FHA Loan Calculator Online Free Tool
FHA Loan Calculator
FHA Loan Details
Minimum 3.5% for FHA loans
Standard FHA upfront MIP is 1.75%
Auto-calculated based on FHA guidelines. Current LTV: 0.0%
Annual property tax rate as % of home value
Monthly Payment Breakdown
Loan Summary
Monthly Cost Breakdown
Loan Balance Over Time
Amortization Schedule
| Year | Date | Interest | Principal | Ending Balance |
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FHA loans are government-backed mortgages designed for buyers with lower credit scores or smaller down payments. The Federal Housing Administration insures these loans, allowing lenders to offer more flexible terms. This calculator estimates your FHA payment including the required mortgage insurance premium (MIP) so you can see the true cost.
FHA Loan Requirements
FHA loans require a minimum 3.5% down payment for borrowers with a 580+ credit score. Borrowers with scores between 500-579 can qualify with a 10% down payment. FHA loans also have debt-to-income limits (typically 43% back-end DTI) and loan limits that vary by county.
| Credit Score | Minimum Down Payment |
|---|---|
| 580 or higher | 3.5% |
| 500-579 | 10% |
| Below 500 | Not eligible |
FHA Mortgage Insurance Premium (MIP)
All FHA loans require mortgage insurance regardless of down payment size. There are two components: an upfront MIP of 1.75% of the loan amount (paid at closing or financed) and an annual MIP that ranges from 0.15% to 0.75% depending on loan term and LTV. Unlike conventional PMI, FHA MIP on loans with less than 10% down lasts for the life of the loan.
Upfront MIP = Loan Amount × 1.75% Annual MIP = Loan Amount × MIP Rate (paid monthly)
For a 30-year loan with less than 10% down, the annual MIP rate is currently 0.55% for most loan amounts.
Frequently Asked Questions
Can I remove FHA mortgage insurance?⌄
For loans originated after June 2013 with less than 10% down, FHA MIP cannot be canceled. It lasts for the entire loan term. To eliminate it, you must refinance into a conventional loan once you have built enough equity (typically 20%). With 10%+ down, MIP is removed after 11 years.
What are FHA loan limits?⌄
FHA loan limits vary by county and are updated annually. For 2024, the national floor is $498,257 for a single-family home in low-cost areas, and the ceiling is $1,149,825 in high-cost areas like San Francisco or New York City. Use the HUD website to look up limits for your specific county.
Can I use an FHA loan to buy a multi-family property?⌄
Yes. FHA loans can be used for 1-4 unit properties as long as you live in one of the units as your primary residence. This makes FHA loans popular for house hacking strategies. Loan limits are higher for 2-, 3-, and 4-unit properties.
Is an FHA loan better than conventional?⌄
FHA is better if your credit score is below 680 or your down payment is less than 5%. For scores above 720 with 5%+ down, conventional loans usually offer lower total costs because PMI is cheaper than MIP and can be removed once you hit 20% equity. Run the numbers on both to compare total cost of ownership.