The FHA 203k loan calculator was created to help Real Estate Professionals and Homebuyers interested in estimating an FHA renovation loan known as the HUID FHA 203K Loan. Using the FHA 203k Calculator is super simple and easy to read your results.
X11s.org FHA 203k calculator will show you a pretty good idea of what to expect on the FHA 203k loan amount, monthly payments on the combined purchase price with renovation and down payments. The 203k rehab loan calculator will also give you simple access to reach a 203k Loan Specialist for your area for more information and details.
There are lots of options out there for calculating your mortgage payment with plugging in just a couple of figures; the loan amount, life of the loan and interest rate.
When it comes to mortgages from a renovation loan, like the FHA 203k Loan, the concept is pretty much the same but how we reach the loan amount is a bit different. Generally, the loan amount is calculated by subtracting the down payment from the purchase price but when calculating the loan amount for a 203k Loan we must factor in the renovation costs.
Below is an equation to provide a general calculation of a 203k loan amount, as well, as a list of average home renovation costs when considering estimations for your renovation budget.
FHA 203K Loan Calculator
To calculate the loan amount
Use this simple formular:
Purchase Price + Renovation Budget + (Renovation Budget x 10%)= Loan Costs
Loan Costs x 3.5%= Down Payment
Loan Costs – Down Payment= Loan Amount
Loan Amount Calculation Example
National Average of Home Renovation Costs as of January 2018
Bathroom Remodel $9,274
Install a Shower $3,096
Install a Bathtub $2,838
Paint Interior $1,656
New Pipe Install $1.134
Install a Septic Tank $4,583
Kitchen Remodel $19,920
Deck Repair $1,379
Install a Roof $6,626
Repair a Roof $653
Install Flooring $2,890
Install Windows $4,745
Install Cabinets $4,621
Install Countertops $2,819
Sod the Yard $1,709
Build a Deck $6,919
Paint Exterior $2,575
Install Electrical Wiring $1,324
Calculating your payments per month and other information can be a bit more involved than the loan amount itself and if you don’t want to do all this calculating, we do not blame you 1 bit! We would be more than happy to help you in figuring out these figures as well as walking you in picking which loan is best suited for you and your convenience.
Reach Out To Us Today for more information on the 203k Fixer Upper Loan !