FHA Loan Calculator: Can You Qualify — and Is It Worth It?
Can you qualify for an FHA loan?
FHA Loan Eligibility & Cost Calculator
Enter your purchase details to check FHA eligibility, calculate monthly PITI with MIP, compare vs conventional, and see qualification flags. Results update live.
Purchase & Loan
Income & Costs
Car, student loans, credit cards
Related Calculators
Mortgage Delinquency Timeline Calculator
How long until delinquency becomes foreclosure?
Interest Rate Calculator
What interest rate are you paying?
UK Mortgage Calculator
Can you afford this home in the UK?
Home Equity Loan Calculator
How much could you borrow against your home?
Down Payment Calculator
How long until you can afford a down payment?
Short Sale vs. Foreclosure Calculator
Which option costs you less — short sale or foreclosure?
Get this result by email
We'll send you this summary so you can revisit it anytime — useful when making a final decision.
🔒 We'll only send your result. No spam, no noise.
FHA loans are insured by the Federal Housing Administration and designed for buyers with lower credit scores or smaller down payments. With as little as 3.5% down (580+ credit score) or 10% down (500–579), FHA opens the door for buyers who can't qualify for conventional financing. But FHA loans come with a cost conventional loans don't: Mortgage Insurance Premium (MIP). You pay an upfront MIP of 1.75% of the loan amount (typically rolled into the loan) and an annual MIP of 0.55–1.05% divided into monthly payments. Unlike conventional PMI, FHA annual MIP for loans with less than 10% down often lasts the entire loan term — not just until you reach 20% equity. This calculator computes your full FHA monthly payment including both MIP components, checks your estimated DTI qualification, and compares your FHA payment against a conventional alternative at the same purchase price. The goal: not just telling you whether you can get an FHA loan, but whether it's actually the right financial decision vs. building more credit and saving for conventional. The crossover point shifts constantly with market rates. Right now, many borrowers with 680+ credit scores find conventional pricing competitive with FHA. Below 640, FHA typically wins on rate despite the MIP burden.
- →Credit score is 580–700 and you want to understand your FHA payment
- →Comparing total cost of FHA vs. conventional at the same purchase price
- →Deciding between 3.5% FHA now vs. waiting to save more for conventional
- →Calculating exactly how much MIP adds to your monthly payment and total cost
- →Checking whether your income and debts qualify you for FHA DTI limits
Maya has a 640 credit score and $18,000 saved. She's looking at a $310,000 home. Conventional at 5% down: $15,500 down, 7.25% rate, $180/month PMI. FHA at 3.5% down: $10,850 down, 6.75% rate, $133/month MIP (plus $5,425 upfront MIP financed). FHA monthly payment: $2,091. Conventional: $2,147. But FHA MIP lasts 30 years while PMI drops off after ~7 years. Over the full loan FHA costs $21,840 more in MIP than PMI. With more savings, conventional wins. Maya waits 6 months.
How long does FHA MIP last?
For loans with less than 10% down: FHA annual MIP lasts the entire 30-year loan term — it never cancels automatically. For 10%+ down: MIP cancels after 11 years. This is the key disadvantage vs. conventional PMI, which cancels at 78% LTV. For long-term owners with less than 10% down, refinancing to conventional once you hit 20% equity is usually the exit strategy.
What credit score do I need for an FHA loan?
580+ gets you 3.5% minimum down. 500–579 requires 10% down. Below 500 is ineligible. Most FHA lenders set internal minimums at 580–620 even for the 3.5% program. Rates also worsen with lower scores — a 680+ score gets meaningfully better FHA pricing than a 580.
What are FHA loan limits for 2024?
The baseline limit for single-family homes is $498,257 in lower-cost areas and $1,149,825 in high-cost areas. Limits vary by county — check HUD's website for your specific area. You can buy above the limit by making a larger down payment that brings the loan amount below the cap.
When does FHA beat conventional?
FHA wins when: credit score is under 640 (FHA rates are more competitive), you have minimal cash and need 3.5% down, or your DTI is 43–50% (FHA allows higher DTI with compensating factors). Conventional wins when: 680+ credit score, 10–20% down available, and you plan to stay long enough to benefit from PMI cancellation vs. lifetime MIP.
Can I use gift money for an FHA down payment?
Yes — FHA allows the entire down payment to come from a gift from a family member, employer, charitable organization, or government entity. Conventional loans typically require the borrower to contribute at least 5% from their own funds for loans with less than 20% down. This makes FHA particularly accessible for buyers receiving family assistance.