You may find that owning an home may cost less that paying rent for an apartment. This calculator is an easy way to approximate the maximum FHA insured loan for which you may be qualified. All you need to do is enter your annual income and your monthly expenses. Your expenses should not include your current housing or day care costs. Next choose the current interest rate from the list provided. Then click on compute.

The calculator will display the following: the maximum mortgage loan for which you would qualify, the cash required to close your loan, and the monthly principal and interest. It will also show the monthly escrow for real estate taxes and insurance and your total monthly payment (PITI).

The maximum loan amount and the estimate of monthly payment, taxes and closing costs are only estimates intended to give you an approximation of what you may be eligible for. Your individual monthly payment will be effected by where you live. Taxes and closing cost vary from state to state as well as from municipality to municipality. FHA also has maximum mortgage limits for different market areas across the country which will effect the maximum mortgage for which you would be eligible. Clicking on the following link will take you to a table showing the mortgage limit in your state and county. You may enter that amount in the box below.

FHA Mortgage Limits