$
%
FHA minimum: 3.5% (580+ credit) or 10% (500-579)
%
Credit Score
$
$
Car payments, student loans, credit cards, etc.
$
$
P&I: $2,172 + MIP: $155 + Tax/Ins: $475
Do you qualify?
Credit Score
680 (minimum: 500)Pass
Down Payment
3.5% (minimum: 3.5%)Pass
DTI Ratio (Standard)
44% (guideline: ≤43%)Fail
DTI Ratio (Extended)
44% (FHA max: ≤57%)Pass
Where your monthly payment goes
Principal & Interest
$2,172
Monthly MIP
$155
Property Tax
$350
Insurance
$125
Which loan type costs less?
What these numbers mean for you
With a 680 credit score, you qualify for FHA's minimum 3.5% down payment. Your actual down payment of 3.5% meets this requirement.
FHA charges two types of mortgage insurance: an upfront premium of $5,911 (1.75% of loan, financed into the loan) and a monthly premium of $155/mo (0.55% annually).
With less than 10% down on a 30-year FHA loan, MIP lasts the entire life of the loan. Total MIP cost: $61,639. Consider refinancing to conventional once you reach 20% equity.
Your DTI of 44.0% exceeds the standard 43% limit but FHA may approve up to 57% with compensating factors (cash reserves, minimal payment increase, etc.).
Your FHA loan on a $350,000 home with 3.5% down costs $2,802/month. The upfront MIP of $5,911 is financed into the loan, and monthly MIP of $155 lasts 30 years. Total MIP cost over the life of the loan: $61,639.
Here are the exact formulas behind your numbers. No black boxes — just math.
Minimum Down Payment
Upfront MIP
Total Loan Amount
Monthly MIP
Total Monthly Payment
LoanKnow takes your numbers and helps lenders compete for your business — anonymously and for free. Your calculated data transfers seamlessly so you never re-enter information.
