FHA Loan Calculator
Calculate FHA loan payments with MIP, compare to conventional financing, and understand your options.
Qualifies for FHA with minimum 3.5% down
$14,000.00
Most borrowers roll the 1.75% UFMIP into their loan amount
% of home value annually
% of home value annually
United States Only
FHA loans are a U.S. government program available only in the United States. This calculator uses current FHA rules and MIP rates for 2024-2025.
Total Monthly Payment
$3,226.06
Including P&I, MIP, Taxes & Insurance
$6,755.00
$176.92
$2,482.48
$392,755.00
Life of loan (LTV > 90%)
Comparison with 20% down conventional loan at same rate
FHA Loan
$3,226.06/mo
5-year cost: $193,563.73
Conventional (20% down)
$2,589.28/mo
5-year cost: $155,357.06
Conventional may be better if you can afford 20% down
5-year difference: $38,206.67
Understanding FHA Loans
FHA Requirements
- - Credit score 580+: 3.5% minimum down
- - Credit score 500-579: 10% minimum down
- - Below 500: Does not qualify
- - Primary residence only
- - Property must meet FHA standards
MIP Explained
FHA loans require Mortgage Insurance Premium (MIP). The upfront MIP is 1.75% of the loan, typically financed. Annual MIP ranges from 0.15% to 0.55% depending on loan term and LTV. Unlike conventional PMI, FHA MIP may last the life of the loan if your down payment is under 10%.
When to Choose FHA
- - Limited down payment savings
- - Credit score below 700
- - First-time homebuyer
- - Higher debt-to-income ratio
FHA Loan Limits (2024)
FHA loan limits vary by county. Check hud.gov for limits in your area. Low-cost areas: $472,030. High-cost areas: Up to $1,089,300.