Calculate FHA loan payments with upfront and monthly MIP, closing costs, and affordability analysis. See DTI ratios and compare FHA vs conventional loans for Texas, California, Florida, and all states.
About FHA Loans
FHA loans are government-backed mortgages with lower down payment requirements (3.5% for credit scores 580+) but require Mortgage Insurance Premium (MIP) for the life of the loan.
Enter your income and debts to see if you qualify for FHA loan guidelines.
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FHA loans make homeownership accessible with lower down payments and credit requirements. Our FHA loan calculator shows your complete monthly payment including the required Mortgage Insurance Premium (MIP), helping first-time buyers and those rebuilding credit plan their home purchase with confidence.
FHA loans are mortgages insured by the Federal Housing Administration, designed to help first-time buyers and those with lower credit scores achieve homeownership. Key features include 3.5% minimum down payment (for credit scores 580+), flexible credit requirements (scores as low as 500 with 10% down), and competitive interest rates. Whether you're in Texas, California, Florida, or any state, FHA loan limits are set by county. The trade-off is paying MIP (Mortgage Insurance Premium) for the life of the loan.
FHA Monthly Payment Formula
Payment = P&I + Monthly MIP + Taxes + Insurance + HOAJust 3.5% down with a 580+ credit score—much lower than the typical 20% for conventional loans. On a $350,000 home, that's $12,250 vs $70,000.
Credit scores as low as 500 can qualify (with 10% down). Perfect for first-time buyers or those rebuilding credit after bankruptcy or foreclosure.
Government backing often means lower rates than conventional loans for borrowers with fair credit, saving thousands over the loan term.
Lower down payment and credit requirements help you buy your first home sooner. FHA affordability makes homeownership realistic.
Recent bankruptcy or foreclosure? FHA may approve you 2-3 years sooner than conventional lenders.
FHA loan limits in Texas, California, Florida, and other states go up to $1,149,825 in high-cost metro areas like San Francisco and New York.
Looking at fixer-uppers? The FHA 203(k) construction loan combines purchase and renovation costs in one mortgage.
For a $300,000 home with 3.5% down ($10,500), your loan would be about $289,500. At 6.5% interest, your monthly payment including MIP, taxes, and insurance would be roughly $2,300. Using the FHA guideline of 43% back-end DTI, you'd need approximately $5,350 gross monthly income, or $64,200 annual salary. However, with compensating factors, you might qualify with less.