See your estimated monthly payments, including mortgage insurance premiums (MIP), and check if you meet FHA's debt-to-income requirements.
Verify Your FHA Loan Eligibility
Estimate your FHA loan payments and check affordability based on FHA guidelines.
This calculator helps you:
Disclaimer: This calculator provides estimates only and should not be considered as financial advice. Actual loan terms, payments, and eligibility will vary based on your specific situation, credit score, and lender requirements. Please consult with a qualified mortgage professional for accurate loan information.
Your monthly payment consists of several components. Here's how to interpret your results:
This is your base loan payment, calculated using this formula: P&I = L[c(1 + c)^n]/[(1 + c)^n - 1] Where: L = Loan amount, c = Monthly interest rate, n = Total number of payments.
Upfront MIP is 1.75% of your base loan amount. Annual MIP is 0.80% to 0.85% of loan amount (paid monthly). For example: On a $200,000 loan, your upfront MIP would be $3,500, and your monthly MIP would be about $140.
After using the calculator, consider these important steps:
Contact an FHA-approved lender to discuss your options.
Gather your financial documents (pay stubs, tax returns, bank statements).
Check your credit score - FHA loans typically require a score of 580 or higher.
Consider saving for a larger down payment to reduce your MIP costs.
