How to Use the FHA Loan Estimator
An FHA loan is a mortgage insured by the Federal Housing Administration, designed to make homeownership accessible with a lower down payment and more flexible credit requirements than a conventional loan. Because the down payment percentage, loan limit, and mortgage insurance premiums interact in ways that aren't obvious, this calculator lets you enter your home price, credit tier, rate, and term to see an estimated loan amount, down payment, and full monthly payment — including insurance.
With a credit score of 580 or higher, you can put down as little as 3.5%. Below 580, most lenders require at least 10% down. Your base loan amount is also capped at the FHA loan limit for your area (this calculator uses a representative national example), so higher-priced homes may need a larger down payment to stay within FHA guidelines.
FHA loans also require mortgage insurance premiums (MIP): an upfront premium of about 1.75% of the loan (usually rolled into the loan balance) plus an ongoing annual premium of roughly 0.55% added to your monthly payment for most 30-year loans. These figures are illustrative — actual FHA loan limits, rates, and MIP amounts vary by county, lender, and loan-to-value ratio, so confirm exact numbers with a lender before applying.
Frequently Asked Questions
With a credit score of 580 or higher, FHA loans allow as little as 3.5% down. Below 580, most lenders require at least 10% down. This is a representative example — actual requirements can vary by lender.
FHA loans require an upfront mortgage insurance premium (UFMIP, typically 1.75% of the loan, usually financed into the loan) plus an ongoing annual MIP (roughly 0.55% for most 30-year loans) added to your monthly payment. Actual rates vary by loan term and loan-to-value ratio.