FHA Loan Calculator
Estimate your FHA mortgage payment with our FHA loan calculator, including the mortgage insurance premium (MIP), taxes, and insurance. FHA loans allow lower down payments and credit scores than conventional loans.
FHA Loan Summary
Enter your loan details and click "Calculate" to see results.
About FHA Loans
FHA loans are mortgages insured by the Federal Housing Administration (FHA). They are popular among first-time homebuyers because they allow lower down payments (as low as 3.5%) and more flexible credit requirements than conventional loans.
FHA Loan Requirements
- Minimum Down Payment: 3.5% for credit scores of 580+, 10% for scores between 500-579
- Mortgage Insurance: Upfront MIP of 1.75% of loan amount + annual MIP (0.45%-1.05%)
- Credit Score: Minimum 500 (though many lenders require higher)
- Debt-to-Income Ratio: Typically no more than 43%
- Loan Limits: Vary by county (check FHA limits for your area)
FHA Mortgage Insurance Premium (MIP)
All FHA loans require mortgage insurance:
- Upfront MIP: 1.75% of the loan amount, paid at closing (can be rolled into loan)
- Annual MIP: 0.45% to 1.05% of loan amount, divided by 12 and paid monthly
For loans with terms >15 years and LTV >90%, MIP lasts for the life of the loan. For loans with terms >15 years and LTV ≤90%, MIP can be removed after 11 years.