FHA mortgage calculator: Calculate my FHA mortgage payment
FHA loans are supported by the Federal Housing Administration. They help people buy homes, even if their credit isn't perfect. These loans are also good for those who find it hard to save for a down payment.
Enter your details into the calculator. This will help you see if FHA mortgage payments fit your financial goals.
FHA Loan Calculator
You have questions?
We'll have the answers.
Mortgage Expert
Few questions on loan processing and tasks.
FHA mortgage payment FAQs
Reach out to Rate loan experts who can answer even more questions about FHA loans and help you reach your homeownership goals.
You will need a down payment of at least 3.5% of the home's price. You also need to provide proof of income, tax returns, asset statements, and personal ID.
Keep in mind that the federal government sets limits on the amount you can borrow with an FHA loan, so it’s important to be aware of the limits in your area.
To qualify for an FHA mortgage, you will need:
Minimum credit score of 580
Down payment of at least 3.5% of the home's purchase price
Debt-to-income (DTI) ratio of 43% or lower
You’ll be required to pay mortgage insurance premiums. If you have a credit score at the 500 level, you’ll need a 10% down payment.
Since FHA loans are backed by the federal government, the FHA motivates lenders to provide favorable terms, making home financing more accessible and affordable for a wider range of buyers.
FHA loans present an excellent option for those purchasing a home for the first time. These loans offer down payment options beginning at only 3.5% and have more lenient credit score criteria. This makes them an attractive choice for individuals seeking adaptable terms.
FHA loan rates are comparable to those of conventional loans, but your rate will be influenced by elements such as your credit score, debt management history, and mortgage insurance needs.
Rate is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
Rate, Inc. has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.