Question 1

What is an FHA loan?

Accepted Answer

FHA loans are mortgages insured by the Federal Housing Administration. They require only 3.5% down with a credit score of 580+ and allow lower credit scores than conventional loans.

Question 2

What is FHA MIP?

Accepted Answer

MIP (Mortgage Insurance Premium) is required on all FHA loans. It includes an upfront premium (1.75% of loan amount) and an annual premium (0.55–1.05% depending on loan size and term).

Question 3

When can I remove FHA MIP?

Accepted Answer

For FHA loans originated after 2013 with less than 10% down, MIP is required for the life of the loan. To remove it, you must refinance into a conventional loan.

Question 4

FHA loan vs conventional loan — which is better?

Accepted Answer

FHA is better for borrowers with lower credit scores or smaller down payments. Conventional loans are better if you have 20% down (avoids MIP) and a credit score above 680.

Month	Payment	Principal	Interest	Balance
1	$1,621.50	$215.25	$1,406.25	$249,784.75
2	$1,621.50	$216.46	$1,405.04	$249,568.30
3	$1,621.50	$217.67	$1,403.82	$249,350.63
4	$1,621.50	$218.90	$1,402.60	$249,131.73
5	$1,621.50	$220.13	$1,401.37	$248,911.60
6	$1,621.50	$221.37	$1,400.13	$248,690.23
7	$1,621.50	$222.61	$1,398.88	$248,467.62
8	$1,621.50	$223.86	$1,397.63	$248,243.75
9	$1,621.50	$225.12	$1,396.37	$248,018.63
10	$1,621.50	$226.39	$1,395.10	$247,792.24
11	$1,621.50	$227.66	$1,393.83	$247,564.57
12	$1,621.50	$228.94	$1,392.55	$247,335.63

Month	Payment	Principal	Interest	Balance
1	$1,621.50	$215.25	$1,406.25	$249,784.75
2	$1,621.50	$216.46	$1,405.04	$249,568.30
3	$1,621.50	$217.67	$1,403.82	$249,350.63
4	$1,621.50	$218.90	$1,402.60	$249,131.73
5	$1,621.50	$220.13	$1,401.37	$248,911.60
6	$1,621.50	$221.37	$1,400.13	$248,690.23
7	$1,621.50	$222.61	$1,398.88	$248,467.62
8	$1,621.50	$223.86	$1,397.63	$248,243.75
9	$1,621.50	$225.12	$1,396.37	$248,018.63
10	$1,621.50	$226.39	$1,395.10	$247,792.24
11	$1,621.50	$227.66	$1,393.83	$247,564.57
12	$1,621.50	$228.94	$1,392.55	$247,335.63

FHA Loan Calculator

Amortization Over Time

Amortization Schedule

Frequently Asked Questions

Amortization Over Time

Amortization Schedule