CRJ-900 flight crew reported they descended below charted altitudes in an unstabilized visual approach and executed a go-around.

Narrative

I; the FO (First Officer); was pilot flying for the visual approach to Runway XX backed up with the ILS XX in daytime VMC conditions. ATC had vectored us close in to the ILS FAF and we were cleared for the visual approach. Before being cleared for the visual; ATC gave us descend and maintain 2;100' instruction. We were descending in V/S mode and had not ALTS CAP'd. Captain asked if I planned to intercept in white or green needles as the crew was quickly approaching final and the I hadn't yet armed a mode yet. I told the Captain I planned to intercept with green needles; armed approach mode; and set a go around altitude of 2500 feet; which was above our current altitude; to continue the descent in V/S mode. At this point; we were approximately abeam the FAF and had descended below 1900 and were not yet on glideslope/localizer and still too far off laterally to use the PAPI. The Captain called out that we were low; I disconnected the autopilot and shallowed the descent; but got slow and briefly below min maneuvering speed; at which point the Captain called a Go Around. We executed the go around and came back in for a full ILS approach. We were in VMC at all times; and the low altitude did not pose a safety risk to flight. The slow speed resulted in a failure to meet stable approach criteria causing us to go around.Cause: Spinning the altitude up to go around altitude rather than to the MDA on the FAF caused us to descend below and led to a rushed state trying to get back on track. Turning off the auto pilot added to the work load.Suggestions: Rather than spinning the altitude up to go around altitude; I would set the altitude to the MDA of the FAF and descend to that point while trying to capture the glide slope. Slowing down and not rushing will be beneficial as well.