fha home loan down payment calculator explained for first-time buyers

What this tool actually tells you

An FHA calculator estimates your required down payment, upfront mortgage insurance premium, and monthly cost based on price, credit score, and location. It won’t lock your rate or approve your file, but it can set realistic expectations before you tour homes.

Key inputs to review

Enter a target purchase price, expected interest rate, estimated taxes and insurance, and your credit band. Many tools assume the minimum 3.5% down with 580+ scores, or 10% if your score is lower. Double-check county loan limits; they cap how much FHA will insure.

How to interpret results

Focus on total monthly payment, cash due at closing, and how mortgage insurance changes over time. If the number strains your budget, try adjusting price, rate, or down payment until the figures feel sustainable.

• Compare lenders for fees and rates, not just the payment.
• Ask if discounts apply for autopay or points.
• Plan reserves: aim for 2–3 months after closing.
• Re-run the calculator when rates move.

Next steps

Use the estimate to start a conversation with a lender, gather documents, and verify eligibility before making offers.