FHA Loan Calculator
Estimated monthly payments include principal and interest and are not an offer to lend. Tax, insurance, and other fees and charges may apply. Default interest rate displayed is illustrative only. Interest rates, total cost of mortgage, and monthly mortgage payment are estimates based on information provided. Actual mortgage payment and interest rate may be higher or lower than those displayed and will depend on your mortgage product, collateral, and credit history.
Crunch your own numbers with our mortgage calculators for refinance or a purchase loan, and run as many different scenarios as you’d like.
What It Shows
- Estimated monthly payment
- Projected taxes, insurance, and housing costs
- Home financing scenarios based on FHA guidelines
What It Doesn’t
- Your final loan approval or interest rate
- County-specific loan limit eligibility
- Exact closing costs or mortgage insurance charges
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Every input and output the calculator uses, explained in plain terms.
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Frequently Asked Questions
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD). FHA loans are federally guaranteed, so lenders can offer lower rates and looser credit standards than conventional loans.
How long do I pay FHA MIP?
FHA Mortgage Insurance Premium (MIP) duration depends on your original down payment. If you put less than 10% down, you pay annual MIP for the life of the loan. If you put 10% or more down, annual MIP drops off automatically after 11 years of on-time payments. The only way to eliminate MIP with less than 10% down is to refinance to a conventional loan after reaching 20% equity.
What is the difference between upfront MIP and annual MIP?
Upfront MIP (UFMIP) is a one-time charge of 1.75% of your base loan amount paid at closing. Annual MIP is 0.15% to 0.75% of your outstanding loan balance, divided into 12 monthly installments and added to your mortgage payment.
What credit score do I need for an FHA loan?
FHA requires a minimum 580 FICO for 3.5% down and 500 FICO for 10% down. Borrowers below 500 are not eligible for FHA financing under HUD program rules.
How much down payment do I need for an FHA loan?
The minimum FHA down payment is 3.5% of the purchase price for borrowers with a FICO score of 580 or higher. Borrowers with FICO scores between 500 and 579 must put 10% down. FHA down payment funds can come from savings, gifts from family, or approved down payment assistance programs.
Can I get rid of FHA MIP without refinancing?
No — FHA MIP cannot be removed without refinancing if your original loan closed after June 3, 2013 with less than 10% down. Unlike conventional PMI (Private Mortgage Insurance), FHA MIP is permanent for life-of-loan borrowers. If you put 10% or more down, MIP automatically ends after 11 years of on-time payments. Otherwise, you must refinance to a conventional loan (typically at 20% equity) to eliminate mortgage insurance.
What does an FHA monthly payment include?
An FHA monthly payment includes five components: Principal, Interest, monthly MIP (annual MIP divided by 12), property Taxes, and homeowners Insurance — often abbreviated as PITI + MIP or “PITIA” when HOA is included.
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loanDepot.com, LLC is not acting on behalf of or at the direction of HUD/FHA or the federal government.