FHA Mortgage Calculator

FHA Loan Calculator

Using LendingTree’s FHA loan calculator is an easy and fast way to find out what your monthly mortgage payment to the Federal Housing Administration (FHA) will be. Our FHA loan calculator does the math for you so you can decide if the flexible qualifying guidelines are worth the extra FHA mortgage insurance cost.

How to use our FHA loan calculator

To get started, you’ll need nine pieces of information:

ZIP code. FHA loan limits vary based on the county you live in and the type of property you’re buying. The 2022 limit is $420,680 for single-family homes in most parts of the country, but may be as high as $970,800 for single-family homes in high cost-of-living areas.
Home price. If you’re not sure, enter the price of a home you’re interested in.
Down payment. The calculator automatically calculates a 3.5% down payment, based on a 580 minimum credit score.
Estimated credit score range. Although the calculator displays credit score ranges as low as 300, you won’t get any options unless your score is at least 500 with a 10% down payment.
Loan type. Choose a 30-year fixed-rate loan for the lowest payment, or a 15-year fixed-rate loan to pay off your mortgage faster.
Mortgage rate. If you’ve shopped for FHA interest rates already, enter the best quoted rate.
Property taxes. Enter the exact property tax bill amount for the most accurate figures.
Homeowners insurance. Get a homeowners insurance estimate for a ballpark on your annual premium.
HOA fees. The lender uses monthly homeowners association (HOA) dues to qualify you, but they’re paid separately from your mortgage payment.

What the FHA home loan calculator results mean

Within seconds of filling in the basic and advanced options, the calculator provides details about your monthly payment. Here’s what they mean:

Your monthly payment. This number is your total monthly payment, including principal, interest, taxes, homeowners insurance, mortgage insurance and HOA dues (if applicable).

FHA base loan amount. This figure represents the loan amount after making a 3.5% down payment.

Upfront MIP (1.75%). The upfront mortgage insurance premium (UFMIP) is one of two types of costs you pay for FHA mortgage insurance that covers the lender if you default on your FHA loan. You’ll typically finance (add) the 1.75% premium into your loan amount.

Total loan amount. Your total loan amount is the base loan amount plus the upfront MIP.

What the monthly payment breakdown results mean

The “Monthly Payment Breakdown” spells out the details of your total PITI (principal, interest, taxes and insurance) payment and includes:

- - Principal and interest.The calculator bases this figure on the loan amount, interest rate and the term of the loan. For a fixed-rate loan, the payment doesn’t change, but each month you pay more principal and less interest until you pay the balance off. This process is known as “amortization.”
  - Property taxes. FHA loans require the payment of your property taxes in your monthly payment. The lender uses the funds collected to pay property tax bills when they come due through an escrow account.
  - Homeowners insurance. Homeowners insurance protects you against losses from unexpected damage like fire or theft. The lender pays the yearly premium through your escrow account,
  - HOA dues. If your home is in a neighborhood with a homeowners association, you usually pay dues monthly, quarterly or annually. However, you pay them separate from your regular monthly mortgage payment.
  - FHA MIP. The second type of FHA mortgage insurance is the annual mortgage insurance premium (MIP), which ranges from 0.45% to 1.05% of your loan amount depending on the loan term, loan amount and down payment. MIP is charged annually, divided by 12 and added to your monthly payment.

How the FHA mortgage calculator can help you

There are two major ways an FHA mortgage calculator may help you:

Determining your debt-to-income (DTI) ratio. Lenders will divide your gross income by the total amount of debt you have, including your new FHA mortgage payment, and the cap is usually 43%. Using the calculator can help you avoid buying more home than lenders allow.

Experimenting with different interest rates, property taxes and terms. If you’re on a tight budget, entering the actual property tax bill and homeowners insurance quotes on homes you’re interested in may help you decide if the new mortgage payment is affordable.

FHA mortgage lenders

Lender	LT rating	Minimum FHA credit score
Rocket Mortgage	9.5/10	580
Fairway Independent Mortgage	8/10	600
AmeriSave Mortgage	8/10	600

FHA mortgage eligibility

Homebuyers with bumpy credit histories and higher debt loads often choose FHA loans for their lenient qualifying guidelines. Below is a snapshot of the minimum FHA mortgage requirements.

Down payment and credit score	3.5% down payment with a 580 credit score 10% down payment with a 500 credit score
Down payment and credit score	3.5% down payment with a 580 credit score 10% down payment with a 500 credit score
DTI ratio	43% total debt including new mortgage 50% possible with proof of extra payment reserves
Employment history	Two-year employment history preferred

How much will an FHA loan cost?

You’ll typically pay 2% to 6% of the loan amount in FHA closing costs including:

UFMIP. Short for upfront mortgage insurance premium, this premium is typically 1.75% of your loan amount and added to your loan balance before closing.
Annual MIP. You’ll pay an annual mortgage insurance premium between 0.45% to 1.05%, which is charged as an annual percentage of your loan amount, divided by 12 and added to your monthly payment. The amount varies based on your down payment and loan term, but can’t be waived regardless of how much money you put down.
Closing costs. Besides standard loan closing costs like origination fees, credit report fees, flood monitoring fees, tax monitoring costs and flood certification fees, you’ll pay FHA appraisal fees that cost between $300 to $700 (more than the $300 to $400 you’d typically pay for a conventional mortgage appraisal).

Frequently asked questions

The minimum down payment is 3.5% for an FHA mortgage with a 580 credit score.

Shop for interest rates, boost your credit score as high as you can (740 is ideal) and make more than the 3.5% minimum down payment if possible.

Most lenders offer FHA loans, but it’s always best to shop with three to five lenders to make sure you’re getting the best FHA interest rates.

You’ll have a lower mortgage payment, but you’ll still have to pay both types of mortgage insurance. However, the MIP will automatically drop off after 11 years.

No. The FHA doesn’t set income restrictions. However, if you’re applying for down payment assistance (DPA), income limits may apply.

You can ask for a gift or closing cost assistance if you’re short on funds. FHA guidelines allow the seller to pay up to 6% of your loan amount toward closing costs. You can also ask the lender for a no-cost loan — the lender raises your interest rate and pays the costs on your behalf.

If your credit score is under 620 or you have a high DTI ratio, an FHA loan may be your best option versus a conventional loan.

No. Anyone who meets FHA loan requirements can qualify for an FHA loan through an FHA-approved lender.