FHA Mortgage Calculator
Calculate your FHA loan payment with accurate MIP estimates, credit score guidance, and Fort Wayne loan limits.
FHA Loan — Government-Backed Mortgage
FHA loans are insured by the Federal Housing Administration and feature low down payments (3.5%), flexible credit requirements, and competitive rates. They're one of the most popular loan types for first-time homebuyers in Fort Wayne.
FHA Loan Details
Adjust values to estimate your FHA monthly payment
FHA loans are available in 15 and 30-year terms
Additional Monthly Costs
We'll connect you with FHA-approved lenders in Fort Wayne
FHA Loan Advantages
Low Down Payment
As little as 3.5% down with a credit score of 580+. That's just $9,625 on a $275,000 home.
Flexible Credit
Credit scores as low as 500 accepted (10% down) or 580+ (3.5% down). More forgiving than conventional loans.
Competitive Rates
FHA rates are often lower than conventional rates because the government guarantee reduces lender risk.
Gift Funds Allowed
Your entire down payment can come from gift funds — family, employer, or approved housing agencies.
FHA vs. Conventional Loans
Understanding the differences can help you choose the right loan for your situation.
| Feature | FHA Loan | Conventional Loan |
|---|---|---|
| Min. Down Payment | 3.5% | 3–5% |
| Min. Credit Score | 500 (580 for 3.5% down) | 620+ |
| Mortgage Insurance | Upfront (1.75%) + Annual MIP | PMI (removable at 20% equity) |
| Insurance Cancellation | 11 yrs (10%+ down) or life of loan | Removed at 20% equity |
| Gift Funds for Down Payment | 100% allowed | Allowed with restrictions |
| Debt-to-Income Ratio | Up to 57% | Up to 50% |
| Property Requirements | Must pass FHA appraisal | Standard appraisal |
| Best For | First-time buyers, lower credit | Higher credit, 20%+ down |
Maximize Your FHA Loan
Consider 10% Down
Putting 10% or more down eliminates lifetime MIP — your mortgage insurance drops off after 11 years. This can save you tens of thousands over the life of the loan.
Plan to Refinance
Once you build 20% equity, consider refinancing into a conventional loan to eliminate mortgage insurance entirely. This strategy works especially well in appreciating markets like Fort Wayne.
Boost Your Credit First
Even a modest credit score improvement can significantly lower your interest rate. Going from 620 to 680 could save you hundreds per month and qualifies you for better terms.
FHA Loan FAQ
Disclaimer: This FHA calculator provides estimates for informational purposes only. FHA loan requirements, MIP rates, and loan limits are subject to change. Actual loan terms, rates, and monthly payments may vary based on your credit profile, lender requirements, and property details. FHA loans require the property to meet FHA appraisal standards. For accurate pre-approval and loan terms, please contact an FHA-approved lender.
Data assumptions last verified: July 24, 2026.
Ready to Explore FHA Financing?
Our team can connect you with FHA-approved lenders in Fort Wayne who specialize in helping first-time homebuyers.