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FHA · 203k Renovation Refinance

FHA 203K Renovation Refinance Loan Payment Calculator

Refinance and renovate in one loan. Estimate your total project costs, maximum FHA loan, full monthly payment with MI, cash to close, and the income needed to qualify.

Built by Jim Blackburn · NMLS #1072866 · $500M+ closed · 7× Scotsman Guide Top Producer

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Summary

Project Costs

Total Property Costs$310,000Payoff + renovation + 10% contingency.
Total Financeable Costs$312,000Includes ~4% estimated closing costs. Not a Loan Estimate.

Loan

Maximum FHA Loan Allowed$440,000
Desired Loan Amount$312,000
UFMIP (1.75%)$5,460
Final Loan Amount$317,460Base plus financed UFMIP.

Payment Breakdown

Principal & Interest Payment$2,112
Monthly Insurance$200
Monthly Taxes$300
Estimated Monthly MI$198
HOA (paid separately)$0
Total Monthly Housing Expense$2,810

Cash to Close

Cash Out of Pocket (no lender credit)$0
Monthly Income Target to Qualify$5,621FHA allows up to 43-50% DTI with compensating factors.
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Estimates only — not a commitment to lend.

Jim Blackburn

By Jim Blackburn

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Important Disclaimer

This calculator is for illustrative purposes only and does not constitute financial, legal, or investment advice. Results are based on general assumptions and may not reflect actual performance or eligibility. This is not a loan estimate or approval. Please consult with a licensed mortgage advisor before making financial decisions.

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