An FHA loan on a $430,000 house with the 3.5% minimum down payment ($15,050) costs about $3,479.68 per month at 6.85%. That includes $193.51 of mortgage insurance, which lasts the life of the loan at this down payment because loan-to-value exceeds 90%.
Files are branded with Abodemic and your results — no data leaves your browser.
About $3,479.68 per month with 3.5% down at 6.85% — $2,766.58 principal and interest, $193.51 MIP, plus estimated property tax and insurance.
The FHA minimum is 3.5%, or $15,050, with a credit score of 580 or above. Below 580 the minimum rises to 10% ($43,000).
An up-front premium of $7,262 (1.75% of the loan, financed in) plus $193.51 per month at 0.55% annually. Over the loan that totals roughly $53,330.
Reaching 10% ($43,000) limits mortgage insurance to 11 years instead of the full term, saving roughly $26,457 in MIP. It is the single most valuable threshold in the FHA program.
$422,212 — the $414,950 base loan plus $7,262 of financed up-front MIP. You amortize the larger figure, which is why FHA payments run above a conventional loan at the same price.
Sources: Freddie Mac Primary Mortgage Market Survey; Tax Foundation — Property Taxes by State; Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.