🏠 FHA Loan Calculator

Calculate your FHA mortgage payment with mortgage insurance, taxes, and insurance

Home Price

Down Payment (%)

3.5%

Interest Rate (%)

6.5%

Loan Term (years)

Credit Score

Annual Property Tax

Annual Home Insurance

Currency

Calculating...

📘 About FHA Loans

FHA loans are government-backed mortgages insured by the Federal Housing Administration that allow lower down payments and more flexible qualification requirements than conventional loans.

How FHA Loan Calculation Works

The FHA loan payment includes several components:

Total Payment = Principal & Interest + Mortgage Insurance + Property Tax + Home Insurance

FHA Mortgage Insurance Premium (MIP)

Upfront MIP: 1.75% of the loan amount (typically financed into the loan)
Annual MIP: 0.45% to 1.05% of the loan amount (divided into monthly payments)
Duration: For loans with less than 10% down, MIP lasts for the entire loan term

Key Benefits of FHA Loans

Lower Down Payment: As low as 3.5% with a 580+ credit score
Flexible Credit Requirements: Minimum 500 credit score with 10% down
Higher Debt-to-Income Ratios: Typically allows up to 43% DTI ratio
Competitive Interest Rates: Often lower than conventional loans for borrowers with lower credit scores

FHA Loan Requirements

Minimum credit score of 500 (with 10% down) or 580 (with 3.5% down)
Debt-to-income ratio typically below 43%
Property must be primary residence
Mortgage insurance required regardless of down payment
Loan limits vary by county based on local housing costs

❓ Frequently Asked Questions

An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments (as low as 3.5%) and more flexible qualification requirements than conventional loans. They're popular with first-time homebuyers.

The minimum down payment for an FHA loan is 3.5% of the purchase price for borrowers with a credit score of 580 or higher. Borrowers with credit scores between 500-579 need a 10% down payment.

FHA loans require both an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount and an annual MIP that ranges from 0.45% to 1.05% depending on loan term, amount, and loan-to-value ratio.

For FHA loans with less than 10% down, mortgage insurance lasts for the entire loan term. For loans with 10% or more down, MIP is required for 11 years.

FHA loan limits vary by county and are based on local housing costs. In 2023, the standard limit for single-family homes ranges from $472,030 in low-cost areas to $1,089,300 in high-cost areas.

For loans originated after June 3, 2013, FHA mortgage insurance cannot be canceled regardless of loan-to-value ratio, except by refinancing into a conventional loan or paying off the mortgage.

The minimum credit score for an FHA loan is 500 with 10% down payment, or 580 with 3.5% down payment. However, individual lenders may have higher requirements.