How to use the FHA Loan Calculator
- Enter the home price and your down payment (FHA minimum is 3.5% with a credit score of 580+).
- Keep the default MIP rates unless your lender quotes different ones.
- Add property tax, insurance and HOA to see the full monthly payment.
How it works
An FHA loan adds two mortgage insurance premiums. The upfront MIP (1.75% of the base loan) is usually rolled into the loan. The annual MIP (0.55% for most 30-year loans with less than 5% down) is divided by 12 and added to each payment.
Total loan = (price − down) × (1 + 1.75%)Monthly MIP ≈ base loan × annual MIP ÷ 12
Annual MIP is charged for 11 years if you put down 10% or more, otherwise for the life of the loan unless you refinance.
Frequently asked questions
What credit score do I need for an FHA loan?
A score of 580 or higher qualifies for 3.5% down. Scores from 500 to 579 require 10% down. Individual lenders may set higher minimums.
Can I remove FHA mortgage insurance?
If you put down 10% or more, annual MIP ends after 11 years. With less than 10% down it lasts for the life of the loan; the usual way out is refinancing into a conventional loan once you have 20% equity.
Are there FHA loan limits?
Yes. FHA sets maximum loan amounts by county each year, higher in expensive housing markets. Check the HUD limit for your county before you shop.