 | 207 | $796.15 | $830.45 | $453.73 | $2,080.34 | $181,147.36 |
| Feb, 2042 | 208 | $792.52 | $834.08 | $453.73 | $2,080.34 | $180,313.28 |
| Mar, 2042 | 209 | $788.87 | $837.73 | $453.73 | $2,080.34 | $179,475.54 |
| Apr, 2042 | 210 | $785.21 | $841.40 | $453.73 | $2,080.34 | $178,634.14 |
| May, 2042 | 211 | $781.52 | $845.08 | $453.73 | $2,080.34 | $177,789.06 |
| Jun, 2042 | 212 | $777.83 | $848.78 | $453.73 | $2,080.34 | $176,940.29 |
| Jul, 2042 | 213 | $774.11 | $852.49 | $453.73 | $2,080.34 | $176,087.79 |
| Aug, 2042 | 214 | $770.38 | $856.22 | $453.73 | $2,080.34 | $175,231.57 |
| Sep, 2042 | 215 | $766.64 | $859.97 | $453.73 | $2,080.34 | $174,371.61 |
| Oct, 2042 | 216 | $762.88 | $863.73 | $453.73 | $2,080.34 | $173,507.88 |
| Nov, 2042 | 217 | $759.10 | $867.51 | $453.73 | $2,080.34 | $172,640.37 |
| Dec, 2042 | 218 | $755.30 | $871.30 | $453.73 | $2,080.34 | $171,769.07 |
| Jan, 2043 | 219 | $751.49 | $875.11 | $453.73 | $2,080.34 | $170,893.95 |
| Feb, 2043 | 220 | $747.66 | $878.94 | $453.73 | $2,080.34 | $170,015.01 |
| Mar, 2043 | 221 | $743.82 | $882.79 | $453.73 | $2,080.34 | $169,132.22 |
| Apr, 2043 | 222 | $739.95 | $886.65 | $453.73 | $2,080.34 | $168,245.57 |
| May, 2043 | 223 | $736.07 | $890.53 | $453.73 | $2,080.34 | $167,355.04 |
| Jun, 2043 | 224 | $732.18 | $894.43 | $453.73 | $2,080.34 | $166,460.62 |
| Jul, 2043 | 225 | $728.27 | $898.34 | $453.73 | $2,080.34 | $165,562.28 |
| Aug, 2043 | 226 | $724.33 | $902.27 | $453.73 | $2,080.34 | $164,660.01 |
| Sep, 2043 | 227 | $720.39 | $906.22 | $453.73 | $2,080.34 | $163,753.79 |
| Oct, 2043 | 228 | $716.42 | $910.18 | $453.73 | $2,080.34 | $162,843.61 |
| Nov, 2043 | 229 | $712.44 | $914.16 | $453.73 | $2,080.34 | $161,929.45 |
| Dec, 2043 | 230 | $708.44 | $918.16 | $453.73 | $2,080.34 | $161,011.28 |
| Jan, 2044 | 231 | $704.42 | $922.18 | $453.73 | $2,080.34 | $160,089.10 |
| Feb, 2044 | 232 | $700.39 | $926.21 | $453.73 | $2,080.34 | $159,162.89 |
| Mar, 2044 | 233 | $696.34 | $930.27 | $453.73 | $2,080.34 | $158,232.62 |
| Apr, 2044 | 234 | $692.27 | $934.34 | $453.73 | $2,080.34 | $157,298.28 |
| May, 2044 | 235 | $688.18 | $938.42 | $453.73 | $2,080.34 | $156,359.86 |
| Jun, 2044 | 236 | $684.07 | $942.53 | $453.73 | $2,080.34 | $155,417.33 |
| Jul, 2044 | 237 | $679.95 | $946.65 | $453.73 | $2,080.34 | $154,470.68 |
| Aug, 2044 | 238 | $675.81 | $950.80 | $453.73 | $2,080.34 | $153,519.88 |
| Sep, 2044 | 239 | $671.65 | $954.95 | $453.73 | $2,080.34 | $152,564.93 |
| Oct, 2044 | 240 | $667.47 | $959.13 | $453.73 | $2,080.34 | $151,605.79 |
| Nov, 2044 | 241 | $663.28 | $963.33 | $453.73 | $2,080.34 | $150,642.46 |
| Dec, 2044 | 242 | $659.06 | $967.54 | $453.73 | $2,080.34 | $149,674.92 |
| Jan, 2045 | 243 | $654.83 | $971.78 | $453.73 | $2,080.34 | $148,703.14 |
| Feb, 2045 | 244 | $650.58 | $976.03 | $453.73 | $2,080.34 | $147,727.12 |
| Mar, 2045 | 245 | $646.31 | $980.30 | $453.73 | $2,080.34 | $146,746.82 |
| Apr, 2045 | 246 | $642.02 | $984.59 | $453.73 | $2,080.34 | $145,762.23 |
| May, 2045 | 247 | $637.71 | $988.89 | $453.73 | $2,080.34 | $144,773.34 |
| Jun, 2045 | 248 | $633.38 | $993.22 | $453.73 | $2,080.34 | $143,780.12 |
| Jul, 2045 | 249 | $629.04 | $997.57 | $453.73 | $2,080.34 | $142,782.55 |
| Aug, 2045 | 250 | $624.67 | $1,001.93 | $453.73 | $2,080.34 | $141,780.62 |
| Sep, 2045 | 251 | $620.29 | $1,006.31 | $453.73 | $2,080.34 | $140,774.30 |
| Oct, 2045 | 252 | $615.89 | $1,010.72 | $453.73 | $2,080.34 | $139,763.59 |
| Nov, 2045 | 253 | $611.47 | $1,015.14 | $453.73 | $2,080.34 | $138,748.45 |
| Dec, 2045 | 254 | $607.02 | $1,019.58 | $453.73 | $2,080.34 | $137,728.87 |
| Jan, 2046 | 255 | $602.56 | $1,024.04 | $453.73 | $2,080.34 | $136,704.83 |
| Feb, 2046 | 256 | $598.08 | $1,028.52 | $453.73 | $2,080.34 | $135,676.31 |
| Mar, 2046 | 257 | $593.58 | $1,033.02 | $453.73 | $2,080.34 | $134,643.29 |
| Apr, 2046 | 258 | $589.06 | $1,037.54 | $453.73 | $2,080.34 | $133,605.75 |
| May, 2046 | 259 | $584.53 | $1,042.08 | $453.73 | $2,080.34 | $132,563.67 |
| Jun, 2046 | 260 | $579.97 | $1,046.64 | $453.73 | $2,080.34 | $131,517.03 |
| Jul, 2046 | 261 | $575.39 | $1,051.22 | $453.73 | $2,080.34 | $130,465.81 |
| Aug, 2046 | 262 | $570.79 | $1,055.82 | $453.73 | $2,080.34 | $129,410.00 |
| Sep, 2046 | 263 | $566.17 | $1,060.44 | $453.73 | $2,080.34 | $128,349.56 |
| Oct, 2046 | 264 | $561.53 | $1,065.08 | $453.73 | $2,080.34 | $127,284.49 |
| Nov, 2046 | 265 | $556.87 | $1,069.73 | $453.73 | $2,080.34 | $126,214.75 |
| Dec, 2046 | 266 | $552.19 | $1,074.41 | $453.73 | $2,080.34 | $125,140.34 |
| Jan, 2047 | 267 | $547.49 | $1,079.12 | $453.73 | $2,080.34 | $124,061.22 |
| Feb, 2047 | 268 | $542.77 | $1,083.84 | $453.73 | $2,080.34 | $122,977.38 |
| Mar, 2047 | 269 | $538.03 | $1,088.58 | $453.73 | $2,080.34 | $121,888.81 |
| Apr, 2047 | 270 | $533.26 | $1,093.34 | $453.73 | $2,080.34 | $120,795.46 |
| May, 2047 | 271 | $528.48 | $1,098.12 | $453.73 | $2,080.34 | $119,697.34 |
| Jun, 2047 | 272 | $523.68 | $1,102.93 | $453.73 | $2,080.34 | $118,594.41 |
| Jul, 2047 | 273 | $518.85 | $1,107.75 | $453.73 | $2,080.34 | $117,486.66 |
| Aug, 2047 | 274 | $514.00 | $1,112.60 | $453.73 | $2,080.34 | $116,374.06 |
| Sep, 2047 | 275 | $509.14 | $1,117.47 | $453.73 | $2,080.34 | $115,256.59 |
| Oct, 2047 | 276 | $504.25 | $1,122.36 | $453.73 | $2,080.34 | $114,134.23 |
| Nov, 2047 | 277 | $499.34 | $1,127.27 | $453.73 | $2,080.34 | $113,006.97 |
| Dec, 2047 | 278 | $494.41 | $1,132.20 | $453.73 | $2,080.34 | $111,874.77 |
| Jan, 2048 | 279 | $489.45 | $1,137.15 | $453.73 | $2,080.34 | $110,737.62 |
| Feb, 2048 | 280 | $484.48 | $1,142.13 | $453.73 | $2,080.34 | $109,595.49 |
| Mar, 2048 | 281 | $479.48 | $1,147.12 | $453.73 | $2,080.34 | $108,448.36 |
| Apr, 2048 | 282 | $474.46 | $1,152.14 | $453.73 | $2,080.34 | $107,296.22 |
| May, 2048 | 283 | $469.42 | $1,157.18 | $453.73 | $2,080.34 | $106,139.04 |
| Jun, 2048 | 284 | $464.36 | $1,162.25 | $453.73 | $2,080.34 | $104,976.79 |
| Jul, 2048 | 285 | $459.27 | $1,167.33 | $453.73 | $2,080.34 | $103,809.46 |
| Aug, 2048 | 286 | $454.17 | $1,172.44 | $453.73 | $2,080.34 | $102,637.02 |
| Sep, 2048 | 287 | $449.04 | $1,177.57 | $453.73 | $2,080.34 | $101,459.46 |
| Oct, 2048 | 288 | $443.89 | $1,182.72 | $453.73 | $2,080.34 | $100,276.74 |
| Nov, 2048 | 289 | $438.71 | $1,187.89 | $453.73 | $2,080.34 | $99,088.84 |
| Dec, 2048 | 290 | $433.51 | $1,193.09 | $453.73 | $2,080.34 | $97,895.75 |
| Jan, 2049 | 291 | $428.29 | $1,198.31 | $453.73 | $2,080.34 | $96,697.44 |
| Feb, 2049 | 292 | $423.05 | $1,203.55 | $453.73 | $2,080.34 | $95,493.89 |
| Mar, 2049 | 293 | $417.79 | $1,208.82 | $453.73 | $2,080.34 | $94,285.07 |
| Apr, 2049 | 294 | $412.50 | $1,214.11 | $453.73 | $2,080.34 | $93,070.96 |
| May, 2049 | 295 | $407.19 | $1,219.42 | $453.73 | $2,080.34 | $91,851.54 |
| Jun, 2049 | 296 | $401.85 | $1,224.75 | $453.73 | $2,080.34 | $90,626.79 |
| Jul, 2049 | 297 | $396.49 | $1,230.11 | $453.73 | $2,080.34 | $89,396.68 |
| Aug, 2049 | 298 | $391.11 | $1,235.49 | $453.73 | $2,080.34 | $88,161.18 |
| Sep, 2049 | 299 | $385.71 | $1,240.90 | $453.73 | $2,080.34 | $86,920.28 |
| Oct, 2049 | 300 | $380.28 | $1,246.33 | $453.73 | $2,080.34 | $85,673.96 |
| Nov, 2049 | 301 | $374.82 | $1,251.78 | $453.73 | $2,080.34 | $84,422.18 |
| Dec, 2049 | 302 | $369.35 | $1,257.26 | $453.73 | $2,080.34 | $83,164.92 |
| Jan, 2050 | 303 | $363.85 | $1,262.76 | $453.73 | $2,080.34 | $81,902.16 |
| Feb, 2050 | 304 | $358.32 | $1,268.28 | $453.73 | $2,080.34 | $80,633.88 |
| Mar, 2050 | 305 | $352.77 | $1,273.83 | $453.73 | $2,080.34 | $79,360.05 |
| Apr, 2050 | 306 | $347.20 | $1,279.40 | $453.73 | $2,080.34 | $78,080.64 |
| May, 2050 | 307 | $341.60 | $1,285.00 | $453.73 | $2,080.34 | $76,795.64 |
| Jun, 2050 | 308 | $335.98 | $1,290.62 | $453.73 | $2,080.34 | $75,505.02 |
| Jul, 2050 | 309 | $330.33 | $1,296.27 | $453.73 | $2,080.34 | $74,208.75 |
| Aug, 2050 | 310 | $324.66 | $1,301.94 | $453.73 | $2,080.34 | $72,906.81 |
| Sep, 2050 | 311 | $318.97 | $1,307.64 | $453.73 | $2,080.34 | $71,599.17 |
| Oct, 2050 | 312 | $313.25 | $1,313.36 | $453.73 | $2,080.34 | $70,285.81 |
| Nov, 2050 | 313 | $307.50 | $1,319.10 | $453.73 | $2,080.34 | $68,966.71 |
| Dec, 2050 | 314 | $301.73 | $1,324.88 | $453.73 | $2,080.34 | $67,641.83 |
| Jan, 2051 | 315 | $295.93 | $1,330.67 | $453.73 | $2,080.34 | $66,311.16 |
| Feb, 2051 | 316 | $290.11 | $1,336.49 | $453.73 | $2,080.34 | $64,974.67 |
| Mar, 2051 | 317 | $284.26 | $1,342.34 | $453.73 | $2,080.34 | $63,632.33 |
| Apr, 2051 | 318 | $278.39 | $1,348.21 | $453.73 | $2,080.34 | $62,284.12 |
| May, 2051 | 319 | $272.49 | $1,354.11 | $453.73 | $2,080.34 | $60,930.00 |
| Jun, 2051 | 320 | $266.57 | $1,360.04 | $453.73 | $2,080.34 | $59,569.97 |
| Jul, 2051 | 321 | $260.62 | $1,365.99 | $453.73 | $2,080.34 | $58,203.98 |
| Aug, 2051 | 322 | $254.64 | $1,371.96 | $453.73 | $2,080.34 | $56,832.02 |
| Sep, 2051 | 323 | $248.64 | $1,377.96 | $453.73 | $2,080.34 | $55,454.06 |
| Oct, 2051 | 324 | $242.61 | $1,383.99 | $453.73 | $2,080.34 | $54,070.06 |
| Nov, 2051 | 325 | $236.56 | $1,390.05 | $453.73 | $2,080.34 | $52,680.02 |
| Dec, 2051 | 326 | $230.48 | $1,396.13 | $453.73 | $2,080.34 | $51,283.89 |
| Jan, 2052 | 327 | $224.37 | $1,402.24 | $453.73 | $2,080.34 | $49,881.65 |
| Feb, 2052 | 328 | $218.23 | $1,408.37 | $453.73 | $2,080.34 | $48,473.28 |
| Mar, 2052 | 329 | $212.07 | $1,414.53 | $453.73 | $2,080.34 | $47,058.74 |
| Apr, 2052 | 330 | $205.88 | $1,420.72 | $453.73 | $2,080.34 | $45,638.02 |
| May, 2052 | 331 | $199.67 | $1,426.94 | $453.73 | $2,080.34 | $44,211.08 |
| Jun, 2052 | 332 | $193.42 | $1,433.18 | $453.73 | $2,080.34 | $42,777.90 |
| Jul, 2052 | 333 | $187.15 | $1,439.45 | $453.73 | $2,080.34 | $41,338.45 |
| Aug, 2052 | 334 | $180.86 | $1,445.75 | $453.73 | $2,080.34 | $39,892.70 |
| Sep, 2052 | 335 | $174.53 | $1,452.07 | $453.73 | $2,080.34 | $38,440.63 |
| Oct, 2052 | 336 | $168.18 | $1,458.43 | $453.73 | $2,080.34 | $36,982.20 |
| Nov, 2052 | 337 | $161.80 | $1,464.81 | $453.73 | $2,080.34 | $35,517.39 |
| Dec, 2052 | 338 | $155.39 | $1,471.22 | $453.73 | $2,080.34 | $34,046.18 |
| Jan, 2053 | 339 | $148.95 | $1,477.65 | $453.73 | $2,080.34 | $32,568.53 |
| Feb, 2053 | 340 | $142.49 | $1,484.12 | $453.73 | $2,080.34 | $31,084.41 |
| Mar, 2053 | 341 | $135.99 | $1,490.61 | $453.73 | $2,080.34 | $29,593.80 |
| Apr, 2053 | 342 | $129.47 | $1,497.13 | $453.73 | $2,080.34 | $28,096.67 |
| May, 2053 | 343 | $122.92 | $1,503.68 | $453.73 | $2,080.34 | $26,592.99 |
| Jun, 2053 | 344 | $116.34 | $1,510.26 | $453.73 | $2,080.34 | $25,082.73 |
| Jul, 2053 | 345 | $109.74 | $1,516.87 | $453.73 | $2,080.34 | $23,565.86 |
| Aug, 2053 | 346 | $103.10 | $1,523.50 | $453.73 | $2,080.34 | $22,042.36 |
| Sep, 2053 | 347 | $96.44 | $1,530.17 | $453.73 | $2,080.34 | $20,512.19 |
| Oct, 2053 | 348 | $89.74 | $1,536.86 | $453.73 | $2,080.34 | $18,975.32 |
| Nov, 2053 | 349 | $83.02 | $1,543.59 | $453.73 | $2,080.34 | $17,431.74 |
| Dec, 2053 | 350 | $76.26 | $1,550.34 | $453.73 | $2,080.34 | $15,881.40 |
| Jan, 2054 | 351 | $69.48 | $1,557.12 | $453.73 | $2,080.34 | $14,324.27 |
| Feb, 2054 | 352 | $62.67 | $1,563.94 | $453.73 | $2,080.34 | $12,760.34 |
| Mar, 2054 | 353 | $55.83 | $1,570.78 | $453.73 | $2,080.34 | $11,189.56 |
| Apr, 2054 | 354 | $48.95 | $1,577.65 | $453.73 | $2,080.34 | $9,611.91 |
| May, 2054 | 355 | $42.05 | $1,584.55 | $453.73 | $2,080.34 | $8,027.36 |
| Jun, 2054 | 356 | $35.12 | $1,591.48 | $453.73 | $2,080.34 | $6,435.87 |
| Jul, 2054 | 357 | $28.16 | $1,598.45 | $453.73 | $2,080.34 | $4,837.42 |
| Aug, 2054 | 358 | $21.16 | $1,605.44 | $453.73 | $2,080.34 | $3,231.98 |
| Sep, 2054 | 359 | $14.14 | $1,612.46 | $453.73 | $2,080.34 | $1,619.52 |
| Oct, 2054 | 360 | $7.09 | $1,619.52 | $453.73 | $2,080.34 | $0.00 |
Compare Monthly vs. Bi-weekly |
||||||
| Payment Frequency | Monthly | Bi-weekly | ||||
| Payments / Year | 12 | 26 | ||||
| Each Payment | $2,080.34 | $1,022.72 | ||||
| Total Extra Payments | $0.00 | $0.00 | ||||
| Total Interest | $291,011.57 | $235,336.59 | ||||
| Total Tax, Insurance, MIP & Fees | $163,344.00 | $135,910.58 | ||||
| Total Payment | $760,121.57 | $677,013.17 | Total Savings | $0 | $83,108.40 | |
| Payoff Date | Oct, 2054 | Nov, 2049 | ||||
Share My Mortgage Calculation
What is a 203K loan?
An FHA 203K loan, also known as a mortgage rehab loan can be used to finance the purchase of a property and the renovation costs into a single mortgage. Current homeowners can also use an FHA 203k loan to refinance their property and fund the costs of renovation under the same mortgage.
How does an FHA 203K loan work?
Most conventional lenders do not approve mortgages for properties that are not in good condition. This is where an FHA 203K loan can be useful as it allows homebuyers to get a mortgage on a property that requires major repairs and renovation. Not only does the FHA 203K loan funds the purchase of the property, but it also covers the repair costs. An FHA 203K loan is backed by the Federal Housing Administration (FHA) and has more flexible terms and qualifications than a conventional mortgage. To be eligible for a 203K loan, the property must meet certain safety standards which are determined by an FHA-approved home appraiser. A 203K loan is a good option for first-time homebuyers or for those who don't have a lot of cash in hand to buy a more expensive move-ready home.
Types of 203K loans
There are two types of 203K loans, the limited 203(K) loan, and the standard 203K loan.
Limited 203K loan
The limited 203K loan is for homes that require minor fixes and improvements. There shouldn't be any major repairs like structural changes to a property. The limited 203(K) loan allows homeowners to finance up to $35,000 in their mortgages for renovation purposes.
Standard 203K loan
For major repairs and improvements, you will need to get the standard 203K loan. The renovation must cost a minimum of $5,000, but the total value of the property must be within a certain range set by the FHA mortgage limit for that area.
What can a 203K loan be used for?
The 203K loan can be used to finance the purchase of a property and home renovations to improve.
- Structure change involves a lot of work and could be costly.
- Major home improvements to the functionality and appearance of a property.
- Install, replace, or fix roofing and flooring.
- Major site improvements and landscaping work.
- Make energy conservation improvements
- Recondition or replace the plumbing system.
Homebuyers cannot use the 203K loan on luxury home improvements such as building a swimming pool. The project also has to be completed within 6 months.
How to qualify for an FHA 203(K) loan?
There are many requirements for 203K loans, but the standards are lower than conventional mortgages.
- Down payment - 3.5% down payment is required for borrowers with a credit score of 580 or above, and 10% for those with a lower credit score.
- Credit score - a credit score of 500 or above is required for 203K loans.
- Debt-to-income ratio (DTI) - borrowers should have a DTI of 43% or lower. DTI is a ratio that measures your income to debt to determine if you have too much debt.
- Maximum mortgage limit - there is a limit to how much mortgage you can get which must be within the FHA mortgage limits in your area. The standard mortgage limit is $472,030 for single-family homes in most areas, with higher limits in expensive cities.
- Primary residence - a 203K loan can only be used for a primary residence. You cannot use it to finance an investment property.
- FHA mortgage insurance premiums (MIP) - you will have to pay an upfront and annual mortgage insurance premium. The upfront MIP is 1.75% of your loan amount, and the annual MIP ranges from 0.45% to 1%.
- FHA-approved lender - not all lenders offer 203K loans, you will need to work with an FHA-approved lender.
Pros and cons of 203K loan
As with any other type of real estate loan, 203(K) loans come with benefits and drawbacks.
Pros of a 203K loan
- Lower requirements - it is easier to qualify for a 203K loan than a conventional mortgage as the credit score and down payment standards are much lower.
- Single loan - you can buy and renovate with a single loan instead of multiple loans.
- Lower interest rate - 203K loan has a lower interest rate than many other types of loans such as personal loans or credit cards.
Cons of a 203K loan
- MIP - you will need to pay the upfront and annual mortgage insurance premium which is quite expensive depending on the size of your loan.
- Primary residence - you must live in the house, and cannot use the 203K loan to finance a rental income-generating property.
- Mortgage limit - there is a limit on how much you can borrow set by the FHA loan limits.
- Repairs must be done in 6 months - your renovation projects need to be completed in a half year.
203K Loan FAQs
Does the 203K loan have a fixed rate or an adjustable rate?
- A 203K loan can be either fixed rate or variable depending on your need.
Can a 203K loan be used for fix and flip?
- No, you cannot use a 203K loan for a fix and flip. The property must be used as a primary residency.
How fast can you close on a 203K loan?
- It may take 60 days or more to close on a 203K loan.
What credit score do you need for a 203K loan?
- you need to have a credit score of 500 or above.
What is the maximum DTI required for a 203K loan?
- Your DTI should be 43% or lower for a 203K loan.
What is the minimum down payment for a 203K loan?
- 3.5% is the minimum down payment you can make if your credit score is above 80%. -The minimum down payment is 10% if your credit score is lower than 580.
How is the fund disbursed on a 203K loan?
- A portion of the 203K loan is used to pay the home seller. The rest of the funds are placed in an escrow account and released as home improvement is completed.
Can you use a 203K loan for luxury home renovations?
- No, you cannot use a 203K loan for luxury home improvements such as building a swimming pool or a tennis court. The home improvements must be done for necessities or energy-efficient purposes.
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