FHA Loan Calculator
Results
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Payment Breakdown
| Principal and Interest: | $0 | |
| Monthly MIP: (0.85%) | $$0 | |
| Property Tax: | $0 | |
| HOA/Other: | $0 |
Total Monthly Payment
$0
Total Months
180 months
Payment Breakdown
| Principal: | $0 | |
| Interest: | $0 | |
| One-time Expenses: | $0 | |
| MIP: | $0 | |
| Taxes and HOA/Other: | $0 |
Total Of All Payments
$0
Total Months
180 months
FHA Eligibility
- 580 credit score: minimum of 3.5% downpayment
- 500 - 579 credit score: minimum of 10% downpayment
- Below 500 credit score: not qualified for FHA loan
FHA Annual Mortgage Insurance Premium (MIP)
The annual Mortgage Insurance Premium (MIP) pays for Mortgage Insurance that protects the lender in case of mortgage default. The annual MIP varies based on borrowed amount and loan-to-value (LTV) ratio.
FHA Loan with 30 year Loan Term
| Base Loan Amount | Loan-To-Value (LTV) Ratio | Annual MIP |
|---|---|---|
| ≤ $625,000 | ≤ 95% | 0.80% |
| ≤ $625,000 | > 95% | 0.85% |
| > $625,000 | ≤ 95% | 1% |
| > $625,000 | > 95% | 1.05% |
FHA Loan with 15 year Loan Term
| Base Loan Amount | Loan-To-Value (LTV) Ratio | Annual MIP |
|---|---|---|
| ≤ $625,000 | ≤ 90% | 0.45% |
| ≤ $625,000 | > 90% | 0.70% |
| > $625,000 | ≤ 78% | 0.45% |
| > $625,000 | 78.01% to 90% | 0.70% |
| > $625,000 | > 90% | 0.95% |
Table of Monthly Payments
| Month | Starting Loan Amount | Interest | Principal | Ending Loan Amount | Total Paid |
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