Loan Types / FHA
FHA Loan Calculator
FHA loans help buyers with a lower down payment or a building credit profile. Estimate your payment including the upfront and annual mortgage insurance premium.
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How FHA loans work
An FHA loan is insured by the Federal Housing Administration, so lenders can accept lower credit and a smaller down payment.
- Down payment: as low as 3.5% with a qualifying score.
- Mortgage insurance: 1.75% upfront (usually financed) plus about 0.55% per year.
- Credit: more flexible than conventional.
- MIP length: lasts the life of the loan when you put under 10% down, otherwise about 11 years.
Who FHA tends to fit
Buyers with a smaller down payment, a credit score still on the rise, or a higher debt-to-income ratio often qualify for FHA when conventional does not. The trade-off is ongoing mortgage insurance.
FHA vs conventional
If your credit is strong and you can reach 20% down, conventional usually costs less because you skip PMI. If not, FHA may be the path in. The calculator shows both.
See your real numbers. The calculator estimates this loan next to every other type, side by side.
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Frequently asked questions
How much down payment for FHA?
As little as 3.5% with a qualifying credit score. A larger down payment may be required at lower scores.
Does FHA have mortgage insurance?
Yes, an upfront premium of 1.75% plus an annual premium around 0.55% paid monthly. Under 10% down it generally lasts the life of the loan.
Is FHA only for first-time buyers?
No. Repeat buyers can use FHA too. It is popular with first-time buyers for its lower requirements.
How do I remove FHA mortgage insurance?
Often by refinancing into a conventional loan once you have enough equity. A loan officer can run the numbers.
Important disclosures. LoanFitCalc is a free educational tool that provides estimates only. It is not a loan, a loan approval, a commitment to lend, a rate lock, or an offer to make a loan, and it does not provide financial, legal, or tax advice or recommend a specific loan for you. Mortgage insurance rates, funding and guarantee fees, loan limits, taxes, and insurance figures are typical published values used for estimation and are subject to change. Program eligibility rules are summarized and simplified. Actual terms depend on your full application, credit, property, and lender underwriting. Consult a licensed mortgage loan originator before making any decision. LoanFitCalc is an independent educational website and is not a lender. ⌂ Equal Housing Opportunity
