FHA Loan Calculator
Calculate your FHA mortgage payment with accurate Upfront & Annual MIP rates for 2025.
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Pay every 2 weeks to save interest
Private Mortgage Insurance (required if down payment < 20%)FHA loans require MIP regardless of down payment.
Save $8,209.89 with Biweekly Payments
Switching to biweekly payments would pay off your loan 0.1 years earlier and save you thousands in interest.
Based on median US household income. Target: under 28%
Top FHA Lenders for 2025
Compare rates from lenders specializing in FHA loans
How FHA Loans Work
The Federal Housing Administration (FHA) loan program is one of the most popular options for first-time homebuyers. Because the government insures these loans, lenders can offer them with more flexible requirements, such as lower credit scores and smaller down payments.
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Key Benefits of FHA Loans
- Low Down Payment: As low as 3.5% of the purchase price.
- Flexible Credit: Qualify with a credit score as low as 580 (or 500 with 10% down).
- Assumable: Future buyers can take over your FHA loan rate.
Understanding FHA Mortgage Insurance (MIP)
Unlike conventional loans where PMI can be removed, FHA loans have specific rules for Mortgage Insurance Premiums (MIP). There are two parts:
- Upfront MIP: A one-time fee of 1.75% of your loan amount. This is usually added to your loan balance.
- Annual MIP: An annual premium (typically 0.55%) divided by 12 and added to your monthly payment.