FHA Assumptions
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3.875% FHA Loan Rate Assumptions

  • 30-Year FHA Loan: Rate is fixed. The payment on a $203,500, 30-year fixed rate loan at 3.875% and 96.5% loan-to-value (LTV) is $956.93 with No Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.85% of the base loan amount. The 0.85% monthly MIP will be paid for the full term of the mortgage or until paid off. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 5.419%Actual payments will vary based on your individual situation and current rates. Based on September 8th, 2015 rates.
  • Some restrictions may apply.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720.
  • The lock period for your rate is 45 days.
  • The loan to value (LTV) rate is 96.5%.
  • For FHA loans payment includes a onetime upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.85% of the base loan amount. The 0.85% monthly MIP will be paid for the full term of the mortgage or until paid off.
  • Michigan Mortgage Solutions provides a wide variety of mortgage options. Please remember that we don’t have all your information. Therefore, the results you see from this calculator may not reflect your actual situation. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (248) 674-6450 to talk to one of our mortgage consultants.