FHA Loan Calculator
Calculate your monthly payments for FHA-insured mortgages with our free calculator. FHA loans, backed by the Federal Housing Administration, offer accessible homeownership for first-time buyers and those with less-than-perfect credit.
FHA Loan Requirements Overview
| Requirement | Standard FHA | First-Time Buyer | Minimum Down Payment3.5%3.5% Credit Score (3.5% down)580+580+ Credit Score (10% down)500-579500-579 Debt-to-Income RatioUp to 43%Up to 50% (with compensating factors) Mortgage InsuranceRequiredRequired | Property Type | Primary residence | Primary residence |
Understanding FHA Mortgage Insurance
FHA loans require two types of mortgage insurance premiums (MIP):
1. Upfront MIP: 1.75% of the loan amount, typically financed into the loan 2. Annual MIP: 0.45%-1.05% annually, paid monthly, based on loan term and LTV
FHA Payment Calculator
``javascript
function calculateFHAPayment(homePrice, downPaymentPercent, rate, termYears) {
const downPayment = homePrice * (downPaymentPercent / 100);
const baseLoan = homePrice - downPayment;
const upfrontMIP = baseLoan * 0.0175; // 1.75% upfront MIP
const loanAmount = baseLoan + upfrontMIP;
const monthlyRate = rate / 100 / 12;
const numPayments = termYears * 12;
const monthlyPI = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numPayments))
/ (Math.pow(1 + monthlyRate, numPayments) - 1);
// Annual MIP (estimated at 0.85% for 30-year with <95% LTV)
const annualMIP = loanAmount * 0.0085;
const monthlyMIP = annualMIP / 12;
return {
principal: monthlyPI.toFixed(2),
mortgageInsurance: monthlyMIP.toFixed(2),
totalPayment: (monthlyPI + monthlyMIP).toFixed(2)
};
}
``
FHA vs Conventional Loans
FHA loans offer lower down payments and more flexible credit requirements, but conventional loans may cost less over time if you have strong credit and can put down 20% to avoid PMI. Use our calculator to compare both options and determine which saves you more money based on your financial situation.