FHA Loan Calculator
Calculate your monthly mortgage payment and debt-to-income ratios for an FHA loan
Estimated Monthly Payment
Principal & Interest: $0
Property Taxes: $0 ($0/month)
Mortgage Insurance (MIP): $0
Homeowners Insurance: $0 (estimated)
Debt-to-Income Ratios
Front-end Ratio
Current: 0%
Back-end Ratio
Current: 0%
FHA Loan Requirements
Minimum Credit Score: 580 for 3.5% down
Down Payment: 3.5% with 580+ score
Mortgage Insurance: Required for all FHA loans
DTI Ratios: 31% front-end, 43% back-end
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An FHA Loan Calculator is a financial tool designed to help potential homebuyers estimate their monthly mortgage payments, including principal, interest, mortgage insurance, and other costs associated with an FHA-insured loan. The Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD), insures these loans, making them more accessible to borrowers with lower credit scores and smaller down payments.
Key Features of an FHA Loan Calculator
Loan Amount Estimation
Calculates the maximum loan amount based on income, debt-to-income (DTI) ratio, and FHA loan limits.
Adjusts for down payment (minimum 3.5% for credit scores ≥580, 10% for scores between 500-579).
Monthly Payment Breakdown
Principal & Interest – Based on the loan term (typically 15 or 30 years) and interest rate.
Mortgage Insurance Premium (MIP)
Upfront MIP (1.75% of loan amount, usually financed into the loan).
Annual MIP (0.55% to 0.75% of loan balance, divided into monthly payments).
Property Taxes & Homeowners Insurance – Often included in escrow payments.
Debt-to-Income (DTI) Ratio Check
Compares monthly debt obligations to gross income (FHA typically allows up to 43% DTI, sometimes higher with compensating factors).
Amortization Schedule
Shows how payments are split between principal and interest over time.
FHA Loan Limits
Adjusts calculations based on county-specific FHA loan limits (e.g., $498,257 for low-cost areas, up to $1,149,825 for high-cost areas in 2024).
How to Use an FHA Loan Calculator
Enter Home Price & Down Payment
The calculator adjusts the loan amount after subtracting the down payment (minimum 3.5%).
Input Interest Rate & Loan Term
Current FHA rates vary by lender (check real-time rates).
Include Taxes, Insurance, and MIP
Property taxes (varies by location).
Homeowners insurance (typically 0.35% to 0.50% of home value annually).
Mortgage Insurance Premium (MIP) for FHA loans.
Review Estimated Monthly Payment
Shows a breakdown of PITI (Principal, Interest, Taxes, Insurance).
Benefits of Using an FHA Loan Calculator
✅ Budget Planning – Helps determine affordability before applying.
✅ Compare Loan Options – Adjust down payment, loan term, and rates to see different scenarios.
✅ Understand MIP Costs – FHA loans require mortgage insurance for the life of the loan in most cases.
✅ Pre-Approval Preparation – Lenders use similar calculations to determine eligibility.
Where to Find an FHA Loan Calculator
HUD.gov (Official FHA resource)
Bankrate, NerdWallet, Zillow (Third-party calculators)
Lender Websites (Many banks and mortgage providers offer customized FHA calculators)
Limitations of FHA Loan Calculators
Estimates Only – Actual rates and fees depend on lender terms.
Doesn’t Include All Fees – Closing costs (2% to 5% of loan amount) may not be fully reflected.
Credit Score Impact – While FHA is lenient, lower scores may still affect approval and rates.
Final Thoughts
An FHA Loan Calculator is an essential tool for first-time homebuyers and those with lower credit scores. By providing a clear estimate of monthly payments, it helps borrowers make informed decisions before committing to an FHA mortgage. For the most accurate results, consult an FHA-approved lender.