mortgage calculator

FHA 203K Loan Calculator

FHA 203K Loan Calculator to calculate the monthly payment for FHA 203K loan. The rehab calculator is useful for homebuyers who need to get a mortgage to buy a house and that covers repair and renovation costs.

Rehab Calculator

Home Value
$
Down Payment
Base Mortgage Amount
$
Loan Terms
Interest Rate
One time Up Front MIP
%
Annual MIP
%
Final Mortgage Amount
$
Property Tax (Yearly)
Home Insurance (Yearly)
HOA Fees (Monthly)
Payment Frequency
First Payment Date

Amortization schedule
Extra Payments
One Time
$ On Date
Monthly or Biweekly
$ Starting Date
Quarterly
$ Starting Date
Yearly
$ Starting Date

FHA 203K Mortgage Calculator

Home Value: $300,000.00
Mortgage Amount: $294,566.00
Monthly Principal & Interest: $1,581.29
Monthly Extra Payment: $0.00
Monthly Property Tax: $191.67
Monthly Home Insurance: $57.50
Monthly MIP: $205.06
Monthly HOA Fees: $0.00
Total Monthly Payment:
$2,035.52
Total # Of Payments: 360
Start Date: Jun, 2023
Payoff Date: May, 2053
Down Payment: $10,500.00
Principal (includes UFMIP): $294,566.00
Total Extra Payment: $0.00
Total Interest Paid: $274,699.83
Total Tax, Insurance, MIP and Fees: $163,522.50
Total of all Payments:
$743,288.33

FHA 203K Loan Amortization Schedule

Payment Date Payment # Interest Principal Tax, Insurance, MIP & Fees Total Payment Balance
Jun, 2023 1 $1,227.36 $353.94 $454.23 $2,035.52 $294,212.06
Jul, 2023 2 $1,225.88 $355.41 $454.23 $2,035.52 $293,856.65
Aug, 2023 3 $1,224.40 $356.89 $454.23 $2,035.52 $293,499.76
Sep, 2023 4 $1,222.92 $358.38 $454.23 $2,035.52 $293,141.38
Oct, 2023 5 $1,221.42 $359.87 $454.23 $2,035.52 $292,781.51
Nov, 2023 6 $1,219.92 $361.37 $454.23 $2,035.52 $292,420.14
Dec, 2023 7 $1,218.42 $362.88 $454.23 $2,035.52 $292,057.27
Jan, 2024 8 $1,216.91 $364.39 $454.23 $2,035.52 $291,692.88
Feb, 2024 9 $1,215.39 $365.91 $454.23 $2,035.52 $291,326.97
Mar, 2024 10 $1,213.86 $367.43 $454.23 $2,035.52 $290,959.54
Apr, 2024 11 $1,212.33 $368.96 $454.23 $2,035.52 $290,590.58
May, 2024 12 $1,210.79 $370.50 $454.23 $2,035.52 $290,220.08
Jun, 2024 13 $1,209.25 $372.04 $454.23 $2,035.52 $289,848.03
Jul, 2024 14 $1,207.70 $373.59 $454.23 $2,035.52 $289,474.44
Aug, 2024 15 $1,206.14 $375.15 $454.23 $2,035.52 $289,099.29
Sep, 2024 16 $1,204.58 $376.71 $454.23 $2,035.52 $288,722.57
Oct, 2024 17 $1,203.01 $378.28 $454.23 $2,035.52 $288,344.29
Nov, 2024 18 $1,201.43 $379.86 $454.23 $2,035.52 $287,964.43
Dec, 2024 19 $1,199.85 $381.44 $454.23 $2,035.52 $287,582.99
Jan, 2025 20 $1,198.26 $383.03 $454.23 $2,035.52 $287,199.96
Feb, 2025 21 $1,196.67 $384.63 $454.23 $2,035.52 $286,815.33
Mar, 2025 22 $1,195.06 $386.23 $454.23 $2,035.52 $286,429.10
Apr, 2025 23 $1,193.45 $387.84 $454.23 $2,035.52 $286,041.26
May, 2025 24 $1,191.84 $389.46 $454.23 $2,035.52 $285,651.80
Jun, 2025 25 $1,190.22 $391.08 $454.23 $2,035.52 $285,260.73
Jul, 2025 26 $1,188.59 $392.71 $454.23 $2,035.52 $284,868.02
Aug, 2025 27 $1,186.95 $394.34 $454.23 $2,035.52 $284,473.68
Sep, 2025 28 $1,185.31 $395.99 $454.23 $2,035.52 $284,077.69
Oct, 2025 29 $1,183.66 $397.64 $454.23 $2,035.52 $283,680.05
Nov, 2025 30 $1,182.00 $399.29 $454.23 $2,035.52 $283,280.76
Dec, 2025 31 $1,180.34 $400.96 $454.23 $2,035.52 $282,879.80
Jan, 2026 32 $1,178.67 $402.63 $454.23 $2,035.52 $282,477.17
Feb, 2026 33 $1,176.99 $404.31 $454.23 $2,035.52 $282,072.87
Mar, 2026 34 $1,175.30 $405.99 $454.23 $2,035.52 $281,666.88
Apr, 2026 35 $1,173.61 $407.68 $454.23 $2,035.52 $281,259.19
May, 2026 36 $1,171.91 $409.38 $454.23 $2,035.52 $280,849.81
Jun, 2026 37 $1,170.21 $411.09 $454.23 $2,035.52 $280,438.73
Jul, 2026 38 $1,168.49 $412.80 $454.23 $2,035.52 $280,025.93
Aug, 2026 39 $1,166.77 $414.52 $454.23 $2,035.52 $279,611.41
Sep, 2026 40 $1,165.05 $416.25 $454.23 $2,035.52 $279,195.16
Oct, 2026 41 $1,163.31 $417.98 $454.23 $2,035.52 $278,777.18
Nov, 2026 42 $1,161.57 $419.72 $454.23 $2,035.52 $278,357.46
Dec, 2026 43 $1,159.82 $421.47 $454.23 $2,035.52 $277,935.99
Jan, 2027 44 $1,158.07 $423.23 $454.23 $2,035.52 $277,512.76
Feb, 2027 45 $1,156.30 $424.99 $454.23 $2,035.52 $277,087.77
Mar, 2027 46 $1,154.53 $426.76 $454.23 $2,035.52 $276,661.01
Apr, 2027 47 $1,152.75 $428.54 $454.23 $2,035.52 $276,232.47
May, 2027 48 $1,150.97 $430.33 $454.23 $2,035.52 $275,802.14
Jun, 2027 49 $1,149.18 $432.12 $454.23 $2,035.52 $275,370.02
Jul, 2027 50 $1,147.38 $433.92 $454.23 $2,035.52 $274,936.10
Aug, 2027 51 $1,145.57 $435.73 $454.23 $2,035.52 $274,500.38
Sep, 2027 52 $1,143.75 $437.54 $454.23 $2,035.52 $274,062.84
Oct, 2027 53 $1,141.93 $439.37 $454.23 $2,035.52 $273,623.47
Nov, 2027 54 $1,140.10 $441.20 $454.23 $2,035.52 $273,182.27
Dec, 2027 55 $1,138.26 $443.03 $454.23 $2,035.52 $272,739.24
Jan, 2028 56 $1,136.41 $444.88 $454.23 $2,035.52 $272,294.36
Feb, 2028 57 $1,134.56 $446.73 $454.23 $2,035.52 $271,847.62
Mar, 2028 58 $1,132.70 $448.60 $454.23 $2,035.52 $271,399.03
Apr, 2028 59 $1,130.83 $450.46 $454.23 $2,035.52 $270,948.56
May, 2028 60 $1,128.95 $452.34 $454.23 $2,035.52 $270,496.22
Jun, 2028 61 $1,127.07 $454.23 $454.23 $2,035.52 $270,042.00
Jul, 2028 62 $1,125.17 $456.12 $454.23 $2,035.52 $269,585.88
Aug, 2028 63 $1,123.27 $458.02 $454.23 $2,035.52 $269,127.86
Sep, 2028 64 $1,121.37 $459.93 $454.23 $2,035.52 $268,667.93
Oct, 2028 65 $1,119.45 $461.84 $454.23 $2,035.52 $268,206.09
Nov, 2028 66 $1,117.53 $463.77 $454.23 $2,035.52 $267,742.32
Dec, 2028 67 $1,115.59 $465.70 $454.23 $2,035.52 $267,276.62
Jan, 2029 68 $1,113.65 $467.64 $454.23 $2,035.52 $266,808.97
Feb, 2029 69 $1,111.70 $469.59 $454.23 $2,035.52 $266,339.38
Mar, 2029 70 $1,109.75 $471.55 $454.23 $2,035.52 $265,867.84
Apr, 2029 71 $1,107.78 $473.51 $454.23 $2,035.52 $265,394.33
May, 2029 72 $1,105.81 $475.48 $454.23 $2,035.52 $264,918.84
Jun, 2029 73 $1,103.83 $477.47 $454.23 $2,035.52 $264,441.38
Jul, 2029 74 $1,101.84 $479.45 $454.23 $2,035.52 $263,961.92
Aug, 2029 75 $1,099.84 $481.45 $454.23 $2,035.52 $263,480.47
Sep, 2029 76 $1,097.84 $483.46 $454.23 $2,035.52 $262,997.01
Oct, 2029 77 $1,095.82 $485.47 $454.23 $2,035.52 $262,511.54
Nov, 2029 78 $1,093.80 $487.50 $454.23 $2,035.52 $262,024.04
Dec, 2029 79 $1,091.77 $489.53 $454.23 $2,035.52 $261,534.51
Jan, 2030 80 $1,089.73 $491.57 $454.23 $2,035.52 $261,042.95
Feb, 2030 81 $1,087.68 $493.62 $454.23 $2,035.52 $260,549.33
Mar, 2030 82 $1,085.62 $495.67 $454.23 $2,035.52 $260,053.66
Apr, 2030 83 $1,083.56 $497.74 $454.23 $2,035.52 $259,555.92
May, 2030 84 $1,081.48 $499.81 $454.23 $2,035.52 $259,056.11
Jun, 2030 85 $1,079.40 $501.89 $454.23 $2,035.52 $258,554.22
Jul, 2030 86 $1,077.31 $503.98 $454.23 $2,035.52 $258,050.24
Aug, 2030 87 $1,075.21 $506.08 $454.23 $2,035.52 $257,544.15
Sep, 2030 88 $1,073.10 $508.19 $454.23 $2,035.52 $257,035.96
Oct, 2030 89 $1,070.98 $510.31 $454.23 $2,035.52 $256,525.65
Nov, 2030 90 $1,068.86 $512.44 $454.23 $2,035.52 $256,013.21
Dec, 2030 91 $1,066.72 $514.57 $454.23 $2,035.52 $255,498.64
Jan, 2031 92 $1,064.58 $516.72 $454.23 $2,035.52 $254,981.92
Feb, 2031 93 $1,062.42 $518.87 $454.23 $2,035.52 $254,463.05
Mar, 2031 94 $1,060.26 $521.03 $454.23 $2,035.52 $253,942.02
Apr, 2031 95 $1,058.09 $523.20 $454.23 $2,035.52 $253,418.82
May, 2031 96 $1,055.91 $525.38 $454.23 $2,035.52 $252,893.44
Jun, 2031 97 $1,053.72 $527.57 $454.23 $2,035.52 $252,365.86
Jul, 2031 98 $1,051.52 $529.77 $454.23 $2,035.52 $251,836.09
Aug, 2031 99 $1,049.32 $531.98 $454.23 $2,035.52 $251,304.12
Sep, 2031 100 $1,047.10 $534.19 $454.23 $2,035.52 $250,769.92
Oct, 2031 101 $1,044.87 $536.42 $454.23 $2,035.52 $250,233.50
Nov, 2031 102 $1,042.64 $538.65 $454.23 $2,035.52 $249,694.85
Dec, 2031 103 $1,040.40 $540.90 $454.23 $2,035.52 $249,153.95
Jan, 2032 104 $1,038.14 $543.15 $454.23 $2,035.52 $248,610.80
Feb, 2032 105 $1,035.88 $545.42 $454.23 $2,035.52 $248,065.38
Mar, 2032 106 $1,033.61 $547.69 $454.23 $2,035.52 $247,517.70
Apr, 2032 107 $1,031.32 $549.97 $454.23 $2,035.52 $246,967.73
May, 2032 108 $1,029.03 $552.26 $454.23 $2,035.52 $246,415.46
Jun, 2032 109 $1,026.73 $554.56 $454.23 $2,035.52 $245,860.90
Jul, 2032 110 $1,024.42 $556.87 $454.23 $2,035.52 $245,304.03
Aug, 2032 111 $1,022.10 $559.19 $454.23 $2,035.52 $244,744.83
Sep, 2032 112 $1,019.77 $561.52 $454.23 $2,035.52 $244,183.31
Oct, 2032 113 $1,017.43 $563.86 $454.23 $2,035.52 $243,619.45
Nov, 2032 114 $1,015.08 $566.21 $454.23 $2,035.52 $243,053.23
Dec, 2032 115 $1,012.72 $568.57 $454.23 $2,035.52 $242,484.66
Jan, 2033 116 $1,010.35 $570.94 $454.23 $2,035.52 $241,913.72
Feb, 2033 117 $1,007.97 $573.32 $454.23 $2,035.52 $241,340.40
Mar, 2033 118 $1,005.58 $575.71 $454.23 $2,035.52 $240,764.69
Apr, 2033 119 $1,003.19 $578.11 $454.23 $2,035.52 $240,186.58
May, 2033 120 $1,000.78 $580.52 $454.23 $2,035.52 $239,606.07
Jun, 2033 121 $998.36 $582.94 $454.23 $2,035.52 $239,023.13
Jul, 2033 122 $995.93 $585.36 $454.23 $2,035.52 $238,437.77
Aug, 2033 123 $993.49 $587.80 $454.23 $2,035.52 $237,849.96
Sep, 2033 124 $991.04 $590.25 $454.23 $2,035.52 $237,259.71
Oct, 2033 125 $988.58 $592.71 $454.23 $2,035.52 $236,667.00
Nov, 2033 126 $986.11 $595.18 $454.23 $2,035.52 $236,071.82
Dec, 2033 127 $983.63 $597.66 $454.23 $2,035.52 $235,474.16
Jan, 2034 128 $981.14 $600.15 $454.23 $2,035.52 $234,874.00
Feb, 2034 129 $978.64 $602.65 $454.23 $2,035.52 $234,271.35
Mar, 2034 130 $976.13 $605.16 $454.23 $2,035.52 $233,666.19
Apr, 2034 131 $973.61 $607.68 $454.23 $2,035.52 $233,058.50
May, 2034 132 $971.08 $610.22 $454.23 $2,035.52 $232,448.29
Jun, 2034 133 $968.53 $612.76 $454.23 $2,035.52 $231,835.53
Jul, 2034 134 $965.98 $615.31 $454.23 $2,035.52 $231,220.21
Aug, 2034 135 $963.42 $617.88 $454.23 $2,035.52 $230,602.34
Sep, 2034 136 $960.84 $620.45 $454.23 $2,035.52 $229,981.89
Oct, 2034 137 $958.26 $623.04 $454.23 $2,035.52 $229,358.85
Nov, 2034 138 $955.66 $625.63 $454.23 $2,035.52 $228,733.22
Dec, 2034 139 $953.06 $628.24 $454.23 $2,035.52 $228,104.98
Jan, 2035 140 $950.44 $630.86 $454.23 $2,035.52 $227,474.12
Feb, 2035 141 $947.81 $633.49 $454.23 $2,035.52 $226,840.64
Mar, 2035 142 $945.17 $636.12 $454.23 $2,035.52 $226,204.51
Apr, 2035 143 $942.52 $638.78 $454.23 $2,035.52 $225,565.74
May, 2035 144 $939.86 $641.44 $454.23 $2,035.52 $224,924.30
Jun, 2035 145 $937.18 $644.11 $454.23 $2,035.52 $224,280.19
Jul, 2035 146 $934.50 $646.79 $454.23 $2,035.52 $223,633.40
Aug, 2035 147 $931.81 $649.49 $454.23 $2,035.52 $222,983.91
Sep, 2035 148 $929.10 $652.19 $454.23 $2,035.52 $222,331.72
Oct, 2035 149 $926.38 $654.91 $454.23 $2,035.52 $221,676.80
Nov, 2035 150 $923.65 $657.64 $454.23 $2,035.52 $221,019.16
Dec, 2035 151 $920.91 $660.38 $454.23 $2,035.52 $220,358.78
Jan, 2036 152 $918.16 $663.13 $454.23 $2,035.52 $219,695.65
Feb, 2036 153 $915.40 $665.90 $454.23 $2,035.52 $219,029.76
Mar, 2036 154 $912.62 $668.67 $454.23 $2,035.52 $218,361.09
Apr, 2036 155 $909.84 $671.46 $454.23 $2,035.52 $217,689.63
May, 2036 156 $907.04 $674.25 $454.23 $2,035.52 $217,015.38
Jun, 2036 157 $904.23 $677.06 $454.23 $2,035.52 $216,338.31
Jul, 2036 158 $901.41 $679.88 $454.23 $2,035.52 $215,658.43
Aug, 2036 159 $898.58 $682.72 $454.23 $2,035.52 $214,975.71
Sep, 2036 160 $895.73 $685.56 $454.23 $2,035.52 $214,290.15
Oct, 2036 161 $892.88 $688.42 $454.23 $2,035.52 $213,601.73
Nov, 2036 162 $890.01 $691.29 $454.23 $2,035.52 $212,910.44
Dec, 2036 163 $887.13 $694.17 $454.23 $2,035.52 $212,216.28
Jan, 2037 164 $884.23 $697.06 $454.23 $2,035.52 $211,519.22
Feb, 2037 165 $881.33 $699.96 $454.23 $2,035.52 $210,819.25
Mar, 2037 166 $878.41 $702.88 $454.23 $2,035.52 $210,116.37
Apr, 2037 167 $875.48 $705.81 $454.23 $2,035.52 $209,410.56
May, 2037 168 $872.54 $708.75 $454.23 $2,035.52 $208,701.81
Jun, 2037 169 $869.59 $711.70 $454.23 $2,035.52 $207,990.11
Jul, 2037 170 $866.63 $714.67 $454.23 $2,035.52 $207,275.44
Aug, 2037 171 $863.65 $717.65 $454.23 $2,035.52 $206,557.80
Sep, 2037 172 $860.66 $720.64 $454.23 $2,035.52 $205,837.16
Oct, 2037 173 $857.65 $723.64 $454.23 $2,035.52 $205,113.52
Nov, 2037 174 $854.64 $726.65 $454.23 $2,035.52 $204,386.87
Dec, 2037 175 $851.61 $729.68 $454.23 $2,035.52 $203,657.18
Jan, 2038 176 $848.57 $732.72 $454.23 $2,035.52 $202,924.46
Feb, 2038 177 $845.52 $735.78 $454.23 $2,035.52 $202,188.69
Mar, 2038 178 $842.45 $738.84 $454.23 $2,035.52 $201,449.84
Apr, 2038 179 $839.37 $741.92 $454.23 $2,035.52 $200,707.93
May, 2038 180 $836.28 $745.01 $454.23 $2,035.52 $199,962.91
Jun, 2038 181 $833.18 $748.12 $454.23 $2,035.52 $199,214.80
Jul, 2038 182 $830.06 $751.23 $454.23 $2,035.52 $198,463.57
Aug, 2038 183 $826.93 $754.36 $454.23 $2,035.52 $197,709.20
Sep, 2038 184 $823.79 $757.51 $454.23 $2,035.52 $196,951.70
Oct, 2038 185 $820.63 $760.66 $454.23 $2,035.52 $196,191.04
Nov, 2038 186 $817.46 $763.83 $454.23 $2,035.52 $195,427.21
Dec, 2038 187 $814.28 $767.01 $454.23 $2,035.52 $194,660.19
Jan, 2039 188 $811.08 $770.21 $454.23 $2,035.52 $193,889.98
Feb, 2039 189 $807.87 $773.42 $454.23 $2,035.52 $193,116.56
Mar, 2039 190 $804.65 $776.64 $454.23 $2,035.52 $192,339.92
Apr, 2039 191 $801.42 $779.88 $454.23 $2,035.52 $191,560.04
May, 2039 192 $798.17 $783.13 $454.23 $2,035.52 $190,776.92
Jun, 2039 193 $794.90 $786.39 $454.23 $2,035.52 $189,990.53
Jul, 2039 194 $791.63 $789.67 $454.23 $2,035.52 $189,200.86
Aug, 2039 195 $788.34 $792.96 $454.23 $2,035.52 $188,407.90
Sep, 2039 196 $785.03 $796.26 $454.23 $2,035.52 $187,611.64
Oct, 2039 197 $781.72 $799.58 $454.23 $2,035.52 $186,812.06
Nov, 2039 198 $778.38 $802.91 $454.23 $2,035.52 $186,009.15
Dec, 2039 199 $775.04 $806.26 $454.23 $2,035.52 $185,202.90
Jan, 2040 200 $771.68 $809.62 $454.23 $2,035.52 $184,393.28
Feb, 2040 201 $768.31 $812.99 $454.23 $2,035.52 $183,580.29
Mar, 2040 202 $764.92 $816.38 $454.23 $2,035.52 $182,763.92
Apr, 2040 203 $761.52 $819.78 $454.23 $2,035.52 $181,944.14
May, 2040 204 $758.10 $823.19 $454.23 $2,035.52 $181,120.95
Jun, 2040 205 $754.67 $826.62 $454.23 $2,035.52 $180,294.32
Jul, 2040 206 $751.23 $830.07 $454.23 $2,035.52 $179,464.25
Aug, 2040 207 $747.77 $833.53 $454.23 $2,035.52 $178,630.73
Sep, 2040 208 $744.29 $837.00 $454.23 $2,035.52 $177,793.73
Oct, 2040 209 $740.81 $840.49 $454.23 $2,035.52 $176,953.24
Nov, 2040 210 $737.31 $843.99 $454.23 $2,035.52 $176,109.25
Dec, 2040 211 $733.79 $847.51 $454.23 $2,035.52 $175,261.75
Jan, 2041 212 $730.26 $851.04 $454.23 $2,035.52 $174,410.71
Feb, 2041 213 $726.71 $854.58 $454.23 $2,035.52 $173,556.13
Mar, 2041 214 $723.15 $858.14 $454.23 $2,035.52 $172,697.98
Apr, 2041 215 $719.57 $861.72 $454.23 $2,035.52 $171,836.27
May, 2041 216 $715.98 $865.31 $454.23 $2,035.52 $170,970.96
Jun, 2041 217 $712.38 $868.91 $454.23 $2,035.52 $170,102.04
Jul, 2041 218 $708.76 $872.54 $454.23 $2,035.52 $169,229.51
Aug, 2041 219 $705.12 $876.17 $454.23 $2,035.52 $168,353.33
Sep, 2041 220 $701.47 $879.82 $454.23 $2,035.52 $167,473.51
Oct, 2041 221 $697.81 $883.49 $454.23 $2,035.52 $166,590.03
Nov, 2041 222 $694.13 $887.17 $454.23 $2,035.52 $165,702.86
Dec, 2041 223 $690.43 $890.87 $454.23 $2,035.52 $164,811.99
Jan, 2042 224 $686.72 $894.58 $454.23 $2,035.52 $163,917.41
Feb, 2042 225 $682.99 $898.30 $454.23 $2,035.52 $163,019.11
Mar, 2042 226 $679.25 $902.05 $454.23 $2,035.52 $162,117.06
Apr, 2042 227 $675.49 $905.81 $454.23 $2,035.52 $161,211.25
May, 2042 228 $671.71 $909.58 $454.23 $2,035.52 $160,301.67
Jun, 2042 229 $667.92 $913.37 $454.23 $2,035.52 $159,388.30
Jul, 2042 230 $664.12 $917.18 $454.23 $2,035.52 $158,471.13
Aug, 2042 231 $660.30 $921.00 $454.23 $2,035.52 $157,550.13
Sep, 2042 232 $656.46 $924.84 $454.23 $2,035.52 $156,625.30
Oct, 2042 233 $652.61 $928.69 $454.23 $2,035.52 $155,696.61
Nov, 2042 234 $648.74 $932.56 $454.23 $2,035.52 $154,764.05
Dec, 2042 235 $644.85 $936.44 $454.23 $2,035.52 $153,827.60
Jan, 2043 236 $640.95 $940.35 $454.23 $2,035.52 $152,887.26
Feb, 2043 237 $637.03 $944.26 $454.23 $2,035.52 $151,943.00
Mar, 2043 238 $633.10 $948.20 $454.23 $2,035.52 $150,994.80
Apr, 2043 239 $629.14 $952.15 $454.23 $2,035.52 $150,042.65
May, 2043 240 $625.18 $956.12 $454.23 $2,035.52 $149,086.53
Jun, 2043 241 $621.19 $960.10 $454.23 $2,035.52 $148,126.43
Jul, 2043 242 $617.19 $964.10 $454.23 $2,035.52 $147,162.33
Aug, 2043 243 $613.18 $968.12 $454.23 $2,035.52 $146,194.21
Sep, 2043 244 $609.14 $972.15 $454.23 $2,035.52 $145,222.06
Oct, 2043 245 $605.09 $976.20 $454.23 $2,035.52 $144,245.86
Nov, 2043 246 $601.02 $980.27 $454.23 $2,035.52 $143,265.59
Dec, 2043 247 $596.94 $984.35 $454.23 $2,035.52 $142,281.24
Jan, 2044 248 $592.84 $988.46 $454.23 $2,035.52 $141,292.78
Feb, 2044 249 $588.72 $992.57 $454.23 $2,035.52 $140,300.21
Mar, 2044 250 $584.58 $996.71 $454.23 $2,035.52 $139,303.50
Apr, 2044 251 $580.43 $1,000.86 $454.23 $2,035.52 $138,302.63
May, 2044 252 $576.26 $1,005.03 $454.23 $2,035.52 $137,297.60
Jun, 2044 253 $572.07 $1,009.22 $454.23 $2,035.52 $136,288.38
Jul, 2044 254 $567.87 $1,013.43 $454.23 $2,035.52 $135,274.96
Aug, 2044 255 $563.65 $1,017.65 $454.23 $2,035.52 $134,257.31
Sep, 2044 256 $559.41 $1,021.89 $454.23 $2,035.52 $133,235.42
Oct, 2044 257 $555.15 $1,026.15 $454.23 $2,035.52 $132,209.27
Nov, 2044 258 $550.87 $1,030.42 $454.23 $2,035.52 $131,178.85
Dec, 2044 259 $546.58 $1,034.72 $454.23 $2,035.52 $130,144.13
Jan, 2045 260 $542.27 $1,039.03 $454.23 $2,035.52 $129,105.11
Feb, 2045 261 $537.94 $1,043.36 $454.23 $2,035.52 $128,061.75
Mar, 2045 262 $533.59 $1,047.70 $454.23 $2,035.52 $127,014.05
Apr, 2045 263 $529.23 $1,052.07 $454.23 $2,035.52 $125,961.98
May, 2045 264 $524.84 $1,056.45 $454.23 $2,035.52 $124,905.53
Jun, 2045 265 $520.44 $1,060.85 $454.23 $2,035.52 $123,844.67
Jul, 2045 266 $516.02 $1,065.27 $454.23 $2,035.52 $122,779.40
Aug, 2045 267 $511.58 $1,069.71 $454.23 $2,035.52 $121,709.69
Sep, 2045 268 $507.12 $1,074.17 $454.23 $2,035.52 $120,635.51
Oct, 2045 269 $502.65 $1,078.65 $454.23 $2,035.52 $119,556.87
Nov, 2045 270 $498.15 $1,083.14 $454.23 $2,035.52 $118,473.73
Dec, 2045 271 $493.64 $1,087.65 $454.23 $2,035.52 $117,386.08
Jan, 2046 272 $489.11 $1,092.19 $454.23 $2,035.52 $116,293.89
Feb, 2046 273 $484.56 $1,096.74 $454.23 $2,035.52 $115,197.15
Mar, 2046 274 $479.99 $1,101.31 $454.23 $2,035.52 $114,095.85
Apr, 2046 275 $475.40 $1,105.89 $454.23 $2,035.52 $112,989.95
May, 2046 276 $470.79 $1,110.50 $454.23 $2,035.52 $111,879.45
Jun, 2046 277 $466.16 $1,115.13 $454.23 $2,035.52 $110,764.32
Jul, 2046 278 $461.52 $1,119.78 $454.23 $2,035.52 $109,644.55
Aug, 2046 279 $456.85 $1,124.44 $454.23 $2,035.52 $108,520.10
Sep, 2046 280 $452.17 $1,129.13 $454.23 $2,035.52 $107,390.98
Oct, 2046 281 $447.46 $1,133.83 $454.23 $2,035.52 $106,257.14
Nov, 2046 282 $442.74 $1,138.56 $454.23 $2,035.52 $105,118.59
Dec, 2046 283 $437.99 $1,143.30 $454.23 $2,035.52 $103,975.29
Jan, 2047 284 $433.23 $1,148.06 $454.23 $2,035.52 $102,827.23
Feb, 2047 285 $428.45 $1,152.85 $454.23 $2,035.52 $101,674.38
Mar, 2047 286 $423.64 $1,157.65 $454.23 $2,035.52 $100,516.73
Apr, 2047 287 $418.82 $1,162.47 $454.23 $2,035.52 $99,354.25
May, 2047 288 $413.98 $1,167.32 $454.23 $2,035.52 $98,186.94
Jun, 2047 289 $409.11 $1,172.18 $454.23 $2,035.52 $97,014.75
Jul, 2047 290 $404.23 $1,177.07 $454.23 $2,035.52 $95,837.69
Aug, 2047 291 $399.32 $1,181.97 $454.23 $2,035.52 $94,655.72
Sep, 2047 292 $394.40 $1,186.90 $454.23 $2,035.52 $93,468.82
Oct, 2047 293 $389.45 $1,191.84 $454.23 $2,035.52 $92,276.98
Nov, 2047 294 $384.49 $1,196.81 $454.23 $2,035.52 $91,080.18
Dec, 2047 295 $379.50 $1,201.79 $454.23 $2,035.52 $89,878.38
Jan, 2048 296 $374.49 $1,206.80 $454.23 $2,035.52 $88,671.58
Feb, 2048 297 $369.46 $1,211.83 $454.23 $2,035.52 $87,459.75
Mar, 2048 298 $364.42 $1,216.88 $454.23 $2,035.52 $86,242.87
Apr, 2048 299 $359.35 $1,221.95 $454.23 $2,035.52 $85,020.93
May, 2048 300 $354.25 $1,227.04 $454.23 $2,035.52 $83,793.89
Jun, 2048 301 $349.14 $1,232.15 $454.23 $2,035.52 $82,561.73
Jul, 2048 302 $344.01 $1,237.29 $454.23 $2,035.52 $81,324.45
Aug, 2048 303 $338.85 $1,242.44 $454.23 $2,035.52 $80,082.00
Sep, 2048 304 $333.68 $1,247.62 $454.23 $2,035.52 $78,834.38
Oct, 2048 305 $328.48 $1,252.82 $454.23 $2,035.52 $77,581.57
Nov, 2048 306 $323.26 $1,258.04 $454.23 $2,035.52 $76,323.53
Dec, 2048 307 $318.01 $1,263.28 $454.23 $2,035.52 $75,060.25
Jan, 2049 308 $312.75 $1,268.54 $454.23 $2,035.52 $73,791.71
Feb, 2049 309 $307.47 $1,273.83 $454.23 $2,035.52 $72,517.88
Mar, 2049 310 $302.16 $1,279.14 $454.23 $2,035.52 $71,238.74
Apr, 2049 311 $296.83 $1,284.47 $454.23 $2,035.52 $69,954.28
May, 2049 312 $291.48 $1,289.82 $454.23 $2,035.52 $68,664.46
Jun, 2049 313 $286.10 $1,295.19 $454.23 $2,035.52 $67,369.27
Jul, 2049 314 $280.71 $1,300.59 $454.23 $2,035.52 $66,068.68
Aug, 2049 315 $275.29 $1,306.01 $454.23 $2,035.52 $64,762.67
Sep, 2049 316 $269.84 $1,311.45 $454.23 $2,035.52 $63,451.22
Oct, 2049 317 $264.38 $1,316.91 $454.23 $2,035.52 $62,134.31
Nov, 2049 318 $258.89 $1,322.40 $454.23 $2,035.52 $60,811.91
Dec, 2049 319 $253.38 $1,327.91 $454.23 $2,035.52 $59,483.99
Jan, 2050 320 $247.85 $1,333.44 $454.23 $2,035.52 $58,150.55
Feb, 2050 321 $242.29 $1,339.00 $454.23 $2,035.52 $56,811.55
Mar, 2050 322 $236.71 $1,344.58 $454.23 $2,035.52 $55,466.97
Apr, 2050 323 $231.11 $1,350.18 $454.23 $2,035.52 $54,116.79
May, 2050 324 $225.49 $1,355.81 $454.23 $2,035.52 $52,760.98
Jun, 2050 325 $219.84 $1,361.46 $454.23 $2,035.52 $51,399.53
Jul, 2050 326 $214.16 $1,367.13 $454.23 $2,035.52 $50,032.40
Aug, 2050 327 $208.47 $1,372.83 $454.23 $2,035.52 $48,659.57
Sep, 2050 328 $202.75 $1,378.55 $454.23 $2,035.52 $47,281.03
Oct, 2050 329 $197.00 $1,384.29 $454.23 $2,035.52 $45,896.74
Nov, 2050 330 $191.24 $1,390.06 $454.23 $2,035.52 $44,506.68
Dec, 2050 331 $185.44 $1,395.85 $454.23 $2,035.52 $43,110.83
Jan, 2051 332 $179.63 $1,401.67 $454.23 $2,035.52 $41,709.16
Feb, 2051 333 $173.79 $1,407.51 $454.23 $2,035.52 $40,301.66
Mar, 2051 334 $167.92 $1,413.37 $454.23 $2,035.52 $38,888.29
Apr, 2051 335 $162.03 $1,419.26 $454.23 $2,035.52 $37,469.03
May, 2051 336 $156.12 $1,425.17 $454.23 $2,035.52 $36,043.85
Jun, 2051 337 $150.18 $1,431.11 $454.23 $2,035.52 $34,612.74
Jul, 2051 338 $144.22 $1,437.07 $454.23 $2,035.52 $33,175.67
Aug, 2051 339 $138.23 $1,443.06 $454.23 $2,035.52 $31,732.61
Sep, 2051 340 $132.22 $1,449.07 $454.23 $2,035.52 $30,283.53
Oct, 2051 341 $126.18 $1,455.11 $454.23 $2,035.52 $28,828.42
Nov, 2051 342 $120.12 $1,461.18 $454.23 $2,035.52 $27,367.24
Dec, 2051 343 $114.03 $1,467.26 $454.23 $2,035.52 $25,899.98
Jan, 2052 344 $107.92 $1,473.38 $454.23 $2,035.52 $24,426.60
Feb, 2052 345 $101.78 $1,479.52 $454.23 $2,035.52 $22,947.09
Mar, 2052 346 $95.61 $1,485.68 $454.23 $2,035.52 $21,461.41
Apr, 2052 347 $89.42 $1,491.87 $454.23 $2,035.52 $19,969.53
May, 2052 348 $83.21 $1,498.09 $454.23 $2,035.52 $18,471.45
Jun, 2052 349 $76.96 $1,504.33 $454.23 $2,035.52 $16,967.12
Jul, 2052 350 $70.70 $1,510.60 $454.23 $2,035.52 $15,456.52
Aug, 2052 351 $64.40 $1,516.89 $454.23 $2,035.52 $13,939.63
Sep, 2052 352 $58.08 $1,523.21 $454.23 $2,035.52 $12,416.41
Oct, 2052 353 $51.74 $1,529.56 $454.23 $2,035.52 $10,886.86
Nov, 2052 354 $45.36 $1,535.93 $454.23 $2,035.52 $9,350.92
Dec, 2052 355 $38.96 $1,542.33 $454.23 $2,035.52 $7,808.59
Jan, 2053 356 $32.54 $1,548.76 $454.23 $2,035.52 $6,259.83
Feb, 2053 357 $26.08 $1,555.21 $454.23 $2,035.52 $4,704.62
Mar, 2053 358 $19.60 $1,561.69 $454.23 $2,035.52 $3,142.93
Apr, 2053 359 $13.10 $1,568.20 $454.23 $2,035.52 $1,574.73
May, 2053 360 $6.56 $1,574.73 $454.23 $2,035.52 $0.00

Compare Monthly vs. Bi-weekly

Payment Frequency Monthly Bi-weekly
Payments / Year 12 26
Each Payment $2,035.52 $1,000.29
Total Extra Payments $0.00 $0.00
Total Interest $274,699.83 $224,140.62
Total Tax, Insurance, MIP & Fees $163,522.50 $137,316.97
Total Payment $743,288.33 $666,523.59
Total Savings $0 $76,764.74
Payoff Date May, 2053 Jul, 2048

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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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