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Modesto Office
(209) 524-6000
(800) 399-4262
1217 Standiford Ave.
Modesto CA., 95350

 

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FHA versus

 

Conventional 95% / 97% LTV

 

The chart below is used to demonstrate the difference in down payment, monthly mortgage insurance, and total monthly payment for an FHA loan requiring 3.5% down vs. a conventional loan with 5% or 3% down.  FHA, the most popular loan in the market today, may not be the least expensive option for you.  Contact us today 209-524-6000 to see if you can qualify for a conventional loan.

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Conv 95.00%

FHA 96.50%

Conv 97.00%

Sales Price

$130,000.00

$130,000.00

$130,000.00

Down Payment

$6,500.00

$4,550.00

$3,900.00

Loan Amount

$123,500.00

$126,704.00

$126,100.00

Interest Rate

4.250%

4.250%

4.250%

APR

5.085%

5.663%

5.296%

Principal & Interest

$607.55

$623.31

$620.34

Hazard Insurance

$36.02

$36.59

$36.78

Property Taxes

$135.42

$135.42

$135.42

Mortgage Insurance

$68.45

$120.22

$91.75

Total P.I.T.I.

$847.42

$910.80

$884.30

Seller Credit of 3%

$3,900.00

$3,900.00

$3,900.00

Total Cash to Close

$8,716.59

$6,663.60

$6,191.70