FHA Loan Calculator.

Calculate Monthly FHA Home Loan Payments

This calculator will compute a mortgage's monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate. This calculator will also compute your total mortgage payment which will include your property tax, property insurance and PMI payments. Then, once you have computed the monthly payment, click on the "Create Amortization Schedule" button to create a report you can print out.

Home Price & Downpayment Amount
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Annual interest rate (APR %):
FHA Funding Fee Rate
FHA Loan Funding Fee (%):
Add Upfront Fee to Loan?:
Mortgage Insurance Premium (%) MIP calculated using loan term & LTV:
Other Homeownership Costs Amount
Annual real estate taxes:
Annual homeowners insurance:
Monthly HOA Fees:
Your FHA Loan Payments Amount
Upfront Funding Fee:
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Monthly Principal and Interest Payment:
Monthly Taxes, Insurance and MIP payment:
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Want to Create A Printable Amortization Schedule?
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The Complete Guide to FHA Loans

Happy family bonding at home.

Saving up to buy a new house? If you have a limited budget, securing a mortgage from a bank is tough. Qualifying with an acceptable credit score is also another issue. But the good news is, you can get government-backed loans even with low credit rating.

In particular, the Federal Housing Administration offers home financing programs with easier qualifying requirements. However, while it offers relaxed requirements, FHA loans have several drawbacks.

To learn more about FHA loans and it’s pros and cons, read our guide below. We hope this helps you determine whether an FHA mortgage is right for you.

What are FHA Loans?

The Federal Housing Administration (FHA) aims to provide federally backed mortgages for affordable housing. They insure mortgages granted by FHA-approved lenders such as banks, credit unions, and mortgage companies.

FHA loans offer eased lending options with low down payments, affordable closing costs, and easy credit qualification. It’s a popular financing tool among first-time homebuyers who have yet to build larger savings. Many borrowers with limited funds and low credit scores take advantage of FHA loans. They commonly come in 15-year and 30-year terms, as well as 20-year fixed-rate loans. The most common loan term for FHA borrowers is the 30-year.

 

A Brief Background on the FHA

The FHA was originally created as part of the National Housing Act of 1934 to alleviate foreclosures. It was also made to create affordable homeownership for citizens. Around 1933 during the Great Depression (1929-1941), about half of U.S. homeowners defaulted on their loans.

Traditionally, homebuyers were confined to borrowing 50 percent to 60 percent of a home’s value. But after establishing the FHA, mortgages were insured for 80 percent of the home’s value, with the remaining 20 percent as downpayment. Since then, this practice has become a standard for mortgage lending. And today, with several adjustments, government-backed lenders are able to offer financing even with less than 20 percent downpayment. FHA borrowers with decent credit scores can put as little as 3.5% down.

From 1965 on wards, the FHA has been part of the U.S. Department of Housing and Urban Development. It has insured more than 40 million homes in the U.S. since 1934.

Common Types of FHA Loans

Mom and grandma thinking of a new house.

FHA is a popular loan purchasing tool for buyers. But apart from buying a house, there are FHA options for refinancing and home improvement. The following are common types of FHA loans:

  • Basic Home Mortgage Loan 203(b) – It’s one of the primary options offered by the FHA that comes in fixed or adjustable-rate terms. It applies to different housing types, from single-unit to four-unit housing. Downpayments may be as low as 3.5 percent because lenders can finance up to 96.5 percent of the home’s value.
  • FHA Section 245(a) loan – If you have limited income but expect your funds to grow, this option might work for you. Under this program, you can purchase a Growing Equity Mortgage with payments that start small. Over time, the payments gradually increase. These additional payments go toward your principal, which shortens your loan term. You may also choose this option if you want to apply scheduled increases that removes years from your payment term.
  • 203(k) Rehab Mortgage Insurance – This financing option covers housing purchases and renovations in one loan. It’s available as a loan purchase tool or refinancing option for buyers. It covers homes that are at least a year old, paying for minor repairs up to virtual reconstruction.
  • Energy Efficient Mortgage (EEM) Program – Utilities are one of the most expensive costs that impact mortgage payments. FHA’s EEM is a home improvement loan geared towards upgrading your infrastructure to minimize utility bills. Such upgrades include installing solar energy panels and outfitting new insulation for homes. The goal is to lower your home’s operating costs by improving its energy efficiency. EEM is available as a home purchase tool and refinancing option.
  • Home Equity Conversion Mortgage (HECM) – This is a reverse mortgage program that assists 62-year-old seniors in converting their home equity into cash. HECM lets you tap your home’s equity while keeping its title. Qualified seniors can cash out funds as a line of credit, a monthly fixed fund, or as a combination of both.

How FHA Loans Differ from Conventional Loans

FHA Loan Basics

The FHA enables borrowers to qualify even with low credit scores. In some cases, this program may even allow you to make lower monthly insurance payments. FHA rules are more relaxed when it comes to accepting cash gifts as downpayment from family members, employers, and charity institutions. It allows you to qualify with a higher debt-to-income (DTI) ratio, which is the percentage of your income that goes toward paying debts.

Mortgage Insurance Premium (MIP)

You are required to pay mortgage insurance premium when you take an FHA loan. This premium offsets the low downpayment. It’s paid both as an upfront amount and as an annual insurance payment. Moreover, for most borrowers it must be paid for the entire life of the loan. MIP can typically only be removed by refinancing into a conventional loan.

 

The current Upfront Mortgage Insurance Premium (UFMPI) is 1.75 percent of the base loan amount. This stays in effect regardless of your loan-to-value (LTV) ratio or amortization period. For example, if your loan is $360,000, your upfront MIP cost will be $6,300.

Meanwhile, annual MIP is usually 0.85% of your loan amount. If your loan is $360,000, your annual MIP payment costs $3,060 a year, which is $255 per month. This is an added cost on top of UFMIP. MIP payments are deposited into an escrow account arranged by the U.S. Department of Treasury. These funds are used to support your mortgage payments in case you default on your loan.

Understanding Conventional Loans

Conventional loans are not directly insured by the U.S. federal government. These are typically bundled into mortgage-backed securities guaranteed by either Fannie Mae or Freddic Mac. Convetional loans are offered by private lending institutions such as banks, credit unions, and nonbank mortgage companies. And because they do not receive government funding like FHA loans, conventional loans impose stricter qualifications for approval. Conventional loans are appropriate for buyers with large incomes and reliable sources of funds to apply toward a large downpayment.

Private Mortgage Insurance (PMI)

For conventional loans borrowers are charged a private mortgage insurance if their downpayment is less than 20 percent of the home’s price. This is rolled into your monthly payment or is paid in closing as a one-time premium. PMI is canceled once your mortgage balance reaches 78 percent of your home’s price. It is also eliminated if you’ve paid half of your amortization schedule.

 

Likewise, conforming conventional loans require higher credit scores to obtain the loan you need. You must also maintain a lower debt-to-income (DTI) ratio to qualify.

There are two important types of DTI ratios:

  • Front-end DTI ratio – This is the percent of your income that goes toward your housing costs, such as monthly mortgage payments, property taxes, homeowner’s insurance, association dues, etc.
  • Back-end DTI ratio – This is the percentage of your incomes that goes toward mortgage expenses together with all your other debts such as credit card payments, car loans, personal loans, etc.

The table below highlights key differences between FHA loans and a conventional loans.

RequirementsFHA LoansConventional Loans
Credit scoreIdeal credit score is 580
Minimum 500 (with 10% downpayment)
Ideal credit score is 700
Lenders usually approve 680
RatesLow rates at the start if you have a low credit score
Rates become higher through the years as you build home equity
Low credit score means a higher rate
Low downpayment means a higher rate
Front-end DTINo higher than 31%No higher than 28%
Back-end DTIMust not be higher than 43%
Up to 50% with compensating factors
Should ideally be 36%
Must not be higher than 43%
Up to 50% if you have a student loan
DownpaymentOver 580 credit score – downpayment can be 3.5%
Under 580 credit score – downpayment must be 10%
10% – average downpayment
20% downpayment removes PMI requirement
3% – minimum requirement for a 97-3 loan
CostUpfront MIP payment is 1.75% of the loan amount
The annual MIP cost is 0.45%-1.05% of the loan amount
MIP is paid throughout the entire loan
PMI is 0.5%-1% of the loan amount per year
PMI is canceled once your mortgage balance reaches 78%
Average closing cost is between 2%-5% of the loan

Qualifying for FHA Mortgages

Happy man approved.

Like all other loans, you need to meet minimum qualifications to be eligible for an FHA loan. Get ready to arrange your finances, check your credit score, and prepare a downpayment. You must make sure the property is approved for FHA financing.

Be sure to arrange the following requirements when you apply for an FHA mortgage:

Credit Score and Downpayment – A good credit score for an FHA loan is 580. This allows you to make a low downpayment of up to 3.5 percent. However, if your credit score is between 500 to 570, you are required to make a 10 percent downpayment.

Again, your downpayment does not need to come from savings. You can use cash gifts from relatives and friends. The only requirement is an authorization letter from the donor stating that they do not expect any repayment.

Get Your Credit Report for Free

Borrowers are entitled to one free credit report every 12 months. You may request a free credit report online at annualcreditreport.com.

Debt-to-income Ratio – For FHA, the maximum back-end DTI ratio is 50 percent with compensating factors. It includes debts that you are not actively paying. For example, if you have a student loan in deferment, an FHA loan underwriter will include 1 percent of the loan’s total as the monthly payment amount. For other loans you are not actively paying, underwriters will include 5 percent of the loan’s total amount to estimate your DTI.

Choose an FHA-Approved Property – The home you are about to purchase must satisfy minimum property requirements. This applies whether you are planning to purchase a single-unit home, multi-family home, or condominium unit. FHA requires home appraisal that is separate from routine home inspection. This makes sure the house is in good condition to justify the investment.

For example, FHA 203(k) Rehab Mortgage Insurance requires two different home appraisals. The first is a “current state” appraisal, while the second is an “after home improvement” appraisal. It estimates the home’s value after all the renovations are finished.

The Fair Housing Act

Under the Fair Housing Act, you cannot be denied for an FHA loan based on factors not related to your income. Lenders must base their approval according to financial qualifications, employment, downpayment, and other basic terms associated with your mortgage. If you’ve experienced any discrimination described under the Fair Housing Act, you may file a complaint to HUD’s Fair Housing and Equal Opportunity (FHEO) office.

 

Prepare Documents for Your FHA Application

Gather important personal and financial files when you apply for an FHA loan. Some of these requirements include the following:

  • Proof of U.S. citizenship OR
  • Proof of legal permanent residency or authorized to work in the U.S.
  • Valid Social Security number
  • Bank statements and pay stubs in the last 30 days
  • Tax return form
  • Employment records

Your lender may be able to procure other documents such as your credit report, employment record, and income tax returns. But if you’re a student without any credit history, they will require additional documentation.

The Benefits and Drawbacks of FHA Loans

Securing a mortgage with a low credit score and small downpayment has its disadvantages. While you can qualify with limited funds and a high DTI ratio, FHA loans actually become more costly in the long-term. This is largely because of the mortgage insurance premium that must be paid for the entire loan.

Furthermore, if you intend to borrow a large sum, the loan limit will prohibit you from purchasing a more expensive property. Next, FHA adheres to minimum safety and health standards. This means if your appraiser is strict, you might have a harder time getting an upper-fixer approved for a loan. Finally, FHA loans are only allowed for primary residences. They cannot be used to purchase vacation homes.

Taken side-by-side, the following pros and cons should help you determine if FHA loans work in your favor:

ProsCons
Lets borrowers qualify with low credit scores and low downpaymentsOnly for primary residence – does not finance investment property or vacation homes
Qualify even with a high DTI ratio (43%, can be higher with compensating factors)Health and safety standards can make it difficult to approve homes that need fixes
Applies to several housing types – single-family homes to multi-family homesCostly total MIP compared to PMI on conventional loan, which is removed once you have over 20% home equity
High-income earners with credit problems can also qualify with a minimum downpaymentLower loan limits compared to conventional loans, cannot exceed FHA loan limits
Low monthly insurance for borrowers with low credit scores vs. high PMI on conventional loans for low-credit score borrowersMIP payments for the life of the loan – cannot be removed unless you refinance to a conventional loan

Know Your FHA Loan Limits

Borrower talking to a housing loan agent.

How much can you borrow from the FHA? As of 2020, FHA loan limits range between $331,760 to $765,600. Limits vary depending on your county. To know your county’s mortgage limits, you can enter area information at the HUD mortgage limits page. FHA mortgage limits are generally 65% of an area’s conforming loan limits.

For example, the FHA loan limit for Denver County in Colorado in 2020 is set at $575,000. This falls somewhere in the middle. Meanwhile, high-cost counties such as San Francisco County in California has an upper limit of $765,600. Depending on where you’re purchasing a house, loan limits may be lower or higher.

Special exception areas, on the other hand, are locations with very expensive construction costs. This makes conforming limits higher. These special exception areas include Hawaii, Guam, Alaska, and the U.S. Virgin Islands.

For all other areas, the conforming limit is placed at 115% of the median house price on the county. This is prescribed by the U.S. Department of Housing and Urban Development.

The following table details 2020 FHA loan limits for different locations:

HOME TYPELOW-COST AREAHIGH-COST AREASPECIAL EXCEPTION
AREAS
One-Unit$331,760$765,600$1,148,400
Two-Unit$424,800$980,325$1,470,475
Three-Unit$513,450$1,184,925$1,777,375
Four-Unit$638,100$1,472,550$2,208,825

Conforming Loan Limits

Conforming loan limits are those established by the Federal Housing Finance Agency. Conventional loans that follow this limit are called conforming conventional loans. Every year, conforming limits are adjusted to accurately represent changes in market home prices. This is in accordance with the 2008 Housing and Economic Recovery Act (HERA).

In 2020, the baseline U.S. continental loan limit is $510,400 for a single family unit. Let’s suppose this is the limit followed in your area. If you borrow a $750,000 mortgage which exceeds the conforming limit, it’s considered a non-conforming loan or a jumbo mortgage.

 

FHA Mortgage Insurance Requirements

FHA’s mortgage insurance premium (PMI) protects lenders from losses in case borrowers default on their loan. Regardless of your downpayment amount, PMI is required as an upfront fee and annual premium for all FHA borrowers. This is a major factor you must consider before deciding on an FHA loan.

FHA Loans Get Costly Over the Years

Since MIP cannot be canceled, you stand to pay thousands of dollars the longer you pay it down. MIP costs around 0.45%-1.05% annually, making it more expensive as you gain equity.

FHA determines PMI based on loan-to-value ratio. Loan-to-value (LTV) ratio compares the size of your loan to the value of the home. It is the ratio between the loan amount and the market value of the asset. As LTV gets higher, the potential losses faced by your lender also increases. LTV is a risk assessment factor reviewed by financial institutions before approving loans.

The following tables show the 2020 MIP rates for FHA loans according to loan terms.

2020 MIP Rates: FHA Loans Above 15 Years

For those who take a 30-year mortgage or any loan greater than 15 years, annual MIP rates are indicated below:

Base Loan AmountLTVAnnual MIP
≤ $625,500≤ 95%80 bps (0.80%)
≤ $625,500> 95%85 bps (0.85%)
>$625,500≤ 95%100 bps (1.00%)
> $625,500> 95%105 bps (1.05%)

2020 MIP Rates: FHA Loans Up to 15 Years

Borrowers who can pay down their loan with a 15-year term or shorter are entitled to lower insurance premiums. Take note of the following annual MIP rates:

Base Loan AmountLTVAnnual MIP
≤ $625,500≤ 90%45 bps (0.45%)
≤ $625,500> 90%70 bps (0.70%)
> $625,500≤ 78%45 bps (0.45%)
> $625,50078.01% to 90%70 bps (0.70%)
> $625,500> 90%95 bps (0.95%)

Borrowers with FHA case numbers issued on or after June 3, 2013 must pay down their MIP at the prescribed number of years below:

TermLTV%PreviousNew
≤ 15 years≤ 78%no annual MIP11 years
≤ 15 years78.01% to 90%canceled at 78% LTV11 years
≤ 15 years> 90%loan termloan term
> 15 years≤ 78%5 years11 years
> 15 years78.01% to 90%canceled at 78% LTV and 5 years11 years
> 15 years> 90%canceled at 78% LTV and 5 yearsloan term

Estimating Your Mortgage Payments

FHA loans are often used as a loan purchase tool. To obtain a large sum, many buyers tend to choose 30-year fixed-rate loans. Fixed-rate FHA loans follow a traditional amortization schedule. This indicates how many payments you need to make until the mortgage is paid. Amortization schedules break down how much of your payment is applied to the principal and interest costs.

  • Principal – This is the amount you owe your lender. It’s also called the outstanding balance which reflects how much you still need to pay off. A larger principal amount generates higher interest costs.
  • Interest – This is the payment your lender requires to service your loan. Interest charges get higher the longer you pay down your loan.

Compute the PITI Cost

After sorting the interest and principal payment, don’t forget to include the property taxes and mortgage insurance. If you put them together, this is known as the PITI or the Principal, Interest, Taxes, and Insurance expenses. You will only find the total amount of your monthly mortgage payments if you estimate how much your PITI costs.

 

During the first couple of years, a bigger part of your mortgage payments goes toward the interest. However, during the latter years of the loan, this begins to shift. You’ll notice more of your payments are paid to the principal. If you make consistent payments, your loan should be paid off within the 30-year term.

Savings Tip!

Want to reduce your principal? Start making extra payments early in the loan term. Added payments toward your principal helps reduce accrued interest. This also removes a couple of years from your loan term.

Need an amortization table for a 30-year fixed-rate FHA loan? Use our calculator on top of the page.

The following table shows the amortization on a 30-year $250,000 home loan at 4.8% APR for a loan that begins next year. On this example loan, payments being on August 31, 2021 for a loan originated on July 31, 2021.

You can generate a similar printable table using the above calculator by clicking on the [Inline Schedule] button. If you would like to print out your amortization schedule please click on the [Printable Schedule] button.

PMNT Date Payment Principal Interest Balance
1 8/31/2021 $1,311.66 $311.66 $1,000.00 $249,688.34
2 9/30/2021 $1,311.66 $312.91 $998.75 $249,375.43
3 10/31/2021 $1,311.66 $314.16 $997.50 $249,061.27
4 11/30/2021 $1,311.66 $315.41 $996.25 $248,745.86
5 12/31/2021 $1,311.66 $316.68 $994.98 $248,429.18
Year 2021 $6,558.30 $1,570.82 $4,987.48 $248,429.18
6 1/31/2022 $1,311.66 $317.94 $993.72 $248,111.24
7 2/28/2022 $1,311.66 $319.22 $992.44 $247,792.02
8 3/31/2022 $1,311.66 $320.49 $991.17 $247,471.53
9 4/30/2022 $1,311.66 $321.77 $989.89 $247,149.76
10 5/31/2022 $1,311.66 $323.06 $988.60 $246,826.70
11 6/30/2022 $1,311.66 $324.35 $987.31 $246,502.35
12 7/31/2022 $1,311.66 $325.65 $986.01 $246,176.70
13 8/31/2022 $1,311.66 $326.95 $984.71 $245,849.75
14 9/30/2022 $1,311.66 $328.26 $983.40 $245,521.49
15 10/31/2022 $1,311.66 $329.57 $982.09 $245,191.92
16 11/30/2022 $1,311.66 $330.89 $980.77 $244,861.03
17 12/31/2022 $1,311.66 $332.22 $979.44 $244,528.81
Year 2022 $15,739.92 $3,900.37 $11,839.55 $244,528.81
18 1/31/2023 $1,311.66 $333.54 $978.12 $244,195.27
19 2/28/2023 $1,311.66 $334.88 $976.78 $243,860.39
20 3/31/2023 $1,311.66 $336.22 $975.44 $243,524.17
21 4/30/2023 $1,311.66 $337.56 $974.10 $243,186.61
22 5/31/2023 $1,311.66 $338.91 $972.75 $242,847.70
23 6/30/2023 $1,311.66 $340.27 $971.39 $242,507.43
24 7/31/2023 $1,311.66 $341.63 $970.03 $242,165.80
25 8/31/2023 $1,311.66 $343.00 $968.66 $241,822.80
26 9/30/2023 $1,311.66 $344.37 $967.29 $241,478.43
27 10/31/2023 $1,311.66 $345.75 $965.91 $241,132.68
28 11/30/2023 $1,311.66 $347.13 $964.53 $240,785.55
29 12/31/2023 $1,311.66 $348.52 $963.14 $240,437.03
Year 2023 $15,739.92 $4,091.78 $11,648.14 $240,437.03
30 1/31/2024 $1,311.66 $349.91 $961.75 $240,087.12
31 2/28/2024 $1,311.66 $351.31 $960.35 $239,735.81
32 3/31/2024 $1,311.66 $352.72 $958.94 $239,383.09
33 4/30/2024 $1,311.66 $354.13 $957.53 $239,028.96
34 5/31/2024 $1,311.66 $355.54 $956.12 $238,673.42
35 6/30/2024 $1,311.66 $356.97 $954.69 $238,316.45
36 7/31/2024 $1,311.66 $358.39 $953.27 $237,958.06
37 8/31/2024 $1,311.66 $359.83 $951.83 $237,598.23
38 9/30/2024 $1,311.66 $361.27 $950.39 $237,236.96
39 10/31/2024 $1,311.66 $362.71 $948.95 $236,874.25
40 11/30/2024 $1,311.66 $364.16 $947.50 $236,510.09
41 12/31/2024 $1,311.66 $365.62 $946.04 $236,144.47
Year 2024 $15,739.92 $4,292.56 $11,447.36 $236,144.47
42 1/31/2025 $1,311.66 $367.08 $944.58 $235,777.39
43 2/28/2025 $1,311.66 $368.55 $943.11 $235,408.84
44 3/31/2025 $1,311.66 $370.02 $941.64 $235,038.82
45 4/30/2025 $1,311.66 $371.50 $940.16 $234,667.32
46 5/31/2025 $1,311.66 $372.99 $938.67 $234,294.33
47 6/30/2025 $1,311.66 $374.48 $937.18 $233,919.85
48 7/31/2025 $1,311.66 $375.98 $935.68 $233,543.87
49 8/31/2025 $1,311.66 $377.48 $934.18 $233,166.39
50 9/30/2025 $1,311.66 $378.99 $932.67 $232,787.40
51 10/31/2025 $1,311.66 $380.51 $931.15 $232,406.89
52 11/30/2025 $1,311.66 $382.03 $929.63 $232,024.86
53 12/31/2025 $1,311.66 $383.56 $928.10 $231,641.30
Year 2025 $15,739.92 $4,503.17 $11,236.75 $231,641.30
54 1/31/2026 $1,311.66 $385.09 $926.57 $231,256.21
55 2/28/2026 $1,311.66 $386.64 $925.02 $230,869.57
56 3/31/2026 $1,311.66 $388.18 $923.48 $230,481.39
57 4/30/2026 $1,311.66 $389.73 $921.93 $230,091.66
58 5/31/2026 $1,311.66 $391.29 $920.37 $229,700.37
59 6/30/2026 $1,311.66 $392.86 $918.80 $229,307.51
60 7/31/2026 $1,311.66 $394.43 $917.23 $228,913.08
61 8/31/2026 $1,311.66 $396.01 $915.65 $228,517.07
62 9/30/2026 $1,311.66 $397.59 $914.07 $228,119.48
63 10/31/2026 $1,311.66 $399.18 $912.48 $227,720.30
64 11/30/2026 $1,311.66 $400.78 $910.88 $227,319.52
65 12/31/2026 $1,311.66 $402.38 $909.28 $226,917.14
Year 2026 $15,739.92 $4,724.16 $11,015.76 $226,917.14
66 1/31/2027 $1,311.66 $403.99 $907.67 $226,513.15
67 2/28/2027 $1,311.66 $405.61 $906.05 $226,107.54
68 3/31/2027 $1,311.66 $407.23 $904.43 $225,700.31
69 4/30/2027 $1,311.66 $408.86 $902.80 $225,291.45
70 5/31/2027 $1,311.66 $410.49 $901.17 $224,880.96
71 6/30/2027 $1,311.66 $412.14 $899.52 $224,468.82
72 7/31/2027 $1,311.66 $413.78 $897.88 $224,055.04
73 8/31/2027 $1,311.66 $415.44 $896.22 $223,639.60
74 9/30/2027 $1,311.66 $417.10 $894.56 $223,222.50
75 10/31/2027 $1,311.66 $418.77 $892.89 $222,803.73
76 11/30/2027 $1,311.66 $420.45 $891.21 $222,383.28
77 12/31/2027 $1,311.66 $422.13 $889.53 $221,961.15
Year 2027 $15,739.92 $4,955.99 $10,783.93 $221,961.15
78 1/31/2028 $1,311.66 $423.82 $887.84 $221,537.33
79 2/28/2028 $1,311.66 $425.51 $886.15 $221,111.82
80 3/31/2028 $1,311.66 $427.21 $884.45 $220,684.61
81 4/30/2028 $1,311.66 $428.92 $882.74 $220,255.69
82 5/31/2028 $1,311.66 $430.64 $881.02 $219,825.05
83 6/30/2028 $1,311.66 $432.36 $879.30 $219,392.69
84 7/31/2028 $1,311.66 $434.09 $877.57 $218,958.60
85 8/31/2028 $1,311.66 $435.83 $875.83 $218,522.77
86 9/30/2028 $1,311.66 $437.57 $874.09 $218,085.20
87 10/31/2028 $1,311.66 $439.32 $872.34 $217,645.88
88 11/30/2028 $1,311.66 $441.08 $870.58 $217,204.80
89 12/31/2028 $1,311.66 $442.84 $868.82 $216,761.96
Year 2028 $15,739.92 $5,199.19 $10,540.73 $216,761.96
90 1/31/2029 $1,311.66 $444.61 $867.05 $216,317.35
91 2/28/2029 $1,311.66 $446.39 $865.27 $215,870.96
92 3/31/2029 $1,311.66 $448.18 $863.48 $215,422.78
93 4/30/2029 $1,311.66 $449.97 $861.69 $214,972.81
94 5/31/2029 $1,311.66 $451.77 $859.89 $214,521.04
95 6/30/2029 $1,311.66 $453.58 $858.08 $214,067.46
96 7/31/2029 $1,311.66 $455.39 $856.27 $213,612.07
97 8/31/2029 $1,311.66 $457.21 $854.45 $213,154.86
98 9/30/2029 $1,311.66 $459.04 $852.62 $212,695.82
99 10/31/2029 $1,311.66 $460.88 $850.78 $212,234.94
100 11/30/2029 $1,311.66 $462.72 $848.94 $211,772.22
101 12/31/2029 $1,311.66 $464.57 $847.09 $211,307.65
Year 2029 $15,739.92 $5,454.31 $10,285.61 $211,307.65
102 1/31/2030 $1,311.66 $466.43 $845.23 $210,841.22
103 2/28/2030 $1,311.66 $468.30 $843.36 $210,372.92
104 3/31/2030 $1,311.66 $470.17 $841.49 $209,902.75
105 4/30/2030 $1,311.66 $472.05 $839.61 $209,430.70
106 5/31/2030 $1,311.66 $473.94 $837.72 $208,956.76
107 6/30/2030 $1,311.66 $475.83 $835.83 $208,480.93
108 7/31/2030 $1,311.66 $477.74 $833.92 $208,003.19
109 8/31/2030 $1,311.66 $479.65 $832.01 $207,523.54
110 9/30/2030 $1,311.66 $481.57 $830.09 $207,041.97
111 10/31/2030 $1,311.66 $483.49 $828.17 $206,558.48
112 11/30/2030 $1,311.66 $485.43 $826.23 $206,073.05
113 12/31/2030 $1,311.66 $487.37 $824.29 $205,585.68
Year 2030 $15,739.92 $5,721.97 $10,017.95 $205,585.68
114 1/31/2031 $1,311.66 $489.32 $822.34 $205,096.36
115 2/28/2031 $1,311.66 $491.27 $820.39 $204,605.09
116 3/31/2031 $1,311.66 $493.24 $818.42 $204,111.85
117 4/30/2031 $1,311.66 $495.21 $816.45 $203,616.64
118 5/31/2031 $1,311.66 $497.19 $814.47 $203,119.45
119 6/30/2031 $1,311.66 $499.18 $812.48 $202,620.27
120 7/31/2031 $1,311.66 $501.18 $810.48 $202,119.09
121 8/31/2031 $1,311.66 $503.18 $808.48 $201,615.91
122 9/30/2031 $1,311.66 $505.20 $806.46 $201,110.71
123 10/31/2031 $1,311.66 $507.22 $804.44 $200,603.49
124 11/30/2031 $1,311.66 $509.25 $802.41 $200,094.24
125 12/31/2031 $1,311.66 $511.28 $800.38 $199,582.96
Year 2031 $15,739.92 $6,002.72 $9,737.20 $199,582.96
126 1/31/2032 $1,311.66 $513.33 $798.33 $199,069.63
127 2/28/2032 $1,311.66 $515.38 $796.28 $198,554.25
128 3/31/2032 $1,311.66 $517.44 $794.22 $198,036.81
129 4/30/2032 $1,311.66 $519.51 $792.15 $197,517.30
130 5/31/2032 $1,311.66 $521.59 $790.07 $196,995.71
131 6/30/2032 $1,311.66 $523.68 $787.98 $196,472.03
132 7/31/2032 $1,311.66 $525.77 $785.89 $195,946.26
133 8/31/2032 $1,311.66 $527.87 $783.79 $195,418.39
134 9/30/2032 $1,311.66 $529.99 $781.67 $194,888.40
135 10/31/2032 $1,311.66 $532.11 $779.55 $194,356.29
136 11/30/2032 $1,311.66 $534.23 $777.43 $193,822.06
137 12/31/2032 $1,311.66 $536.37 $775.29 $193,285.69
Year 2032 $15,739.92 $6,297.27 $9,442.65 $193,285.69
138 1/31/2033 $1,311.66 $538.52 $773.14 $192,747.17
139 2/28/2033 $1,311.66 $540.67 $770.99 $192,206.50
140 3/31/2033 $1,311.66 $542.83 $768.83 $191,663.67
141 4/30/2033 $1,311.66 $545.01 $766.65 $191,118.66
142 5/31/2033 $1,311.66 $547.19 $764.47 $190,571.47
143 6/30/2033 $1,311.66 $549.37 $762.29 $190,022.10
144 7/31/2033 $1,311.66 $551.57 $760.09 $189,470.53
145 8/31/2033 $1,311.66 $553.78 $757.88 $188,916.75
146 9/30/2033 $1,311.66 $555.99 $755.67 $188,360.76
147 10/31/2033 $1,311.66 $558.22 $753.44 $187,802.54
148 11/30/2033 $1,311.66 $560.45 $751.21 $187,242.09
149 12/31/2033 $1,311.66 $562.69 $748.97 $186,679.40
Year 2033 $15,739.92 $6,606.29 $9,133.63 $186,679.40
150 1/31/2034 $1,311.66 $564.94 $746.72 $186,114.46
151 2/28/2034 $1,311.66 $567.20 $744.46 $185,547.26
152 3/31/2034 $1,311.66 $569.47 $742.19 $184,977.79
153 4/30/2034 $1,311.66 $571.75 $739.91 $184,406.04
154 5/31/2034 $1,311.66 $574.04 $737.62 $183,832.00
155 6/30/2034 $1,311.66 $576.33 $735.33 $183,255.67
156 7/31/2034 $1,311.66 $578.64 $733.02 $182,677.03
157 8/31/2034 $1,311.66 $580.95 $730.71 $182,096.08
158 9/30/2034 $1,311.66 $583.28 $728.38 $181,512.80
159 10/31/2034 $1,311.66 $585.61 $726.05 $180,927.19
160 11/30/2034 $1,311.66 $587.95 $723.71 $180,339.24
161 12/31/2034 $1,311.66 $590.30 $721.36 $179,748.94
Year 2034 $15,739.92 $6,930.46 $8,809.46 $179,748.94
162 1/31/2035 $1,311.66 $592.66 $719.00 $179,156.28
163 2/28/2035 $1,311.66 $595.03 $716.63 $178,561.25
164 3/31/2035 $1,311.66 $597.41 $714.25 $177,963.84
165 4/30/2035 $1,311.66 $599.80 $711.86 $177,364.04
166 5/31/2035 $1,311.66 $602.20 $709.46 $176,761.84
167 6/30/2035 $1,311.66 $604.61 $707.05 $176,157.23
168 7/31/2035 $1,311.66 $607.03 $704.63 $175,550.20
169 8/31/2035 $1,311.66 $609.46 $702.20 $174,940.74
170 9/30/2035 $1,311.66 $611.90 $699.76 $174,328.84
171 10/31/2035 $1,311.66 $614.34 $697.32 $173,714.50
172 11/30/2035 $1,311.66 $616.80 $694.86 $173,097.70
173 12/31/2035 $1,311.66 $619.27 $692.39 $172,478.43
Year 2035 $15,739.92 $7,270.51 $8,469.41 $172,478.43
174 1/31/2036 $1,311.66 $621.75 $689.91 $171,856.68
175 2/28/2036 $1,311.66 $624.23 $687.43 $171,232.45
176 3/31/2036 $1,311.66 $626.73 $684.93 $170,605.72
177 4/30/2036 $1,311.66 $629.24 $682.42 $169,976.48
178 5/31/2036 $1,311.66 $631.75 $679.91 $169,344.73
179 6/30/2036 $1,311.66 $634.28 $677.38 $168,710.45
180 7/31/2036 $1,311.66 $636.82 $674.84 $168,073.63
181 8/31/2036 $1,311.66 $639.37 $672.29 $167,434.26
182 9/30/2036 $1,311.66 $641.92 $669.74 $166,792.34
183 10/31/2036 $1,311.66 $644.49 $667.17 $166,147.85
184 11/30/2036 $1,311.66 $647.07 $664.59 $165,500.78
185 12/31/2036 $1,311.66 $649.66 $662.00 $164,851.12
Year 2036 $15,739.92 $7,627.31 $8,112.61 $164,851.12
186 1/31/2037 $1,311.66 $652.26 $659.40 $164,198.86
187 2/28/2037 $1,311.66 $654.86 $656.80 $163,544.00
188 3/31/2037 $1,311.66 $657.48 $654.18 $162,886.52
189 4/30/2037 $1,311.66 $660.11 $651.55 $162,226.41
190 5/31/2037 $1,311.66 $662.75 $648.91 $161,563.66
191 6/30/2037 $1,311.66 $665.41 $646.25 $160,898.25
192 7/31/2037 $1,311.66 $668.07 $643.59 $160,230.18
193 8/31/2037 $1,311.66 $670.74 $640.92 $159,559.44
194 9/30/2037 $1,311.66 $673.42 $638.24 $158,886.02
195 10/31/2037 $1,311.66 $676.12 $635.54 $158,209.90
196 11/30/2037 $1,311.66 $678.82 $632.84 $157,531.08
197 12/31/2037 $1,311.66 $681.54 $630.12 $156,849.54
Year 2037 $15,739.92 $8,001.58 $7,738.34 $156,849.54
198 1/31/2038 $1,311.66 $684.26 $627.40 $156,165.28
199 2/28/2038 $1,311.66 $687.00 $624.66 $155,478.28
200 3/31/2038 $1,311.66 $689.75 $621.91 $154,788.53
201 4/30/2038 $1,311.66 $692.51 $619.15 $154,096.02
202 5/31/2038 $1,311.66 $695.28 $616.38 $153,400.74
203 6/30/2038 $1,311.66 $698.06 $613.60 $152,702.68
204 7/31/2038 $1,311.66 $700.85 $610.81 $152,001.83
205 8/31/2038 $1,311.66 $703.65 $608.01 $151,298.18
206 9/30/2038 $1,311.66 $706.47 $605.19 $150,591.71
207 10/31/2038 $1,311.66 $709.29 $602.37 $149,882.42
208 11/30/2038 $1,311.66 $712.13 $599.53 $149,170.29
209 12/31/2038 $1,311.66 $714.98 $596.68 $148,455.31
Year 2038 $15,739.92 $8,394.23 $7,345.69 $148,455.31
210 1/31/2039 $1,311.66 $717.84 $593.82 $147,737.47
211 2/28/2039 $1,311.66 $720.71 $590.95 $147,016.76
212 3/31/2039 $1,311.66 $723.59 $588.07 $146,293.17
213 4/30/2039 $1,311.66 $726.49 $585.17 $145,566.68
214 5/31/2039 $1,311.66 $729.39 $582.27 $144,837.29
215 6/30/2039 $1,311.66 $732.31 $579.35 $144,104.98
216 7/31/2039 $1,311.66 $735.24 $576.42 $143,369.74
217 8/31/2039 $1,311.66 $738.18 $573.48 $142,631.56
218 9/30/2039 $1,311.66 $741.13 $570.53 $141,890.43
219 10/31/2039 $1,311.66 $744.10 $567.56 $141,146.33
220 11/30/2039 $1,311.66 $747.07 $564.59 $140,399.26
221 12/31/2039 $1,311.66 $750.06 $561.60 $139,649.20
Year 2039 $15,739.92 $8,806.11 $6,933.81 $139,649.20
222 1/31/2040 $1,311.66 $753.06 $558.60 $138,896.14
223 2/28/2040 $1,311.66 $756.08 $555.58 $138,140.06
224 3/31/2040 $1,311.66 $759.10 $552.56 $137,380.96
225 4/30/2040 $1,311.66 $762.14 $549.52 $136,618.82
226 5/31/2040 $1,311.66 $765.18 $546.48 $135,853.64
227 6/30/2040 $1,311.66 $768.25 $543.41 $135,085.39
228 7/31/2040 $1,311.66 $771.32 $540.34 $134,314.07
229 8/31/2040 $1,311.66 $774.40 $537.26 $133,539.67
230 9/30/2040 $1,311.66 $777.50 $534.16 $132,762.17
231 10/31/2040 $1,311.66 $780.61 $531.05 $131,981.56
232 11/30/2040 $1,311.66 $783.73 $527.93 $131,197.83
233 12/31/2040 $1,311.66 $786.87 $524.79 $130,410.96
Year 2040 $15,739.92 $9,238.24 $6,501.68 $130,410.96
234 1/31/2041 $1,311.66 $790.02 $521.64 $129,620.94
235 2/28/2041 $1,311.66 $793.18 $518.48 $128,827.76
236 3/31/2041 $1,311.66 $796.35 $515.31 $128,031.41
237 4/30/2041 $1,311.66 $799.53 $512.13 $127,231.88
238 5/31/2041 $1,311.66 $802.73 $508.93 $126,429.15
239 6/30/2041 $1,311.66 $805.94 $505.72 $125,623.21
240 7/31/2041 $1,311.66 $809.17 $502.49 $124,814.04
241 8/31/2041 $1,311.66 $812.40 $499.26 $124,001.64
242 9/30/2041 $1,311.66 $815.65 $496.01 $123,185.99
243 10/31/2041 $1,311.66 $818.92 $492.74 $122,367.07
244 11/30/2041 $1,311.66 $822.19 $489.47 $121,544.88
245 12/31/2041 $1,311.66 $825.48 $486.18 $120,719.40
Year 2041 $15,739.92 $9,691.56 $6,048.36 $120,719.40
246 1/31/2042 $1,311.66 $828.78 $482.88 $119,890.62
247 2/28/2042 $1,311.66 $832.10 $479.56 $119,058.52
248 3/31/2042 $1,311.66 $835.43 $476.23 $118,223.09
249 4/30/2042 $1,311.66 $838.77 $472.89 $117,384.32
250 5/31/2042 $1,311.66 $842.12 $469.54 $116,542.20
251 6/30/2042 $1,311.66 $845.49 $466.17 $115,696.71
252 7/31/2042 $1,311.66 $848.87 $462.79 $114,847.84
253 8/31/2042 $1,311.66 $852.27 $459.39 $113,995.57
254 9/30/2042 $1,311.66 $855.68 $455.98 $113,139.89
255 10/31/2042 $1,311.66 $859.10 $452.56 $112,280.79
256 11/30/2042 $1,311.66 $862.54 $449.12 $111,418.25
257 12/31/2042 $1,311.66 $865.99 $445.67 $110,552.26
Year 2042 $15,739.92 $10,167.14 $5,572.78 $110,552.26
258 1/31/2043 $1,311.66 $869.45 $442.21 $109,682.81
259 2/28/2043 $1,311.66 $872.93 $438.73 $108,809.88
260 3/31/2043 $1,311.66 $876.42 $435.24 $107,933.46
261 4/30/2043 $1,311.66 $879.93 $431.73 $107,053.53
262 5/31/2043 $1,311.66 $883.45 $428.21 $106,170.08
263 6/30/2043 $1,311.66 $886.98 $424.68 $105,283.10
264 7/31/2043 $1,311.66 $890.53 $421.13 $104,392.57
265 8/31/2043 $1,311.66 $894.09 $417.57 $103,498.48
266 9/30/2043 $1,311.66 $897.67 $413.99 $102,600.81
267 10/31/2043 $1,311.66 $901.26 $410.40 $101,699.55
268 11/30/2043 $1,311.66 $904.86 $406.80 $100,794.69
269 12/31/2043 $1,311.66 $908.48 $403.18 $99,886.21
Year 2043 $15,739.92 $10,666.05 $5,073.87 $99,886.21
270 1/31/2044 $1,311.66 $912.12 $399.54 $98,974.09
271 2/28/2044 $1,311.66 $915.76 $395.90 $98,058.33
272 3/31/2044 $1,311.66 $919.43 $392.23 $97,138.90
273 4/30/2044 $1,311.66 $923.10 $388.56 $96,215.80
274 5/31/2044 $1,311.66 $926.80 $384.86 $95,289.00
275 6/30/2044 $1,311.66 $930.50 $381.16 $94,358.50
276 7/31/2044 $1,311.66 $934.23 $377.43 $93,424.27
277 8/31/2044 $1,311.66 $937.96 $373.70 $92,486.31
278 9/30/2044 $1,311.66 $941.71 $369.95 $91,544.60
279 10/31/2044 $1,311.66 $945.48 $366.18 $90,599.12
280 11/30/2044 $1,311.66 $949.26 $362.40 $89,649.86
281 12/31/2044 $1,311.66 $953.06 $358.60 $88,696.80
Year 2044 $15,739.92 $11,189.41 $4,550.51 $88,696.80
282 1/31/2045 $1,311.66 $956.87 $354.79 $87,739.93
283 2/28/2045 $1,311.66 $960.70 $350.96 $86,779.23
284 3/31/2045 $1,311.66 $964.54 $347.12 $85,814.69
285 4/30/2045 $1,311.66 $968.40 $343.26 $84,846.29
286 5/31/2045 $1,311.66 $972.27 $339.39 $83,874.02
287 6/30/2045 $1,311.66 $976.16 $335.50 $82,897.86
288 7/31/2045 $1,311.66 $980.07 $331.59 $81,917.79
289 8/31/2045 $1,311.66 $983.99 $327.67 $80,933.80
290 9/30/2045 $1,311.66 $987.92 $323.74 $79,945.88
291 10/31/2045 $1,311.66 $991.88 $319.78 $78,954.00
292 11/30/2045 $1,311.66 $995.84 $315.82 $77,958.16
293 12/31/2045 $1,311.66 $999.83 $311.83 $76,958.33
Year 2045 $15,739.92 $11,738.47 $4,001.45 $76,958.33
294 1/31/2046 $1,311.66 $1,003.83 $307.83 $75,954.50
295 2/28/2046 $1,311.66 $1,007.84 $303.82 $74,946.66
296 3/31/2046 $1,311.66 $1,011.87 $299.79 $73,934.79
297 4/30/2046 $1,311.66 $1,015.92 $295.74 $72,918.87
298 5/31/2046 $1,311.66 $1,019.98 $291.68 $71,898.89
299 6/30/2046 $1,311.66 $1,024.06 $287.60 $70,874.83
300 7/31/2046 $1,311.66 $1,028.16 $283.50 $69,846.67
301 8/31/2046 $1,311.66 $1,032.27 $279.39 $68,814.40
302 9/30/2046 $1,311.66 $1,036.40 $275.26 $67,778.00
303 10/31/2046 $1,311.66 $1,040.55 $271.11 $66,737.45
304 11/30/2046 $1,311.66 $1,044.71 $266.95 $65,692.74
305 12/31/2046 $1,311.66 $1,048.89 $262.77 $64,643.85
Year 2046 $15,739.92 $12,314.48 $3,425.44 $64,643.85
306 1/31/2047 $1,311.66 $1,053.08 $258.58 $63,590.77
307 2/28/2047 $1,311.66 $1,057.30 $254.36 $62,533.47
308 3/31/2047 $1,311.66 $1,061.53 $250.13 $61,471.94
309 4/30/2047 $1,311.66 $1,065.77 $245.89 $60,406.17
310 5/31/2047 $1,311.66 $1,070.04 $241.62 $59,336.13
311 6/30/2047 $1,311.66 $1,074.32 $237.34 $58,261.81
312 7/31/2047 $1,311.66 $1,078.61 $233.05 $57,183.20
313 8/31/2047 $1,311.66 $1,082.93 $228.73 $56,100.27
314 9/30/2047 $1,311.66 $1,087.26 $224.40 $55,013.01
315 10/31/2047 $1,311.66 $1,091.61 $220.05 $53,921.40
316 11/30/2047 $1,311.66 $1,095.97 $215.69 $52,825.43
317 12/31/2047 $1,311.66 $1,100.36 $211.30 $51,725.07
Year 2047 $15,739.92 $12,918.78 $2,821.14 $51,725.07
318 1/31/2048 $1,311.66 $1,104.76 $206.90 $50,620.31
319 2/28/2048 $1,311.66 $1,109.18 $202.48 $49,511.13
320 3/31/2048 $1,311.66 $1,113.62 $198.04 $48,397.51
321 4/30/2048 $1,311.66 $1,118.07 $193.59 $47,279.44
322 5/31/2048 $1,311.66 $1,122.54 $189.12 $46,156.90
323 6/30/2048 $1,311.66 $1,127.03 $184.63 $45,029.87
324 7/31/2048 $1,311.66 $1,131.54 $180.12 $43,898.33
325 8/31/2048 $1,311.66 $1,136.07 $175.59 $42,762.26
326 9/30/2048 $1,311.66 $1,140.61 $171.05 $41,621.65
327 10/31/2048 $1,311.66 $1,145.17 $166.49 $40,476.48
328 11/30/2048 $1,311.66 $1,149.75 $161.91 $39,326.73
329 12/31/2048 $1,311.66 $1,154.35 $157.31 $38,172.38
Year 2048 $15,739.92 $13,552.69 $2,187.23 $38,172.38
330 1/31/2049 $1,311.66 $1,158.97 $152.69 $37,013.41
331 2/28/2049 $1,311.66 $1,163.61 $148.05 $35,849.80
332 3/31/2049 $1,311.66 $1,168.26 $143.40 $34,681.54
333 4/30/2049 $1,311.66 $1,172.93 $138.73 $33,508.61
334 5/31/2049 $1,311.66 $1,177.63 $134.03 $32,330.98
335 6/30/2049 $1,311.66 $1,182.34 $129.32 $31,148.64
336 7/31/2049 $1,311.66 $1,187.07 $124.59 $29,961.57
337 8/31/2049 $1,311.66 $1,191.81 $119.85 $28,769.76
338 9/30/2049 $1,311.66 $1,196.58 $115.08 $27,573.18
339 10/31/2049 $1,311.66 $1,201.37 $110.29 $26,371.81
340 11/30/2049 $1,311.66 $1,206.17 $105.49 $25,165.64
341 12/31/2049 $1,311.66 $1,211.00 $100.66 $23,954.64
Year 2049 $15,739.92 $14,217.74 $1,522.18 $23,954.64
342 1/31/2050 $1,311.66 $1,215.84 $95.82 $22,738.80
343 2/28/2050 $1,311.66 $1,220.70 $90.96 $21,518.10
344 3/31/2050 $1,311.66 $1,225.59 $86.07 $20,292.51
345 4/30/2050 $1,311.66 $1,230.49 $81.17 $19,062.02
346 5/31/2050 $1,311.66 $1,235.41 $76.25 $17,826.61
347 6/30/2050 $1,311.66 $1,240.35 $71.31 $16,586.26
348 7/31/2050 $1,311.66 $1,245.31 $66.35 $15,340.95
349 8/31/2050 $1,311.66 $1,250.30 $61.36 $14,090.65
350 9/30/2050 $1,311.66 $1,255.30 $56.36 $12,835.35
351 10/31/2050 $1,311.66 $1,260.32 $51.34 $11,575.03
352 11/30/2050 $1,311.66 $1,265.36 $46.30 $10,309.67
353 12/31/2050 $1,311.66 $1,270.42 $41.24 $9,039.25
Year 2050 $15,739.92 $14,915.39 $824.53 $9,039.25
354 1/31/2051 $1,311.66 $1,275.50 $36.16 $7,763.75
355 2/28/2051 $1,311.66 $1,280.60 $31.06 $6,483.15
356 3/31/2051 $1,311.66 $1,285.73 $25.93 $5,197.42
357 4/30/2051 $1,311.66 $1,290.87 $20.79 $3,906.55
358 5/31/2051 $1,311.66 $1,296.03 $15.63 $2,610.52
359 6/30/2051 $1,311.66 $1,301.22 $10.44 $1,309.30
360 7/31/2051 $1,314.54 $1,309.30 $5.24 $0.00
Year 2051 $9,184.50 $9,039.25 $145.25 $0.00

In Conclusion

FHA loans are marketed as a favorable option for borrowers with low credit standing and limited funds. It’s also geared towards first-time homebuyers looking for affordable financing. You can apply for an FHA loan with a low credit score of 500 if you can make a 10 percent downpayment.

However, FHA loans come with several drawbacks. These loans require a lifetime mortgage insurance premium which gets costly towards the latter years of the loan when compared against a conventional loans. Private mortgage insurance for conventional loans is removed once your mortgage reaches 78 percent of the home's value.

As a recourse, some homeowners refinance to a conventional loan to get rid of MIP costs.