Loading...
Calculate your FHA loan payments with mortgage insurance premium (MIP). Check qualification status and view detailed amortization.
Minimum 3.5% with 580+ credit score
Minimum 580 for 3.5% down, 500 for 10% down
Car loans, credit cards, student loans, etc.
Source: Information based on official FHA guidelines from the U.S. Department of Housing and Urban Development (HUD). Updated December 2024.
An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to help first-time homebuyers and those with less-than-perfect credit or limited savings achieve homeownership.
The key advantage is that FHA loans require as little as 3.5% down payment and accept credit scores as low as 580. However, borrowers must pay mortgage insurance premiums (MIP) - both upfront and annually - which protects lenders against losses if you default on the loan.
Accurate upfront and annual MIP calculations
Check front-end and back-end debt ratios
Instant qualification status with guidelines
Detailed month-by-month payment breakdown
Input the home price and your down payment percentage (minimum 3.5% with 580+ credit score, or 10% with 500-579 score).
Enter your interest rate, loan term (15 or 30 years), and credit score. The calculator will automatically calculate MIP rates.
Add property taxes, home insurance, HOA fees, and your income/debt information for qualification analysis.
View your monthly payment breakdown, upfront costs, DTI ratios, qualification status, and detailed amortization schedule.
Official HUD Rates (2024): Upfront MIP is 1.75% of base loan amount. Annual MIP ranges from 0.45% to 1.05% based on loan term, amount, and LTV ratio per HUD Mortgagee Letter.
Charged at closing and typically rolled into your loan amount. For a $300,000 loan, that's $5,250 added to your principal.
Paid monthly as part of your mortgage payment. Rate depends on loan term, down payment, and loan amount.
Less than 10% down:
MIP for the entire life of the loan. Only way to remove is refinancing to conventional.
10% or more down:
MIP automatically removed after 11 years of payments.
Calculate monthly mortgage payments
VA loan calculator for veterans
Calculate refinancing savings
Calculate annual percentage rate
How much house can you afford?
Calculate required down payment
View loan amortization schedule
Calculate your DTI ratio
Calculate early payoff savings
| Feature | FHA Loan | Conventional Loan |
|---|---|---|
| Minimum Credit Score | 580 (3.5% down) 500 (10% down) | 620-640 |
| Minimum Down Payment | 3.5% | 3-5% |
| Mortgage Insurance | Upfront 1.75% + Annual MIP (Life of loan if <10% down) | PMI if <20% down (Removable at 20% equity) |
| Debt-to-Income Ratio | Up to 43-50% | Up to 43-45% |
| Property Requirements | Must meet FHA standards | More flexible |
| Loan Limits | $498,257 - $1,149,825 (Varies by county) | $766,550 - $1,149,825 (Higher limits) |
| Best For | First-time buyers Lower credit scores Limited savings | Good credit (740+) 20%+ down payment Long-term ownership |
Disclaimer: These tips are based on FHA guidelines from HUD and mortgage industry best practices. Consult a licensed mortgage professional for personalized advice.
Even a 20-point credit score increase can save thousands in interest. Pay down debts, fix errors on your credit report, and avoid new credit applications before applying.
If possible, put 10% down to remove MIP after 11 years instead of paying it for the life of the loan. This can save tens of thousands over time.
Once you have 20% equity and improved credit, refinance to a conventional loan to eliminate MIP and potentially get a lower rate.
Our calculator follows official FHA guidelines. For detailed information, consult these authoritative government sources:
Official FHA loan guidelines, requirements, and loan limits
Mortgage insurance premium rates and qualification standards
Consumer protection information and mortgage shopping guides
Conventional loan comparison and mortgage guidelines
Clean, modern design that's easy to use on any device
Perfect experience on mobile, tablet, and desktop
Both upfront and annual MIP calculated per FHA guidelines
Instant qualification status with DTI analysis
Month-by-month breakdown including MIP payments
Helpful tips and recommendations throughout
Compare FHA vs conventional side-by-side
Color-coded progress bars for easy understanding
No registration, no hidden fees, unlimited calculations