FHA Loan Calculator

Estimate your FHA monthly payment, upfront and annual MIP, and total loan cost based on current FHA rules.

3.5%

Minimum FHA down payment is typically 3.5% with qualifying credit.

Typical FHA annual MIP is around 0.45–0.85% depending on term, LTV, and loan size.

Results

Total monthly payment

$0

Principal & interest + taxes + insurance + MIP + HOA

Base FHA loan amount

$0

Purchase price minus down payment

Financed loan amount

$0

Includes financed upfront MIP (if selected)

Payment breakdown (monthly)

Principal & interest:
$0
Property tax:
$0
Homeowners insurance:
$0
FHA annual MIP:
$0
HOA dues:
$0

FHA mortgage insurance

Upfront MIP (1.75%):
$0
Financed upfront MIP:
$0
Annual MIP factor:
0.55%
First-year annual MIP:
$0
Amortization snapshot Click to show

How this FHA loan calculator works

This FHA loan calculator estimates your monthly payment and mortgage insurance using the same core math lenders use for FHA-insured mortgages. It separates:

  • Base loan amount (purchase price minus down payment)
  • Upfront mortgage insurance premium (UFMIP)
  • Annual mortgage insurance premium (MIP)
  • Principal & interest, property tax, insurance, and HOA dues

1. Base loan amount

The base FHA loan amount is:

Base loan = Home price − Down payment

Down payment = Home price × (Down payment % ÷ 100)

2. Upfront MIP (UFMIP)

Most FHA purchase loans charge an upfront MIP of 1.75% of the base loan amount. You can pay this at closing or finance it into the loan.

Upfront MIP = Base loan × 1.75%

Financed loan = Base loan + Upfront MIP (if you choose to finance it)

3. Monthly principal & interest

The calculator uses the standard fixed-rate mortgage formula with the financed loan amount (if UFMIP is financed) or the base loan amount.

Let:

  • L = loan amount
  • r = monthly interest rate = APR ÷ 12 ÷ 100
  • n = total number of payments = years × 12

Then the monthly principal & interest payment is:

PI = L × [ r(1 + r)n / ((1 + r)n − 1) ]

4. Annual and monthly MIP

FHA also charges an annual mortgage insurance premium (MIP), expressed as a percentage of your outstanding balance (for example 0.55% per year).

Annual MIP ≈ Loan amount × (MIP factor ÷ 100)

Monthly MIP ≈ Annual MIP ÷ 12

The exact MIP factor depends on your loan term, loan-to-value ratio (LTV), and loan size. We let you adjust the factor so you can match current FHA tables from HUD or your lender.

5. Taxes, insurance, and HOA

Property taxes and homeowners insurance are converted from annual amounts to monthly:

Monthly tax = Annual tax ÷ 12

Monthly insurance = Annual insurance ÷ 12

HOA dues are entered as a monthly amount and added directly.

Typical FHA loan requirements (high level)

While exact rules change over time and lenders can add their own overlays, FHA loans commonly require:

  • Down payment: as low as 3.5% with qualifying credit
  • Credit score: FHA allows lower scores than many conventional loans; many lenders look for 580–620+
  • Debt-to-income (DTI): often up to the low 40% range, sometimes higher with strong compensating factors
  • Occupancy: the home must be your primary residence
  • Property standards: the home must meet FHA minimum property standards and pass appraisal

Always confirm current requirements with your lender or directly from HUD/CFPB, as guidelines and MIP factors can change.

FHA vs. conventional: when does FHA make sense?

FHA loans can be especially helpful if you:

  • Have a limited down payment but stable income
  • Have a shorter credit history or some past credit issues
  • Plan to stay in the home long enough that upfront costs are worthwhile

If you have strong credit and at least 20% down, a conventional loan may avoid mortgage insurance altogether and be cheaper over time. Use this FHA calculator alongside a standard mortgage payment calculator to compare scenarios.

Limitations & disclaimer

This tool is for educational and planning purposes only. It uses simplified assumptions about FHA mortgage insurance and does not account for every possible guideline, fee, or local FHA loan limit.

It is not a loan offer or a guarantee of approval. For personalized advice and official terms, speak with a licensed mortgage professional or housing counselor.

FHA loan FAQs

What is an FHA loan?

An FHA loan is a mortgage insured by the Federal Housing Administration. You still borrow from a private lender, but the FHA provides insurance that protects the lender if you default. In exchange, you may qualify with a lower down payment and more flexible credit standards than many conventional loans.

What is the minimum down payment for an FHA loan?

For most borrowers with a credit score of 580 or higher, the minimum FHA down payment is 3.5% of the purchase price. Borrowers with scores between 500 and 579 may need at least 10% down, and individual lenders can set stricter requirements.

How long do I pay FHA mortgage insurance?

For many recent FHA loans with less than 10% down, the annual MIP lasts for the life of the loan. If you put down at least 10%, MIP may end after 11 years. Some borrowers remove FHA mortgage insurance by refinancing into a conventional loan once they have enough equity and meet credit and income guidelines.

Does this calculator use official FHA MIP tables?

The calculator uses a default annual MIP factor that is typical for many FHA loans and lets you adjust it manually. Official MIP factors depend on loan term, loan amount, and loan-to-value ratio. For precise numbers, check the latest FHA MIP tables from HUD or ask your lender, then plug the factor into this tool.