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FHA Loan Mortgage Calculator — Estimate Your Monthly Payment

FHA loans allow down payments as low as 3.5% with a 580+ credit score. Use this calculator to estimate your monthly payment including FHA mortgage insurance premium (MIP).

Calculator

Pre-filled with typical values for this scenario. Adjust any field to see updated results.

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Default Scenario — What These Numbers Assume

ParameterDefault ValueNotes
PMI Rate0.85Private mortgage insurance (annualized)
Loan Term30Years to repay
Annual Property Tax4500Typical local estimate
Home Price350000Purchase price of the property
Interest Rate6.75Annual rate (fixed)
Annual Insurance1200Homeowners insurance estimate
Down Payment3.5Percentage of purchase price

Frequently Asked Questions

What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It allows down payments as low as 3.5% and is popular with first-time homebuyers.
What is FHA MIP?
Mortgage Insurance Premium (MIP) is required on all FHA loans. Upfront MIP is 1.75% of the loan amount; annual MIP is typically 0.55–0.85% of the remaining balance.
What credit score do I need for an FHA loan?
You need a minimum 580 credit score for 3.5% down. With a score of 500–579, you can still qualify but must put 10% down.

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ℹ️ Free Tool This calculator is provided for educational purposes. Consult a financial advisor before making major financial decisions.

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