An FHA loan on a $620,000 house with the 3.5% minimum down payment ($21,700) costs about $5,017.20 per month at 6.85%. That includes $279.02 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 $5,017.20 per month with 3.5% down at 6.85% — $3,989.02 principal and interest, $279.02 MIP, plus estimated property tax and insurance.
The FHA minimum is 3.5%, or $21,700, with a credit score of 580 or above. Below 580 the minimum rises to 10% ($62,000).
An up-front premium of $10,470 (1.75% of the loan, financed in) plus $279.02 per month at 0.55% annually. Over the loan that totals roughly $76,894.
Reaching 10% ($62,000) limits mortgage insurance to 11 years instead of the full term, saving roughly $38,148 in MIP. It is the single most valuable threshold in the FHA program.
$608,770 — the $598,300 base loan plus $10,470 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.