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FHA Loan & monthly payments

Let's say you want to buy a house $225,000. You put down $50,000 leaving a loan amount of $175,000, what would the FHA be down and what would be the monthly payment be?
  • March 06 2012 - Sunnyvale
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Answers (2)

Hello,  With that substantial amount down I am not sure why you would want to go with an FHA loan.  A conventional loan would be a much better option.  (unless there is a Credit issue such as bk) that is limiting your options.  Please let me know why you are directed to an fha loan?
  • March 06 2012
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Robin is correct.  With over 20% down, paying the FHA mortgage insurance would be a colossal mistake.  The payment on a conventional loan at 3.875% would be around $823 a month, taxes would be $234 a month, and insurance would probably be around $50 a month - depending on several factors.  So that would be about $1,107 a month for everything.
  • March 12 2012
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