Fha Calculator – Loan calculator

FHA Loan Cost & Limit Estimator

Use this calculator to estimate key FHA-specific costs and check if your desired loan amount falls within FHA county limits. This tool helps you understand the upfront and ongoing mortgage insurance premiums, as well as the minimum required investment for an FHA loan.

Property Sales Price ($):

County FHA Maximum Loan Limit ($):

Estimated FHA Loan Details:

Minimum Required Investment:

Base Loan Amount (before UFMIP):

Upfront Mortgage Insurance Premium (UFMIP):

Total FHA Loan Amount (including UFMIP):

Estimated Monthly Annual MIP:

Understanding FHA Loans and Their Costs

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), a division of the U.S. Department of Housing and Urban Development (HUD). These loans are popular, especially among first-time homebuyers, because they offer more flexible qualification requirements compared to conventional loans, including lower credit score thresholds and a smaller minimum required investment.

Minimum Required Investment

One of the most attractive features of an FHA loan is its low minimum required investment. For most borrowers, this is 3.5% of the home's purchase price. This calculator uses this standard 3.5% rate to determine the minimum cash you'd need to contribute towards the purchase price.

Upfront Mortgage Insurance Premium (UFMIP)

FHA loans require two types of mortgage insurance. The first is the Upfront Mortgage Insurance Premium (UFMIP). This is a one-time premium, typically 1.75% of the base loan amount. While it can be paid in cash at closing, it is most commonly financed into the total loan amount, increasing your overall loan balance. This calculator assumes the UFMIP is financed.

Annual Mortgage Insurance Premium (MIP)

In addition to the UFMIP, FHA loans also require an Annual Mortgage Insurance Premium (MIP). This premium is paid monthly as part of your mortgage payment. The rate for Annual MIP varies based on your loan-to-value (LTV) ratio and loan term. For this calculator, we use a common rate of 0.55% of the base loan amount per year. This annual amount is then divided by 12 to show your estimated monthly cost.

FHA Loan Limits

FHA loans have specific maximum loan limits that vary by county and are updated annually. These limits are set to ensure FHA loans primarily serve moderate-income borrowers. If your desired loan amount (including the financed UFMIP) exceeds your county's FHA loan limit, you would either need to increase your minimum required investment to bring the loan amount within limits or explore other financing options.

Important Considerations

This calculator provides estimates for FHA-specific costs and limits. It does not include other potential closing costs (such as appraisal fees, title insurance, attorney fees, etc.), property taxes, homeowner's insurance, or the actual interest rate of your loan. For a complete financial picture, it's essential to consult with an FHA-approved lender who can provide personalized figures based on your specific situation and current market rates.

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