OAHU MORTGAGE CALCULATOR PLUS
Your mortgage will change on the adjustment dates and will be equal to an index, which is based on the 30 Day Average of the Secured Overnight Funding Rate (SOFR) as published daily by the Federal Reserve Bank of New York, plus a margin of 2.75%.
The Adjusted Interest Rate and Adjusted Payment may differ when the term for your initial rate expires. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.ģ Since the index in the future is unknown, the Current Adjusted Interest Rate and Current Adjusted Payment are based on the current index plus the margin at the time of the effective date shown above, and are only an example of what your rate and payment would be if your loan adjustment date was the date shown above. Get an official Loan Estimate before choosing a loan. Your actual rate, payment, terms, and costs could be different. The information provided on this page is for informational and comparative purposes only. After the initial fixed-rate period, your interest rate can increase or decrease every 6 months according to the then current index. Interest rates and payments may increase after consummation. For more information on the SOFR index, please visit the Federal Reserve Bank of New York.ġ For loan amounts greater than $970,800. Actual monthly payment will be greater.ģ Since the index in the future is unknown, the Current Adjusted Interest Rate and Current Adjusted Payment are based on the current index plus the margin at the time of the effective date shown above, and are only an example of what your rate and payment would be if your loan adjustment date was the date shown above. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.Ģ Monthly payments are per $100,000 borrowed and do not include additional costs such as taxes and insurance. You can use our FHA Loan Calculator to determine the upfront and ongoing FHA MIP depending on your mortgage amount and down payment.1 Maximum loan amount $1,089,300. The upfront FHA MIP for most loans is 1.75% of the mortgage amount while the ongoing fee depends on the mortgage size, LTV ratio and loan length. In comparison, PMI is usually automatically cancelled when your loan-to-value (LTV) ratio reaches a specified level - typically 78% - because you have paid down your mortgage balance or your property value has increased. Another important point to know about FHA MIP is that the ongoing fee is not cancellable like private mortgage insurance (PMI), so you pay the monthly premium as long as you have the loan. Both are extra costs that you may not be required to pay with a different loan program.
The upfront fee is paid at closing and can be added to your loan amount while you pay the ongoing fee monthly with your mortgage payment. Although FHA MIP benefits lenders, the borrower is required to the fee.
OAHU MORTGAGE CALCULATOR FULL
The MIP protects lenders in the event you default on your loan and they cannot recover the full mortgage amount. The main drawback of the FHA Home Loan Program is that borrowers are required to pay an upfront and ongoing mortgage insurance premium which is also called FHA MIP.
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