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More than just a mortgage.
You are not a LOAN. We want to partner with you, understand your needs, and meet them with the best possible lending solutions. Our goal is to help you move forward with one of life’s most important financial decisions by providing a clear and dynamic road map staying with you for every turn along the way.
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Why Red Door?
You may be wondering what’s behind the Red Door? In many countries, homeowners paint their doors red when they pay off their mortgage. The Chinese believe that red doors bring prosperity and good fortune. And many religions believe that a red door is a sign of protection and provision.
Loans are loans. Rates are all pretty much the same and the products are what they are. But at Red Door, we aren’t just interested in getting you into a mortgage; we want to help you get out of it as well. That is why we design a plan to get you into the best mortgage while thinking about an exit strategy. That way you can paint your door red even sooner!
Check out what your monthly payment could be by using our FHA Mortgage Calculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Principal & Interest (P&I)
$ MIP
$ Taxes & HOA
$ Homeowners Insurance
$ Purchase Price Home Value $
- Down Payment $
Current Mortgage Balance $
+ Cash Out $
+ Upfront MIP $
Total Loan Amount New Loan Amount $
Home Equity After Cash Out $
Upfront MIP $
Estimated Taxes & Insurance Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
Annual MIP The Annual MIP ranges from 0.15% to 0.75% depending on loan term, loan amount and down payment. However, for most FHA borrowers, the Annual MIP is 0.75% of the loan amount. The Annual MIP can last for the life of the loan, or be removed after 11 years if the original down payment is 10% or more.
Upfront MIP The Upfront MIP, sometimes referred to as the FHA funding fee, is 1.75% of the loan amount. This fee is due at closing and is typically financed into the entire loan amount to reduce out of pocket costs.
Amount Financed Purchase Price (-) Down Payment (+) Upfront MIP
Estimated Payment $ /mo
Loan amount
$
Down payment
$
Cash Out
$
Home Equity After Cashout
$
Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
Upfront MIP
$
Annual MIP rate
$
Monthly MIP
$
HOA dues
$
Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan. Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
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