FHA Loan Calculator
Calculate your full FHA monthly payment including financed upfront MIP and annual mortgage insurance with just 3.5% down.
Example
On a $400,000 home with 3.5% down ($14,000), a 6.5% rate, and a 30-year term:
- Base loan: $386,000
- Upfront MIP (1.75%, financed): $6,755 -> total loan $392,755
- Principal & interest: $2,482.48/mo
- Monthly MIP (0.55%/yr on base loan): $176.92/mo
- Total monthly payment: $2,659.40 (before taxes & insurance)
How it works
Enter the home price, interest rate, and term; the tool subtracts your 3.5% down payment, finances the 1.75% upfront MIP into the loan, and adds monthly MIP (0.55%/yr) to your principal and interest. The headline shows your total monthly payment.
Good to know
The FHA Loan Calculator estimates the full monthly cost of a mortgage backed by the Federal Housing Administration, which is the loan type many first-time and lower-down-payment buyers use because it allows as little as 3.5% down. Unlike a generic mortgage calculator, it bakes in the two mortgage insurance premiums (MIP) that are unique to FHA loans: a one-time upfront premium of 1.75% that gets financed into the loan balance, and an annual premium of 0.55% that is split across your monthly payments. You enter the home price, down payment percentage, interest rate, and term, and it returns your principal and interest, monthly MIP, and a combined monthly figure.
Reach for it when you are comparing FHA financing against a conventional loan, sizing up how much house you can afford with a small down payment, or sanity-checking a lender's quote. It is especially handy for seeing how the financed upfront MIP quietly raises your total loan amount and the interest you pay over the life of the loan, since that premium is borrowed and accrues interest just like the rest of the balance.
To read the result, start with the headline total monthly payment, then look at the breakdown: principal and interest is the core loan repayment, monthly MIP is the recurring insurance charge, and the total loan amount shows your base loan plus the rolled-in upfront MIP. The two bars give a quick visual sense of how much of your payment is repayment versus insurance.
- Remember this figure excludes property taxes, homeowners insurance, and HOA dues, so your real escrowed payment will be higher.
One practical caveat: the calculator assumes the most common MIP rates (1.75% upfront and 0.55% annual for terms over 15 years with less than 5% down), but FHA rates and county loan limits change and depend on your loan size, term, and down payment. On most FHA loans taken out with minimum down, MIP also lasts the life of the loan rather than dropping off automatically, so treat the output as an educational estimate and confirm the exact numbers with your lender.
Frequently asked questions
Why is the upfront MIP added to my loan amount?
FHA charges a one-time upfront mortgage insurance premium of 1.75% of the base loan. Most borrowers roll (finance) it into the mortgage rather than paying cash, so this calculator adds it to the base loan and charges interest on the combined total.
How is the monthly MIP of 0.55% calculated?
The annual MIP rate (0.55% for most FHA loans over 15 years with less than 5% down) is multiplied by the base loan amount, then divided by 12. It is added on top of your principal and interest every month and is separate from the financed upfront premium.
Is my data uploaded anywhere?
No — this calculator runs entirely in your browser; nothing is uploaded.
Is this financial advice?
No. These are educational estimates — consult a qualified financial professional before making decisions.
People also ask
How much down payment do you need for an FHA loan?
FHA loans allow a minimum down payment of 3.5% for borrowers with a credit score of 580 or higher. Those with scores between 500 and 579 are generally required to put down at least 10%.
Does FHA mortgage insurance ever go away?
For most FHA loans originated with the minimum down payment, the annual MIP remains for the full life of the loan. If a borrower puts down 10% or more, the annual MIP typically drops off after 11 years.
What is the difference between FHA MIP and conventional PMI?
MIP applies specifically to FHA loans and includes both an upfront premium and an annual premium, often lasting the life of the loan. Conventional PMI applies to conventional loans with less than 20% down and can usually be canceled once the borrower reaches 20% equity.
Can the FHA upfront MIP be paid in cash instead of financed?
Yes, the 1.75% upfront premium can be paid at closing in cash rather than rolled into the loan. Financing it adds to the loan balance and the interest paid over time, while paying it upfront avoids that but requires more cash at closing.
What credit score do you need to qualify for an FHA loan?
FHA guidelines allow scores as low as 500 with a 10% down payment, or 580 with a 3.5% down payment. Individual lenders often set higher minimums, so requirements vary by lender.
Are there limits on how much you can borrow with an FHA loan?
Yes, the FHA sets maximum loan amounts that vary by county and are tied to local home prices. These limits are higher in high-cost areas and are adjusted periodically by the Department of Housing and Urban Development.
Can you refinance out of an FHA loan to drop mortgage insurance?
Many borrowers refinance into a conventional loan once they have built sufficient equity, which can eliminate the ongoing MIP. Whether this saves money depends on the new interest rate, closing costs, and how much equity has accumulated.
Does the FHA calculator include property taxes and insurance?
No, this calculator covers principal, interest, financed upfront MIP, and monthly MIP only. Property taxes, homeowners insurance, and HOA dues are excluded, so the actual escrowed payment will be higher.
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