FHA Loan Calculator
Calculate your FHA mortgage payment including upfront and annual mortgage insurance premiums.
FHA Mortgage Payment Calculator
Enter your home purchase details to calculate FHA loan costs with MIP
Understanding FHA Loans
What is an FHA Loan?
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They're designed to help first-time homebuyers and those with less-than-perfect credit achieve homeownership with lower down payments and more flexible qualifying requirements.
FHA Loan Requirements
- Credit Score: 580+ for 3.5% down, 500-579 for 10% down
- Down Payment: Minimum 3.5% (can be gifted)
- DTI Ratio: Generally up to 43%
- Property: Must be primary residence
- Loan Limits: Vary by county
FHA Mortgage Insurance (MIP)
- Upfront MIP: 1.75% of base loan (usually financed)
- Annual MIP: 0.15% - 0.75% based on loan terms
- Duration: Life of loan if down payment < 10%
- Removal: 11 years if down payment ≥ 10%
- Alternative: Refinance to conventional loan
FHA vs Conventional Loans
- FHA: Lower credit requirements
- FHA: Lower down payment (3.5% vs 3-5%)
- Conventional: PMI cancellable at 80% LTV
- Conventional: No upfront insurance premium
- Consider both options before deciding