The Federal Housing Administration helps make mortgages more affordable and accessible for approved homeowners. Criteria is lenient, requiring 3.5% of the purchase price down and a credit score as low as 580 for approval. Use our interactive calculator to learn what your monthly payments could be — including a payment breakdown.
How to use the FHA mortgage calculator
Enter your property’s location and home price to get an idea of what your monthly FHA mortgage payment might be:
- Enter the property’s ZIP code to help determine the maximum loan amount for which you might qualify.
- Enter the property’s home price. You’ll see the Down Payment field change to reflect your property location and price.
- Select your estimated credit score range from the drop-down.
- Select the loan type you’re interested in from the drop-down — either 30-year fixed or 15-year fixed.
More information about your property can make for a more accurate estimated monthly payment:
- Enter the mortgage rate for which you expect to qualify.
- Enter estimated property taxes either as an amount or percentage of your home’s value.
- Enter your estimated annual home insurance costs and any monthly HOA fees.
Review your estimated monthly payment based on the information you’ve supplied, along with the total loan amount. The pie chart breaks down your monthly payments visually by principal and interest, mortgage insurance, property tax, homeowners insurance and HOA payments.
The FHA issues annual guidelines for this program, including the following:
- You’ll need at least 3.5% down. FHA loans require a 3.5% down payment for borrowers with a FICO score of 580 or higher and 10% down for borrowers with FICO scores between 500 and 579.
- Maximum loan amounts are based on location. They also change annually. For 2021, the maximum you can borrow is $356,362 in low-cost areas and $822,375 in high-cost areas.
- You need at least a 500 FICO score. FHA loans rely on FICO scores and generally require a fair minimum credit score of 580, though a score as low as 500 might see approval with a higher down payment and mortgage rate.
- FHA requires mortgage insurance for the life of the loan. You’re required to pay an upfront fee for mortgage insurance, plus a monthly premium (MIP), equal to 2.25% of your loan amount. You can’t cancel this insurance until the loan is paid back in full.
- You need to meet stricter DTI standards. While your overall debt-to-income (DTI) ratio should remain under the 43% standard of most lenders, FHA dictates that your mortgage and related expenses can’t equal more than 31%.
Compare FHA lenders
Not every lender accepts the FHA requirements the government sets. So even with government-backed mortgage loans, shop around to make sure you get the best possible terms on your loan.
Start below by selecting See rates to provide the lender with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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