What is the minimum down payment for an FHA loan?

The minimum down payment is 3.5% of the purchase price if your credit score is 580 or higher. If your credit score is between 500 and 579, you need at least 10% down.

How much is FHA mortgage insurance?

FHA charges two types of mortgage insurance: an upfront premium (UFMIP) of 1.75% of the loan amount paid at closing, and an annual premium of 0.55% of the loan amount divided into monthly payments. For most FHA loans, the annual MIP is required for the life of the loan.

Can I remove FHA mortgage insurance?

If you put less than 10% down, FHA MIP lasts the entire loan term. If you put 10% or more down, MIP can be removed after 11 years. The alternative is to refinance into a conventional loan once you reach 20% equity.

What credit score do I need for an FHA loan?

The minimum credit score is 500 with a 10% down payment, or 580 with a 3.5% down payment. However, many FHA lenders set their own minimums, often requiring 620 or higher.

FHA Calculator: Estimate Your FHA Loan Payment

Calculate your estimated FHA mortgage payment including upfront and annual mortgage insurance premiums (MIP). FHA loans require as little as 3.5% down with credit scores as low as 580.

FHA Mortgage Calculator

ZIP: —

Home Price Down Payment

Loan term Interest rate (APR %)Editable ZIP CodeOptional Credit score Property tax (monthly) Homeowner's insurance (monthly) HOA fees (monthly)Optional Upfront MIP (UFMIP %)

Annual FHA MIP (%)

Auto uses LTV + term (estimate)

Estimated monthly payment

$0.00

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Amortization Schedule (P&I)—

Month	Payment	Principal	Interest	Balance

Estimates only. FHA MIP rules vary by case and can change.

What Is an FHA Loan?

FHA loans are government-backed mortgages insured by the Federal Housing Administration. They are designed for borrowers who may not qualify for conventional loans — offering lower down payments (as low as 3.5%), more flexible credit requirements, and competitive interest rates. The tradeoff is mandatory mortgage insurance for the life of the loan (in most cases).

FHA Loan Features

Low Down Payment

Only 3.5% down required with a 580+ credit score. Borrowers with scores between 500–579 need 10% down. Compare to conventional loans requiring 5%–20%.

Upfront MIP (UFMIP)

1.75% of the loan amount paid at closing (can be rolled into the loan). On a $300,000 loan, that is $5,250.

Annual MIP

0.55% of the loan amount per year (for most borrowers), divided into 12 monthly payments. This is required for the life of the loan unless you put 10%+ down.

Flexible Credit

FHA accepts credit scores as low as 500 (with 10% down) or 580 (with 3.5% down). See our bad credit mortgage guide for more options.

FHA Loan Limits

Limits vary by county. In high-cost California areas, FHA limits can exceed $1,000,000. Check HUD.gov for your county.

DTI Flexibility

FHA allows up to 43% DTI (sometimes 50% with compensating factors). Use our DTI calculator to check your ratio.

How to Use Our FHA Calculator

Enter Your FHA Loan Details

Home Price: The purchase price of the home.
Down Payment: Minimum 3.5% for 580+ credit score, or 10% for 500–579.
Interest Rate: Check our FHA rates page for today's rates.
Loan Term: 15-year or 30-year fixed.
Credit Score Range: Affects your MIP rate and eligibility.
Property Tax & Insurance: Monthly estimates for your area.

FHA MIP Calculation

Monthly MIP = (Loan Amount x 0.55%) / 12

On a $290,000 FHA loan (after 3.5% down on a $300,000 home), monthly MIP is approximately $133. The upfront MIP of $5,075 is typically rolled into the loan, making the total loan $295,075.

FHA vs. Conventional: Which Is Better?

FHA loans are ideal for first-time buyers with limited savings or lower credit scores. However, if you have a 700+ credit score and 10%+ down payment, a conventional loan may be cheaper long-term since PMI can be removed at 80% LTV. Compare both options — use our mortgage calculator for conventional estimates.

Learn more in our first-time homebuyer guide or explore how PMI works.