FHA Loan Calculator
Calculate FHA loan payments with mortgage insurance premiums. Analyze total monthly payments and loan costs for FHA financing.
How it works
FHA loans require mortgage insurance premiums (MIP) - upfront and annual. Lower down payment requirements make homeownership more accessible but increase total costs.
Example
$300K home, 3.5% down, 6.5% rate: $1,896 P&I + $213 MIP = $2,109 base payment plus taxes/insurance.
FAQ
What is FHA mortgage insurance?
FHA requires upfront (1.75%) and annual (0.45-1.05%) mortgage insurance premiums. Annual MIP protects lenders and may be removed after 11 years if you put down 10%+.
Can FHA mortgage insurance be removed?
Yes, but rules vary. With 10%+ down, MIP removes after 11 years. With less than 10% down, MIP stays for the loan life unless you refinance.
What are FHA loan limits?
FHA limits vary by county. In 2024, most areas have limits of $472,030, with high-cost areas up to $1,089,300. Check your area's specific limits.
What credit score do I need for FHA?
Minimum 580 for 3.5% down payment. With 500-579 credit score, you need 10% down payment. Lower scores may require manual underwriting.
How does FHA compare to conventional loans?
FHA allows lower down payments and credit scores but requires mortgage insurance. Conventional may have better rates but stricter requirements.