An FHA loan on a $490,000 house with the 3.5% minimum down payment ($17,150) costs about $3,965.23 per month at 6.85%. That includes $220.52 of mortgage insurance, which lasts the life of the loan at this down payment because loan-to-value exceeds 90%.
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About $3,965.23 per month with 3.5% down at 6.85% — $3,152.62 principal and interest, $220.52 MIP, plus estimated property tax and insurance.
The FHA minimum is 3.5%, or $17,150, with a credit score of 580 or above. Below 580 the minimum rises to 10% ($49,000).
An up-front premium of $8,275 (1.75% of the loan, financed in) plus $220.52 per month at 0.55% annually. Over the loan that totals roughly $60,771.
Reaching 10% ($49,000) limits mortgage insurance to 11 years instead of the full term, saving roughly $30,149 in MIP. It is the single most valuable threshold in the FHA program.
$481,125 — the $472,850 base loan plus $8,275 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.