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FHA Loan Calculator
FHA mortgage calculations
How It Works
Free FHA loan calculator to estimate monthly payments including MIP, helping borrowers determine affordability of an FHA mortgage.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA loans are popular among first-time homebuyers because they require lower minimum down payments (as low as 3.5%) and have more lenient credit score requirements compared to conventional loans.
FHA loans require two types of mortgage insurance premiums (MIP): an upfront MIP of 1.75% of the loan amount paid at closing, and an annual MIP paid monthly that ranges from 0.15% to 0.75% depending on the loan term and loan-to-value ratio. For most FHA loans, MIP is required for the life of the loan if the down payment is less than 10%.
The FHA loan limits vary by county and are adjusted annually. Borrowers must also meet certain property requirements, as the home must be the borrower's primary residence and must pass an FHA appraisal.
Results
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Quick Tips
- • Results update automatically as you type
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- • Press Enter to calculate