FHA Loan Mortgage Calculator
Federal Housing Administration Loan
FHA loans are government-backed mortgages designed for first-time homebuyers and borrowers with lower credit scores. They offer more flexible qualifying requirements than conventional loans.
= $14,000
Monthly Payment
$2,440
Loan Amount
$386,000
Total Interest
$492,322
Total Cost
$892,322
Payment Breakdown
Down Payment$14,000 (1.6%)
Principal$386,000 (43.3%)
Total Interest$492,322 (55.2%)
Min Down Payment
3.5%
$14,000 on $400,000
Typical Rate
6.5%
30-year fixed
Monthly Payment
$2,440
3.5% down on $400,000
Loan Limit
$498,257
conforming limit
FHA Loan Requirements
- •Minimum 580 credit score for 3.5% down
- •Minimum 500 credit score for 10% down
- •Mortgage insurance premium (MIP) required for life of loan
- •Property must be primary residence
- •Must meet FHA appraisal standards
Pros
- +Low 3.5% minimum down payment
- +More flexible credit requirements (580+)
- +Competitive interest rates
- +Gift funds allowed for entire down payment
- +Assumable by qualified buyers
Cons
- −Mortgage insurance required for life of loan
- −Loan limits may be restrictive in high-cost areas
- −Property must meet FHA standards
- −Not available for investment properties
- −Upfront MIP of 1.75% of loan amount
FHA Loan Payments by Home Price
| Home Price | Down (3.5%) | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $150,000 | $5,250 | $144,750 | $915 | $184,621 |
| $200,000 | $7,000 | $193,000 | $1,220 | $246,161 |
| $250,000 | $8,750 | $241,250 | $1,525 | $307,701 |
| $300,000 | $10,500 | $289,500 | $1,830 | $369,241 |
| $350,000 | $12,250 | $337,750 | $2,135 | $430,782 |
| $400,000 | $14,000 | $386,000 | $2,440 | $492,322 |
| $450,000 | $15,750 | $434,250 | $2,745 | $553,862 |
| $500,000 | $17,500 | $482,500 | $3,050 | $615,402 |
| $600,000 | $21,000 | $579,000 | $3,660 | $738,483 |
| $700,000 | $24,500 | $675,500 | $4,270 | $861,563 |
| $750,000 | $26,250 | $723,750 | $4,575 | $923,103 |
| $800,000 | $28,000 | $772,000 | $4,880 | $984,643 |
| $900,000 | $31,500 | $868,500 | $5,490 | $1,107,724 |
| $1,000,000 | $35,000 | $965,000 | $6,099 | $1,230,804 |
$400,000 FHA Loan by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $3,154 | $2,192 | $403,000 |
| 6% | $3,257 | $2,314 | $447,135 |
| 6.5% | $3,362 | $2,440 | $492,322 |
| 6.75% | $3,416 | $2,504 | $515,292 |
| 7% | $3,469 | $2,568 | $538,504 |
| 7.25% | $3,524 | $2,633 | $561,952 |
| 7.5% | $3,578 | $2,699 | $585,628 |
| 8% | $3,689 | $2,832 | $633,639 |