Use this FHA mortgage calculator to get an estimate.
An FHA loan is a government-backed conforming loan insured by the Federal Housing Administration. FHA loans have lower credit and down payment requirements for qualified homebuyers. For instance, the minimum required down payment for an FHA loan is only 3.5%. However, there are additional costs associated with the loan, including the upfront mortgage insurance premium (MIP), annual premiums and appraisal fees.
This FHA loan calculator provides customized information based on the information you provide, but it assumes a few things about you - for example, that you have excellent credit (a FICO credit score of 740+) and that you're buying a single-family home as your primary residence. This FHA mortgage calculator also makes some assumptions about typical down payment amounts, settlement costs, lender's fees, mortgage insurance, and other costs. Learn more about these assumptions below..