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  Scott  Rheinhart
Wintrust Mortgage
601 Carlson Parkway
Suite 1550
Minnetonka
MN
55305
612-281-9990
srheinhart@wintrustmortgage.com
scott.rheinhart@gmail.com
 

Conventional vs. FHA Loan
Conventional
Sale Price
Annual Real Estate Taxes
Monthly Fee (HOA, condo, etc.)
FHA
Sale Price
Annual Real Estate Taxes
Monthly Fee (HOA, condo, etc.)
Conventional
Down Payment Percentage
Down Payment Amount
FHA
Down Payment Percentage
Down Payment Amount
1st Mortgage
Loan to Value
Loan Amount
Loan Term
Discount Points
Interest Rate
Single Premium PMI
Monthly PMI
Check to add PMI to Loan Amount
Actual LTV with financed PMI =
Total Loan Amount
Principal & Interest Payment
Principal & Interest w/PMI
1st Mortgage
Loan to Value
Base Loan Amount
Loan Term
Discount Points
Interest Rate
UFMIP
Mo. Mortgage Insurance / MI @
Check to add UFMIP to Loan Amount
Actual LTV with financed UFMIP =
Total Loan Amount
Principal & Interest Payment
Principal & Interest w/MI
Difference vs. Conventional
It would be rare to use an FHA loan with a simultaneous 2nd mortgage but this at times has been common for conventional loans as a means to avoid PMI. Here, we're providing the ability for a second lien to be included as part of the scenario so a complete and accurate comparison of all options can be considered.
Conventional
2nd Mortgage
Loan to Value 2nd
2nd Loan Amount
Loan Term
Discount Points
Interest Rate
2nd Loan Payment
FHA
2nd Mortgage
Loan to Value 2nd
2nd Loan Amount
Loan Term
Discount Points
Interest Rate
2nd Loan Payment
Totals for Conventional
Combined Loan to Value
Total 1st & 2nd Loan Amounts
Weighted Average Rate
Total Loan Payments & PMI
Totals for FHA
Combined Loan to Value
Total 1st & 2nd Loan Amounts
Weighted Average Rate
Total Loan Payments & PMI
Monthly Expenses for Conventional
Taxes
Hazard Insurance @ factor of
Monthly Fee (HOA, condo, etc.)
Total Monthly Expenses
Monthly Expenses for FHA
Taxes
Hazard Insurance @ factor of
Monthly Fee (HOA, condo, etc.)
Total Monthly Expenses
Conventional FHA
Total Estimated Monthly Payment
Total Estimated Monthly Payment
Closing Costs for Conventional
1st Loan Avg. Est. Costs @
Cost of Discount Points 1st
Single Premium PMI if not financed
2nd Loan Avg. Est. Costs @
Cost of Discount Points 2nd
Total Closing Costs
Closing Costs for FHA
1st Loan Avg. Est. Costs @
Cost of Discount Points 1st
UFMIP if not financed
2nd Loan Avg. Est. Costs @
Cost of Discount Points 2nd
Total Closing Costs
Pre-Paid Expenses
1st Loan Per Diem Interest
2nd Loan Per Diem Interest
  
Months of Taxes to Escrow @
Months of Taxes to Seller @
First Year of Insurance
Months of Insurance to Escrow @
Months of HOA/Condo Fee, etc.
Months of PMI
Total Pre-Paid Expenses
Pre-Paid Expenses
1st Loan Per Diem Interest
2nd Loan Per Diem Interest
  
Months of Taxes to Escrow @
Months of Taxes to Seller @
First Year of Insurance
Months of Insurance to Escrow @
Months of HOA/Condo Fee, etc.
Months of PMI
Total Pre-Paid Expenses
Closing Costs for 1st Mortgage APR Calculation
Conventional Loan
Closing costs
Cost of Discount Points
Per Diem Interest
Single Premium PMI
Total Monthly PMI Expense
Total Costs for APR
APR (Annual Percentage Rate)
Closing Costs for 1st Mortgage APR Calculation
FHA Loan
Closing costs
Cost of Discount Points
Per Diem Interest
Upfront MIP
Total Monthly MI Expense
Total Costs for APR
APR (Annual Percentage Rate)
Closing Costs for APR on 2nd Mortgage
2nd Loan Avg. Est. Costs @
Cost of Discount Points
Per Diem Interest
Total Costs for 2nd loan APR
APR (Annual Percentage Rate)
Closing Costs for APR on 2nd Mortgage
2nd Loan Avg. Est. Costs @
Cost of Discount Points
Per Diem Interest
Total Costs for 2nd loan APR
APR (Annual Percentage Rate)
Cash To Close
Down Payment
Total Costs & Pre-Paid Expenses
Seller Concession/Credit
Lender Credit
Total Cash to Close
Cash To Close
Down Payment
Total Costs & Pre-Paid Expenses
Seller Concession/Credit
Lender Credit
Total Cash to Close
Conventional
Income to Qualify @ ratio of
FHA
Income to Qualify @ ratio of
Please Note- Closing costs are approximated and this does not constitute a Good Faith Estimate or an offer to lend. Income and criteria to qualify can vary and is also dependent on the amount of other monthly recurring debt that you may have such as car loans, student loans, credit card debt, etc.
Conventional
Total Estimated Monthly Payment
Total Cash to Close
Income to Qualify @ ratio of
FHA
Total Estimated Monthly Payment
Total Cash to Close
Income to Qualify @ ratio of
Please Note- Closing costs are approximated and this does not constitute a Good Faith Estimate or an offer to lend. Income and criteria to qualify can vary and is also dependent on the amount of other monthly recurring debt that you may have such as car loans, student loans, credit card debt, etc.

We're always happy to assist with different scenarios or to explain further the differences that exist between these or other loan types. Everyone's situation is unique and we are experts at matching yours to the best, most affordable and comfortable loan program.


©Copyright 2013 MyCalx.com
This information does not constitute an application nor a Good Faith Estimate. Every effort has been made to assure the accuracy of the information and mathematical calculations provided by these calculators however, the provider, makes no guarantee and maintains no liability for use of or reliance upon the results. These calculations represent "what if" scenarios, are educational in nature and where projections are illustrated, they are not intended to predict future performance of the markets and/or specific properties.
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