Estimate monthly payments and costs for an FHA-insured mortgage
This FHA loan calculator estimates your total monthly mortgage payment including principal, interest, MIP, property taxes, and insurance. FHA loans are government-insured mortgages that allow lower down payments, making homeownership more accessible. FHA loans are popular among first-time homebuyers because they allow down payments as low as 3.5% and have more flexible qualification requirements. This calculator provides a complete picture of your monthly housing costs including all mandatory FHA insurance components.
The calculator computes the monthly principal and interest using the amortization formula, then adds MIP, property tax, and insurance.
MIP is the Mortgage Insurance Premium required on all FHA loans. It includes an upfront premium of 1.75% and annual premiums ranging from 0.45% to 1.05% of the loan balance.
FHA loans require a minimum down payment of 3.5% of the purchase price, significantly lower than conventional loans which typically require 5-20% down.
For FHA loans with a down payment of less than 10%, MIP is required for the entire loan term. For down payments of 10% or more, MIP is required for 11 years.
FHA loan limits vary by county. In most areas, the limit for a single-family home is $498,257, but it can be higher in expensive markets like New York or San Francisco.
No, FHA loans are only for owner-occupied primary residences. You must intend to live in the property as your main home.
FHA loans typically require a minimum credit score of 580 for the 3.5% down payment option. Scores between 500-579 may qualify with a 10% down payment.