FHA Loan Calculator
Estimate a new FHA loan payment including principal, interest, FHA mortgage insurance, taxes and insurance.
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Get a Rate QuoteHow FHA Loans Work
FHA loans are backed by the Federal Housing Administration and allow down payments as low as 3.5% with a credit score of 580 or higher. Every FHA loan requires mortgage insurance premium (MIP) — an upfront premium plus an annual premium built into your monthly payment, which on most FHA loans continues for the life of the loan unless you refinance out of it.
An FHA Streamline Refinance simplifies refinancing an existing FHA loan into a new one, often with reduced documentation and no appraisal required, provided it results in a net tangible benefit to the borrower.
How to Use This Calculator
- Annual FHA MIP — varies based on your loan amount, term, and loan-to-value ratio. 0.55% is a common rate for a 30-year loan with less than 5% down as of recent guidelines.
- Property Tax and Insurance — entered as annual dollar amounts here rather than percentages, since your actual bill is the most accurate figure to use.
Frequently Asked Questions
How long do I pay FHA mortgage insurance?
On most FHA loans originated with less than 10% down, MIP continues for the life of the loan. With 10% or more down, MIP can be removed after 11 years. Refinancing to a conventional loan is the most common way to eliminate it early.
What credit score do I need for an FHA loan?
FHA allows scores as low as 580 with 3.5% down, and some lenders go as low as 500 with a 10% down payment, though individual lender overlays vary.
What is an FHA Streamline Refinance?
It's a simplified refinance option available only to existing FHA borrowers, typically requiring less documentation and sometimes no appraisal, as long as the refinance provides a genuine benefit like a lower payment or rate.
