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FHA Loan Calculator

Calculate FHA loan payments with mortgage insurance and low down payment options

FHA Loan Details

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Total price of the home

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FHA requires minimum 3.5% down payment

Down payment: 3.50%

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Typically 1.75% of loan amount (can be financed)

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Annual percentage rate

Length of the loan

Quick Scenarios:

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Enter your FHA loan details to calculate your monthly payment

About FHA Loans

FHA loans are mortgages insured by the Federal Housing Administration. They're designed to help first-time homebuyers and those with lower credit scores or smaller down payments. Key features include:

  • Minimum 3.5% down payment (with credit score 580+)
  • Lower credit score requirements than conventional loans
  • Competitive interest rates
  • Upfront mortgage insurance premium (MIP) of 1.75%
  • Annual MIP payments (typically 0.55% - 0.85% of loan amount)

FHA Mortgage Insurance

FHA loans require two types of mortgage insurance:

  • Upfront MIP: 1.75% of the loan amount, can be rolled into the loan
  • Annual MIP: Divided into monthly payments, typically 0.55% to 0.85% of loan amount per year
  • MIP Duration: For loans with less than 10% down, MIP lasts the entire loan term
  • Cancellation: With 10%+ down on a 30-year loan, MIP can be removed after 11 years

Frequently Asked Questions

What is the minimum down payment for an FHA loan?

The minimum down payment is 3.5% of the home's purchase price if your credit score is 580 or higher. If your credit score is between 500-579, you'll need to put down at least 10%.

How long do I have to pay FHA mortgage insurance?

If you put down less than 10%, you'll pay MIP for the entire loan term. With 10% or more down on a 30-year loan, MIP can be canceled after 11 years. On 15-year loans with 10%+ down, MIP lasts for 11 years or until 78% LTV is reached.

What are FHA loan limits?

FHA loan limits vary by county. For 2024, the floor limit is $498,257 in most areas, with higher limits in high-cost areas up to $1,149,825. Check with your lender for limits in your specific area.

Can I refinance an FHA loan to remove MIP?

Yes, once you have 20% equity in your home, you may be able to refinance to a conventional loan to eliminate mortgage insurance. This is called an FHA-to-conventional refinance.