580 Credit Score Mortgage Calculator 2026 — FHA Payment

What a 580 credit score gets you with FHA

The FHA sets its minimum credit score at 580 for a 3.5% down payment. Between 500 and 579, you can still get an FHA loan — but the minimum down payment jumps to 10%. Below 500, FHA will not approve you at any down payment. These are FHA floors, not guarantees: individual lenders add their own overlays, and many require 600–640 even though the FHA would allow 580.

FHA mortgage insurance: the two parts

Every FHA loan carries two mortgage insurance charges. The upfront MIP is 1.75% of the base loan amount — on a $289,500 base loan that is $5,066.25, and it is almost always financed into the loan rather than paid at closing. The annual MIP is charged monthly; for most 30-year FHA loans it is 0.55% of the loan amount per year (0.50% if your loan-to-value is 95% or less). Unlike conventional PMI, FHA annual MIP does not automatically drop off at 20% equity if you put less than 10% down — it lasts for the life of the loan. That is the real long-term cost of a low-down-payment FHA loan, and the main reason borrowers refinance into conventional loans once they reach 20% equity.

Worked example: $300,000 home, 3.5% down

Down payment $10,500; base loan $289,500; upfront MIP (1.75%) $5,066.25; total loan $294,566.25. At a 580-tier example rate of 7.75%, monthly principal & interest is $2,110.31, annual MIP is $135.01, property tax (1.10%) is $275.00, insurance is $150.00 — total $2,670.32. At a 700-tier rate of 6.50% on the same loan, the total is $2,421.87. The credit-tier penalty is about $248 per month, or roughly $2,980 per year. Rates in this calculator are editable examples — enter the actual quotes your lenders give you for the most accurate comparison.

How to get from 500 to 580

A secured credit card used lightly and paid in full each month is a common, low-risk way to build a positive payment record. Expect movement in months, not days — but even a 20–40 point gain can move you across the 580 line and cut your required down payment from 10% to 3.5%.

Educational content only — not financial advice. Calculator results are estimates based on the inputs you enter. Actual loan terms, rates, fees, and approval depend on your lender, credit profile, property, and location. Talk to a licensed loan officer before making a home-buying decision.