FHA Loan Calculator
Calculate your FHA mortgage payment including Mortgage Insurance Premium (MIP), property tax, and insurance.
What is an FHA Loan?
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They allow down payments as low as 3.5% and are easier to qualify for with lower credit scores (580+).
Minimum 3.5% for credit score 580+. 10% for score 500–579.
MIP Settings (Auto-Calculated)
Total Monthly Payment
$0
P&I + MIP + Tax + Insurance
Monthly Payment Breakdown
Loan Details
FHA vs Conventional
💡 FHA Loan Limits (2026)
Quick Answer
For a $250,000 home with a 3.5% down payment ($8,750), a 30-year FHA loan at 7% interest, the estimated total monthly payment is approximately $1,850 including principal, interest, MIP, property tax, and home insurance. Adjust the calculator above with your own numbers for a personalized estimate.
Amortization Schedule
| Year | Principal | Interest | MIP | Balance |
|---|
What is an FHA Loan?
Often searched as "fha calculator" or "fha mortgage calculator," fha home loan calculator this tool estimates your total monthly payment for government-backed FHA financing, including the mortgage insurance premium that standard mortgage calculators typically don't account for.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed to make homeownership accessible for buyers with lower credit scores or smaller down payments. Because the FHA insures a portion of the loan, lenders can offer more flexible qualifying criteria than conventional mortgages, making it one of the most popular options for first-time homebuyers in the USA.
How to Use the FHA Loan Calculator Step by Step
- Enter your home price — the purchase price of the property.
- Enter your down payment — minimum 3.5% with a 580+ credit score, or 10% for 500-579.
- Enter your interest rate — FHA rates are typically close to conventional rates.
- Select your loan term — 30-year, 20-year, or 15-year options.
- Add property tax and home insurance — based on your local rates.
- Review your results — see your total monthly payment including upfront and annual MIP, plus your full amortization schedule.
FHA Loan Limits in 2026
FHA loan limits are set annually by HUD and vary by county based on local home prices. For 2026, limits range significantly between standard and high-cost areas.
| Area Type | 2026 Loan Limit |
|---|---|
| Low-Cost Areas (Floor) | $498,257 |
| High-Cost Areas (Ceiling) | $1,149,825 |
| Alaska & Hawaii | $1,724,737 |
Limits are updated annually by HUD and vary by county — check hud.gov for your specific area.
Understanding FHA Mortgage Insurance Premium (MIP)
- Upfront MIP (UFMIP): 1.75% of the loan amount, typically rolled into your loan balance at closing.
- Annual MIP: 0.15% to 0.75% of your loan balance, paid monthly, depending on your down payment and loan term.
- MIP Duration: Lasts the life of the loan if your down payment is below 10%; cancels after 11 years with 10%+ down.
- Comparison to PMI: Unlike conventional PMI which cancels automatically at 78% loan-to-value, FHA MIP often requires refinancing to remove.
FHA Loan Calculator FAQs
What credit score do I need for an FHA loan?
You need a minimum credit score of 580 to qualify for the 3.5% down payment option. Borrowers with scores between 500 and 579 can still qualify but must put down at least 10%. Some lenders may set higher minimums than FHA's baseline requirements.
Can I remove FHA mortgage insurance premium?
If your down payment was 10% or more, MIP automatically cancels after 11 years. If your down payment was below 10%, MIP lasts for the life of the loan, and the only way to remove it is to refinance into a conventional loan once you have sufficient equity.
What is the maximum debt-to-income ratio for FHA loans?
FHA loans typically allow a DTI ratio up to 43%, and sometimes up to 50% with compensating factors such as strong credit, significant cash reserves, or minimal increase from your current housing payment. This flexibility makes FHA attractive for buyers with higher existing debt.
Can I use an FHA loan for a second home or investment property?
No, FHA loans are only available for primary residences that you intend to occupy. They cannot be used to purchase second homes, vacation properties, or investment properties, though you can use one to buy a 2-4 unit property as long as you live in one unit.
Tips for FHA Loan Applicants
- Save for the upfront MIP: Understand that 1.75% will typically be added to your loan balance.
- Consider a larger down payment: Putting down 10% or more allows MIP to eventually cancel automatically.
- Get an FHA-approved appraisal: FHA properties must meet specific safety and condition standards.
- Compare with conventional loans: If your credit score is 680+, run the numbers on both to see which costs less long-term.
- Plan to refinance later: Many FHA borrowers refinance to conventional once they reach 20% equity to eliminate MIP.
FHA vs Conventional Loan Comparison
| FHA Loan | Conventional Loan | |
|---|---|---|
| Min. Down Payment | 3.5% | 3% – 5% |
| Min. Credit Score | 580 | 620+ |
| Mortgage Insurance | Life of loan (if <10% down) | Cancels at 20% equity |
Disclaimer: This calculator provides estimates only and does not constitute financial or lending advice. Contact an FHA-approved lender or visit hud.gov for official loan information and current terms.