FHA Loan Calculator
An FHA loan calculator helps you calculate Federal Housing Administration mortgage payments with low down payment options and mortgage insurance requirements. Use our free FHA loan calculator to understand payment structures, mortgage insurance premiums, and total costs for first-time homebuyers. This tool accounts for FHA-specific requirements including minimum down payments, upfront and annual mortgage insurance, and flexible credit guidelines. Calculate your FHA loan payments instantly to determine affordability and plan your home purchase effectively.
Free • First-time buyer • Low down payment
How FHA Loan Calculation Works
FHA Loan Payment Formula
Monthly Payment = Principal + Interest + MIP + Taxes + Insurance
Upfront MIP: 1.75% of loan amount (can be rolled into loan)
Annual MIP: 0.45% - 1.05% of loan amount annually
Minimum Down: 3.5% of purchase price
Loan Limits: Varies by county (typically $420,680 - $970,800)
Example FHA Loan Payment Calculation
A $300,000 home with 3.5% down payment ($10,500) results in a $289,500 FHA loan. At 6.5% interest for 30 years, monthly payment is $2,150 including $272 monthly MIP. Total upfront MIP is $5,066.
This shows how FHA loans enable homebuyers to purchase with minimal down payment.
Benefits of FHA Loans
Frequently Asked Questions
What credit score do I need for an FHA loan?
FHA loans require a minimum 580 credit score for 3.5% down payment. Scores 500-579 may qualify with 10% down payment.
Can I remove FHA mortgage insurance?
FHA MIP remains for the life of the loan if you put down less than 10%. With 10% or more down, MIP is removed after 11 years.
Who qualifies for FHA loans?
First-time homebuyers, repeat buyers, and those with limited credit history or savings. Must have steady employment and meet debt-to-income requirements.
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