FHA Loan Calculator

Calculate FHA mortgage payments including upfront and annual MIP. Estimate your total monthly payment with property taxes and insurance.

FHA Loan Summary

Total Monthly Payment

$2,886

Principal, interest, MIP, tax & insurance

Loan Amount

$343,661

Including $5,911 upfront MIP

P&I Payment$2,172
Monthly MIP$239
Cash to Close$21,000
Total Interest$438,320

Home Price & Down Payment

$350,000
100,0001,500,000
3.5% ($12,250)
3.520

FHA minimum: 3.5% with 580+ credit score, 10% with 500-579 credit score

Loan Terms

6.5%
312

Property Costs

1.2%
0.53

FHA Mortgage Insurance (MIP)

Upfront MIP

$5,911

1.75% of base loan amount (financed into loan)

Annual MIP

$2,871/year

$239/month added to payment

Total MIP Over Loan Term

$63,229

This is the total cost of FHA mortgage insurance. Consider refinancing to conventional loan when you have 20% equity.

Monthly Payment Breakdown

Cash Needed at Closing

Down Payment (3.5%)$12,250
Estimated Closing Costs$8,750
Total Cash Needed$21,000

Note: Upfront MIP ($5,911) is typically financed into the loan, not paid at closing.

Loan Balance Over Time

FHA vs Conventional Loan

FeatureFHA LoanConventional
Min. Down Payment3.5%3-5%
Min. Credit Score500-580620-680
Mortgage InsuranceRequired (life of loan)Until 20% equity
Upfront Insurance1.75%None
Loan LimitsCounty-basedConforming limits

Quick Answer

FHA loans require only 3.5% down with 580+ credit score. Monthly payment includes principal, interest, taxes, insurance, and MIP (0.55% annually). Use our calculator to see your FHA payment and compare to conventional loans.

Key Facts

  • Minimum down payment: 3.5% with 580+ credit, 10% with 500-579
  • MIP upfront: 1.75% of loan amount
  • MIP annual: 0.55% for most borrowers
  • MIP required for life of loan if down payment under 10%
  • Maximum DTI: up to 43%, sometimes higher with compensating factors
  • Loan limits vary by county ($472K-$1.089M in 2024)

Frequently Asked Questions

An FHA loan is a mortgage insured by the Federal Housing Administration, designed to help borrowers who may not qualify for conventional loans. FHA loans require lower down payments (as low as 3.5%), have more flexible credit requirements, and allow higher debt-to-income ratios than conventional loans.
The minimum FHA down payment is 3.5% for borrowers with credit scores of 580 or higher. Borrowers with credit scores between 500-579 must put down at least 10%. The down payment can come from savings, gifts from family, or down payment assistance programs.
FHA MIP consists of two parts: an upfront MIP of 1.75% of the loan amount (can be rolled into the loan), and an annual MIP of 0.45-0.85% depending on loan term and LTV ratio. Unlike PMI on conventional loans, FHA MIP typically lasts the life of the loan for most borrowers.
FHA loan limits vary by county and are updated annually. In 2024, limits range from $472,030 in low-cost areas to $1,089,300 in high-cost areas. You can check your county's specific limit on the HUD website. Loans exceeding these limits require conventional financing.
For loans with less than 10% down payment, FHA MIP is required for the entire loan term. With 10% or more down, MIP can be removed after 11 years. To eliminate MIP sooner, borrowers often refinance into a conventional loan once they have 20% equity.