Advanced FHA Loan Calculator

Calculate your FHA loan payment including mortgage insurance, taxes, and more. See how much you can afford with FHA's low down payment requirements.

Property Details

$300,000
Minimum 580 for 3.5% down payment, 500-579 requires 10% down
Advanced Property Options
Typically 2-6% for FHA loans
Taxes, insurance, and interest escrow
Used to determine FHA loan limits in your area

Loan Details

6.50%

FHA Down Payment Requirements

Minimum down payment is 3.5% for credit scores of 580+. For credit scores between 500-579, minimum down payment is 10%. Below 500, FHA loan not available.

FHA Mortgage Insurance

Upfront MIP: 1.75% of loan amount. Annual MIP: 0.15% to 0.75% based on loan term, amount, and LTV ratio.

Credit cards, auto loans, student loans, etc.

Results Summary

FHA Loan Breakdown

$0
Principal, Interest, Taxes, Insurance & MIP
Base Loan Amount
$0
Purchase price minus down payment
UFMIP (1.75%)
$0
Upfront Mortgage Insurance Premium
Total Loan Amount
$0
Base loan + UFMIP (if financed)
MIP Duration
--
Based on down payment

Monthly Payment Details

Component Monthly Amount Annual Amount
Principal & Interest $0 $0
Mortgage Insurance (MIP) $0 $0
Property Taxes $0 $0
Homeowners Insurance $0 $0
HOA Fees $0 $0
Total Monthly Payment $0 $0
Important Note: FHA mortgage insurance (MIP) remains for the life of the loan when down payment is less than 10%.

Debt-to-Income Analysis

Front-End DTI Ratio
0%
Housing expenses only
Back-End DTI Ratio
0%
All debt obligations
FHA Guidelines
31%/43%
Max recommended ratios
DTI Status
--
--
FHA DTI Guidelines: Maximum 31% front-end DTI (housing expenses) and 43% back-end DTI (total debts). Higher ratios may be approved with compensating factors like residual income or cash reserves.

Cash to Close Estimate

Item Amount
Down Payment $0
Upfront MIP (1.75%) $0
Closing Costs $0
Prepaid Items $0
Total Cash Needed $0
Tip: FHA closing costs typically range from 2-6% of the loan amount. Some closing costs can be rolled into the loan or covered by seller concessions (up to 6%).
Amortization
MIP Details
FHA vs Conventional
Affordability
Year Principal Paid Interest Paid MIP Paid Remaining Balance
$0
Total Interest Paid Over Loan Term

FHA Mortgage Insurance Details

FHA Mortgage Insurance Premiums

Current Up-Front Mortgage Insurance Premium (UFMIP) is 1.75% of the base loan amount. Annual MIP rates vary from 0.15% to 0.75% based on loan term, amount, and LTV ratio.

Upfront MIP (UFMIP)

Calculated as 1.75% of base loan amount

Amount: $0
Financed: Yes

Annual MIP Rate

Rate based on loan term and LTV ratio

Rate: 0% annually
Monthly: $0

MIP Duration

Duration depends on your down payment percentage

Down Payment: 0%
Duration: --
Important: With a down payment less than 10%, FHA mortgage insurance remains for the life of the loan. To remove MIP earlier, you would need to refinance to a conventional loan once you reach 20% equity.

MIP Rate Table

Loan Term LTV Ratio Annual MIP Duration
≤ 15 years ≤ 90% 0.15% 11 years
≤ 15 years > 90% 0.40% Life of loan
> 15 years ≤ 95% 0.50% 11 years
> 15 years > 95% 0.55% Life of loan

MIP Cost Over Time

Total MIP Paid
$0
Over loan term
MIP Savings if 10%+ Down
$0
With 11-year MIP limit

FHA vs Conventional Loan Comparison

Feature FHA Loan Conventional
Min Down Payment 3.5% (580+ credit) 3% (620+ credit)
Min Credit Score 500 (10% down) 620
Mortgage Insurance MIP (life of loan*) PMI (until 20% equity)
Upfront Premium 1.75% None
Max DTI 43% (can exceed) 36-45%

*MIP for 11 years if down payment ≥ 10%

Payment Comparison (Based on Your Inputs)

Loan Type Down Payment Monthly Payment Total Cost (Full Term)
Analysis: Based on your inputs, compare the total costs above to determine which loan type best fits your situation.

Long-Term Cost Breakdown

How Much Can You Afford?

Based on 31% Front-End DTI
$0
Maximum housing payment
Based on 43% Back-End DTI
$0
Maximum total debt payment
Estimated Home Price
$0
Based on income & debts
Loan Limit (Your Area)
$498,257
2024 FHA floor limit

FHA Qualification Checklist

FHA Loan Program Information

What is an FHA Loan?

FHA loans are mortgages insured by the Federal Housing Administration, designed to help low-to-moderate income borrowers qualify for a mortgage with more flexible requirements.

Key Point: FHA loans require a minimum down payment of 3.5% for borrowers with credit scores of 580 or higher.

FHA Mortgage Insurance

FHA loans require both an Upfront Mortgage Insurance Premium (UFMIP) and an Annual Mortgage Insurance Premium (MIP).

  • UFMIP is 1.75% of the base loan amount and can be financed
  • Annual MIP varies based on loan term, amount, and down payment
  • With <10% down, MIP lasts for the life of the loan

FHA Loan Benefits

  • Lower down payment requirements (as low as 3.5%)
  • More flexible credit requirements
  • Allows gift funds for down payment and closing costs
  • Assumable loans for future buyers

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