FHA Loan Calculator

Calculate FHA loan payments including mortgage insurance premiums (MIP). Get accurate estimates for down payments, monthly costs, and total loan expenses for FHA mortgages.

Loan Details

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Calculation Results

Enter your loan details to calculate FHA loan payments and see detailed breakdown.

How to Use the FHA Loan Calculator

  1. Enter Home Price: Input the total purchase price of the home you want to buy
  2. Set Down Payment: Enter down payment percentage (FHA minimum is 3.5%)
  3. Add Interest Rate: Input the current FHA loan interest rate
  4. Choose Loan Term: Select 15-year or 30-year loan term
  5. Set MIP Rates: Enter upfront and annual mortgage insurance premium rates
  6. Add Property Costs: Include annual property tax, home insurance, and HOA fees
  7. Calculate: Click to see detailed payment breakdown and loan totals

FHA Loan Benefits & Requirements

FHA Loan Benefits

✓Low down payment: As low as 3.5% with credit score 580+
✓More flexible credit requirements than conventional loans
✓Down payment can come from gifts or down payment assistance
✓Available for primary residences and some multi-unit properties
✓Assumable loans - buyers can take over your FHA loan
✓Competitive interest rates backed by government insurance

FHA Requirements

•Credit score: 500+ (10% down) or 580+ (3.5% down)
•Debt-to-income ratio: Generally 43% or less
•Property must be your primary residence
•Property must meet FHA appraisal standards
•Must pay upfront and annual mortgage insurance premiums
•Loan limits vary by county and property type

Understanding FHA Mortgage Insurance (MIP)

What is MIP?

Mortgage Insurance Premium (MIP) is required on all FHA loans to protect lenders against losses if borrowers default. There are two types of MIP: upfront and annual.

Upfront MIP (UFMIP)

• Currently 1.75% of the loan amount
• Can be rolled into the loan or paid at closing
• One-time fee paid when you get the loan
• Refundable if you refinance within 3 years

Annual MIP

• Typically 0.45% to 1.05% of loan amount
• Paid monthly as part of mortgage payment
• Rate depends on loan amount, term, and LTV ratio
• May be removable after 11 years (conditions apply)

Frequently Asked Questions

What is the minimum down payment for an FHA loan?

The minimum down payment is 3.5% if your credit score is 580 or higher. If your credit score is between 500-579, you'll need to put down at least 10%.

Can I remove FHA mortgage insurance?

For loans with less than 10% down, annual MIP is required for the life of the loan. With 10% or more down, MIP can be removed after 11 years. The only way to eliminate MIP otherwise is to refinance to a conventional loan.

What are current FHA loan limits?

FHA loan limits vary by county and are updated annually. For 2024, the baseline limit is $498,257 for most areas, with higher limits in expensive markets up to $1,149,825. Check with your lender for specific limits in your area.

Can I use an FHA loan to buy a second home?

No, FHA loans can only be used for primary residences. You must intend to live in the home as your main residence within 60 days of closing and for at least one year.

What credit score do I need for an FHA loan?

The minimum credit score is 500, but you'll need at least 580 to qualify for the 3.5% down payment option. With a score between 500-579, you'll need to put down 10%. However, many lenders prefer scores of 620 or higher.

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