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

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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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