$10,500.00
$289,500.00
$5,066.25
$294,566.25
$1,813.70
$132.69
$300.00
$100.00
$400.00
$2,346.38
$358,363.97
$52,833.75
$15,566.25
96.50
%
$10,500.00
$289,500.00
$5,066.25
$294,566.25
$1,813.70
$132.69
$300.00
$100.00
$400.00
$2,346.38
$358,363.97
$52,833.75
$15,566.25
96.50
%
The FHA Loan Calculator computes your monthly payment for an FHA-insured mortgage, including both the upfront and annual Mortgage Insurance Premium (MIP). FHA loans are backed by the Federal Housing Administration and are designed for borrowers who may not qualify for conventional loans due to lower credit scores or limited down payment funds.
FHA loans are among the most popular mortgage products in the United States, particularly for first-time homebuyers. They require a minimum down payment of just 3.5% (with a credit score of 580+), compared to the typical 5-20% required for conventional loans. Borrowers with scores between 500 and 579 can still qualify with a 10% down payment.
The trade-off for the lower entry requirements is Mortgage Insurance Premium (MIP), which has two components: an upfront premium of 1.75% of the base loan amount (usually rolled into the loan) and an annual premium of 0.55% (for 30-year loans with more than 5% down), paid monthly. Unlike conventional PMI, FHA MIP typically remains for the life of the loan unless you put 10% or more down, in which case it drops off after 11 years.
FHA loans have property requirements: the home must be your primary residence, meet FHA minimum property standards (appraised by an FHA-approved appraiser), and the loan must be within FHA loan limits for your county. In 2024, the standard FHA loan limit is $498,257, with higher limits in high-cost areas up to $1,149,825.
This calculator factors in the upfront MIP (added to the loan balance) and the monthly MIP to give you the true cost of an FHA mortgage. Understanding these costs is essential for comparing FHA loans against conventional loans to determine which is more cost-effective for your situation.
Base Loan = Home Price × (1 − Down Payment %)
Upfront MIP = Base Loan × 1.75% (typically financed into the loan)
Total Loan = Base Loan + Upfront MIP
Monthly P&I uses: M = Total Loan × [r(1+r)n] / [(1+r)n − 1]
Monthly MIP = Base Loan × Annual MIP Rate ÷ 12
Total Monthly = P&I + Monthly MIP (plus taxes and insurance in practice)
The base loan is the amount borrowed before MIP. The upfront MIP is typically rolled into the loan, increasing your balance. The monthly MIP is an ongoing cost that adds to your payment. When comparing FHA to conventional loans, include MIP costs — if you have 10%+ down and good credit, a conventional loan may be cheaper despite the higher rate.
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FHA loan with 3.5% down: $1,946/month including MIP.
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With 10% down, MIP drops off after 11 years (not shown in basic calc).
3.5% with a credit score of 580 or higher. Borrowers with scores of 500-579 must put at least 10% down. The down payment can come from savings, gifts, or down payment assistance programs.
Mortgage Insurance Premium is required on all FHA loans. It has two parts: an upfront premium of 1.75% (usually rolled into the loan) and an annual premium of 0.55% (paid monthly) for most 30-year loans.
For loans with less than 10% down, MIP lasts the life of the loan. With 10%+ down, it drops off after 11 years. The only way to eliminate it otherwise is to refinance into a conventional loan once you have 20% equity.
For 2024, the standard limit is $498,257 and the high-cost area limit is $1,149,825. Limits vary by county and are updated annually.
Minimum 580 for 3.5% down payment, 500 for 10% down. However, most lenders set their own minimums, often 620 or higher.
No, FHA loans are for primary residences only. You must move in within 60 days of closing and live there for at least one year.
FHA offers lower down payments and accepts lower credit scores, but requires MIP for the life of the loan. Conventional loans require higher scores and down payments but allow PMI removal at 20% equity. If you have 10%+ down and 700+ credit, conventional is often cheaper.
Yes, once you have 20% equity and a qualifying credit score. This eliminates the ongoing MIP, potentially saving hundreds per month. This is called a conventional refinance.
A simplified refinance for existing FHA borrowers that requires less documentation and no appraisal. It can lower your rate and payment but keeps you in an FHA loan with MIP.
FHA loans can be used for condos, but the condo project must be on the FHA-approved list. Individual condo approval (single-unit approval) is also available in some cases.
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