FHA Loan Calculator
Calculate your FHA loan payment with as little as 3.5% down. See upfront and annual MIP costs, and compare to conventional loans.
Understanding FHA Loans
What is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It's designed for borrowers who may not qualify for conventional loans, offering lower down payment requirements (as low as 3.5%) and more lenient credit score requirements.
What is MIP (Mortgage Insurance Premium)?
FHA loans require two types of mortgage insurance: an upfront MIP of 1.75% of the loan amount (which can be rolled into the loan), and an annual MIP of 0.55% for most borrowers with 30-year terms and less than 10% down payment. This annual MIP is paid monthly for the life of the loan.
FHA vs Conventional Loans
FHA loans offer lower down payments (3.5% vs 5-20%) and accept lower credit scores (580+ vs 620+). However, FHA requires mortgage insurance for the life of the loan, while conventional PMI can be removed at 80% LTV. For borrowers with strong credit and 20%+ down, conventional is usually cheaper.
2026 FHA Loan Limits
FHA loan limits vary by county. The standard floor is $498,257 for single-family homes, while high-cost areas can go up to $1,149,825. Check your county's specific limit on the HUD website.