FHA Loan Calculator
Calculate your FHA mortgage payment including MIP (Mortgage Insurance Premium)
FHA Loan Summary
About FHA Loans
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They are designed to help first-time homebuyers and those with less-than-perfect credit achieve homeownership.
Key Benefits
- Low down payment: as little as 3.5% with a credit score of 580+
- More lenient credit requirements than conventional loans
- Allowable seller concessions up to 6% of the purchase price
- Assumable by future buyers (subject to FHA approval)
Mortgage Insurance Premium (MIP)
- Upfront MIP: 1.75% of the loan amount, can be rolled into the loan
- Annual MIP: 0.55% (30-year, standard loan amount), paid monthly
- For loans with >10% down, MIP can be removed after 11 years
- For loans with ≤10% down, MIP lasts the life of the loan
2024 FHA Loan Limits
- Standard (low-cost areas): $498,257 for single-family homes
- High-cost areas: Up to $1,149,825 for single-family homes
- Limits vary by county — check HUD's website for your area
FHA vs Conventional
FHA loans require MIP for the life of the loan (with less than 10% down), while conventional loans allow PMI removal once you reach 20% equity. However, FHA loans are easier to qualify for with lower credit scores and smaller down payments.
About this Calculator
The FHA Loan Calculator is a free, easy-to-use tool for mortgage, insurance, first-time buyer. Simply enter your values and get instant, accurate results — no signup, no ads, no tracking. All calculations run locally in your browser, so your data stays completely private.
Privacy Note: All calculations are performed locally in your browser. No data is ever sent to a server or third party.