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Buyers
FHA Loan Calculator
FHA loans let you buy a US home with just 3.5% down and a credit score as low as 580. This calculator includes the upfront and monthly MIP and compares to a Conventional loan side by side.
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How to use this calculator
- Enter the home price and your down payment (FHA minimum 3.5%).
- Add the interest rate your lender quoted.
- Choose your loan term and state.
- See your total monthly payment plus a Conventional comparison.
What your results mean
FHA loans come with two MIP charges: 1.75% upfront (usually financed into the loan) and 0.55% annually for the life of the loan (paid monthly). The Conventional comparison assumes a slightly higher rate and PMI if you're putting down less than 20%.
Should you use an FHA loan?
- FHA is great if your credit is 580-680 — you'll likely beat Conventional rates.
- If you have 5%+ down and 740+ credit, Conventional usually beats FHA on total cost.
- FHA MIP lasts the life of the loan unless you put 10%+ down — then it drops after 11 years.
- FHA loan limits vary by county — check yours before falling in love with a house.
- You can refinance from FHA to Conventional later to drop MIP once you have 20% equity.