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FHA Loan Calculator
FHA mortgage payment including upfront and monthly MIP.
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Frequently asked questions
Who should use an FHA loan?
First-time buyers, buyers with credit scores 500–680, or those with limited down payment. FHA allows 3.5% down (vs. conventional 5% minimum) and is more flexible on DTI.
What is MIP?
Mortgage Insurance Premium — FHA's version of PMI. Two components: upfront (1.75% of loan, usually financed into the loan) and annual (0.45%–1.05% of balance, paid monthly).
Can I drop MIP?
If you put at least 10% down, MIP drops off after 11 years. With less than 10%, MIP lasts the life of the loan — you can only remove it by refinancing to a conventional mortgage.
Is FHA cheaper than conventional?
Often not over the long run due to MIP. But for low-credit or low-down-payment buyers, FHA may be the only path to homeownership.