📍 FHA Loan Limits Explained (By County)
❌ FHA Myths That Could Be Holding You Back
Understand what you’re really paying for — and how it all adds up.
If you’re considering an FHA loan, you might be wondering:
“What will my monthly payment actually look like?”
It’s a smart question — and one that many first-time buyers don’t fully understand until after they’re locked in. Spoiler: It’s more than just your loan amount and interest rate.
This guide breaks down exactly what’s included in a typical FHA mortgage payment — so you can plan confidently, avoid surprises, and make the right decision for your budget.
🧾 1. Principal & Interest (P&I)
This is the core of your mortgage — the part that goes toward repaying the loan itself and the interest charged on it.
It’s determined by:
- Your loan amount
- Your interest rate
- Your loan term (usually 30 years)
💡 This is often the number mortgage calculators show — but it’s only part of the picture.
🏛 2. Property Taxes
Property taxes are based on the value of your home and your local tax rate. They’re collected monthly by your lender and paid on your behalf.
This ensures taxes are paid on time, and the cost is spread out over the year instead of hitting all at once.
📍 Tax rates vary by county and city — we’ll help estimate yours accurately.
🧯 3. Homeowners Insurance
This protects your home (and your lender) against things like fire, weather damage, and theft. It’s required for all FHA loans — and included in your monthly payment.
💬 We can help you compare quotes or work with your current insurance provider to keep it simple.
🔐 4. FHA Mortgage Insurance Premium (MIP)
This is specific to FHA loans and includes:
- Upfront MIP: Usually 1.75% of the loan amount (can be rolled into the loan)
- Monthly MIP: Added to your monthly payment
Unlike conventional PMI, FHA MIP:
- Is required for the life of the loan (unless you refinance into a conventional loan later)
- Helps protect the program so it can serve more buyers with flexible guidelines
🔍 We’ll show you how it works, how much it adds, and how long it applies.
🏠 5. HOA Dues (If Applicable)
If you’re buying a condo or a home in a neighborhood with a homeowners association (HOA), monthly dues may be required.
These cover:
- Community maintenance
- Shared amenities (pools, landscaping, etc.)
- Common area insurance
Not all homes have HOA dues, but we’ll flag this during your pre-approval and factor it into your budget if it applies.
🧮 FHA Monthly Payment Example
Here’s what a sample payment might look like on a $350,000 FHA loan with 3.5% down:
| Component | Estimated Amount |
|---|---|
| Principal & Interest | $2,050 |
| Property Taxes | $300 |
| Homeowners Insurance | $100 |
| FHA MIP | $245 |
| Total Estimated Payment | $2,695/mo |
📘 Actual numbers will vary by rate, loan amount, location, and insurance quotes — but we’ll give you a personalized estimate upfront.
🧭 Final Thought: Know the Full Picture Before You Commit
Too many buyers only look at principal + interest — and miss the real cost of homeownership. At PRMI, we’re big believers in transparency and education — because empowered buyers make smarter decisions.
🏢 Why PRMI?
As a direct FHA lender, we:
- Build your full monthly estimate into every pre-approval
- Walk you through line-by-line so nothing is hidden
- Handle your loan in-house — no broker confusion or third-party surprises
👇 Want to Know What You’d Actually Pay?
We’ll run your full monthly estimate, tailored to your credit, location, and goals — no pressure, just clarity.