Using LendingTree’s FHA loan calculator is an easy and fast way to find out what your monthly mortgage payment to the Federal Housing Administration (FHA) will be. Our FHA loan calculator does the math for you so you can decide if the flexible qualifying guidelines are worth the extra FHA mortgage insurance cost.
Frequently asked questions
The minimum down payment is 3.5% for an FHA mortgage with a 580 credit score.
Shop for interest rates, boost your credit score as high as you can (740 is ideal) and make more than the 3.5% minimum down payment if possible.
Most lenders offer FHA loans, but it’s always best to shop with three to five lenders to make sure you’re getting the best FHA interest rates.
You’ll have a lower mortgage payment, but you’ll still have to pay both types of mortgage insurance. However, the MIP will automatically drop off after 11 years.
No. The FHA doesn’t set income restrictions. However, if you’re applying for down payment assistance (DPA), income limits may apply.
You can ask for a gift or closing cost assistance if you’re short on funds. FHA guidelines allow the seller to pay up to 6% of your loan amount toward closing costs. You can also ask the lender for a no-cost loan — the lender raises your interest rate and pays the costs on your behalf.