FHA Loan Calculator
Calculate monthly payments for an FHA loan, including mortgage insurance (MIP). Estimate down payment and closing costs for FHA mortgages.
About FHA Loan Calculator
Calculate monthly FHA loan payments including Mortgage Insurance Premium (MIP). Perfect for first-time homebuyers.
Frequently Asked Questions
What is an FHA loan?
A mortgage insured by the Federal Housing Administration, allowing lower down payments.
Minimum down payment?
You can put down as little as 3.5% with a credit score of 580+.
What is MIP?
Mortgage Insurance Premium. FHA requires both upfront and annual MIP.
How long do I pay MIP?
If you put less than 10% down, MIP is for the life of the loan. Unlike PMI, it doesn't fall off automatically.
Can I use for investment property?
No, FHA loans are for primary residences only.
Is it free?
Yes.
Are rates lower?
FHA rates are competitive but APR can be higher due to MIP.
Is it accurate?
Yes, includes Upfront and Monthly MIP logic.
Who qualifies?
It has more lenient credit requirements than conventional loans.
Can I refinance out of FHA?
Yes, later you can refinance to a conventional loan to remove MIP.