FHA Loan Details
Property & Loan
$
$
Your Credit Score
Monthly Costs
$
Your FHA Payment
Total FHA monthly payment
$—
Principal · Interest · MIP · Taxes · Insurance
Principal & Interest
$—
Annual MIP / mo
$—
Property Tax
$—
Home Insurance
$—
FHA Mortgage Insurance Premiums (MIP)
Upfront MIP (UFMIP)
1.75% of loan amount — due at closing or rolled in
$—
Annual MIP rate
Based on loan term, LTV, and loan amount
—%
Annual MIP total
Paid monthly over life of loan
$—/yr
Loan-to-value ratio
Determines MIP rate and removal eligibility
—%
—
FHA vs. Conventional loan comparison
| FHA | Conventional | |
|---|---|---|
| Min. credit score | 500 | 620 |
| Min. down payment | 3.5% | 3% |
| Monthly P&I | $— | $— |
| Mortgage insurance / mo | $— | $— |
| Total monthly payment | $— | $— |
| Upfront MIP / fee | $— | $0 |
| MI removal | — | At 20% equity |
| DTI limit | 50% | 45% |
FHA eligibility by credit score
FHA qualification checklist
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—
—
—
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✓
DTI up to 50% — FHA allows higher debt ratios than conventional loans with compensating factors
✓
Primary residence only — FHA loans cannot be used for investment properties or vacation homes
When FHA beats conventional: If your credit score is below 680 or your down payment is under 10%, FHA often delivers a lower total payment despite MIP — because the interest rate is typically 0.25–0.5% lower than a conventional loan at the same credit score.
FHA loan limits, MIP rates, and eligibility requirements are subject to change. The 2026 standard loan limit is $524,225 for single-family homes. High-cost area limits reach $1,209,750. This calculator is for educational purposes. Consult an FHA-approved lender for exact qualification requirements.
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