FHA Loan Calculator
Calculate FHA mortgage payments including FHA insurance premiums (MIP), down payment requirements, and FHA loan limits. Compare FHA loans with conventional financing options.
Monthly Payment
FHA Loan Summary
FHA Insurance Details
FHA vs Conventional Loan Comparison
| Feature | FHA Loan | Conventional Loan |
|---|---|---|
| Minimum Down Payment | 3.5% | 3-20% |
| Credit Score Minimum | 580 | 620-740 |
| Mortgage Insurance | Required (MIP) | Optional (PMI) |
| Loan Limits | $498,257 (low-cost) | No limit |
| Debt-to-Income Ratio | 43% (front) / 50% (back) | 36% (front) / 43% (back) |
Understanding FHA Loans
FHA loans are government-backed mortgages designed to help first-time homebuyers and those with lower credit scores. They offer lower down payment requirements but include mandatory mortgage insurance.
FHA Loan Benefits
- Low Down Payment: Minimum 3.5% down payment required
- Flexible Credit Requirements: Lower credit score minimum (580)
- Gift Funds Allowed: Down payment can come from gifts
- Backed by Government: Lower risk for lenders
- Co-Signer Possible: Family members can co-sign
FHA Mortgage Insurance (MIP)
FHA loans require two types of mortgage insurance premiums (MIP): an upfront premium paid at closing and monthly premiums added to your mortgage payment.
FHA Loan Limits
FHA loan limits vary by county and are set annually by HUD. They range from $498,257 in low-cost areas to over $1 million in high-cost areas for single-family homes.
FHA Eligibility Requirements
- Credit Score: Minimum 580 for 3.5% down, 500-579 for 10% down
- Debt-to-Income: Maximum 43% front-end, 50% back-end ratio
- Employment: Steady employment for 2 years (less with extenuating circumstances)
- Citizenship: Must be U.S. citizen, permanent resident, or eligible non-citizen
- Property Type: Primary residence, 1-unit to 4-unit properties allowed
Tip: FHA loans are ideal for first-time buyers but may not be the best choice if you can afford a 20% down payment to avoid PMI. Use this calculator to compare FHA with conventional loan options.