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FHA Loan Calculator
Estimate an FHA mortgage payment: enter the home price, down payment (3.5% minimum), rate and term, and the calculator adds the 1.75% upfront MIP to the loan and the current annual MIP, plus property tax, insurance and HOA. The MIP rates are editable defaults, and you get a yearly amortization table.
Last updated:
Home & loan
$
%
Minimum 3.5% (580+ credit score).
% / yr
FHA mortgage insurance
%
% / yr
Taxes, insurance & HOA
$/ yr
$/ yr
$/ mo
Enter your values to see the result.
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How to use the FHA Loan Calculator
- Enter the home price and down payment % (FHA requires at least 3.5%).
- Set the interest rate and loan term.
- Check the MIP settings: 1.75% upfront and the automatic annual rate, or enter your lender's figures.
- Add property tax, homeowners insurance and HOA for the full payment.
- Read the monthly payment, total loan and MIP cost, and review the yearly amortization.
How an FHA payment is calculated
- Base loan = price − down payment (minimum 3.5% down).
- Upfront MIP (UFMIP) = base loan × 1.75%. It is usually financed: total loan = base loan + UFMIP.
- Principal & interest = L × r(1 + r)n ÷ ((1 + r)n − 1) on the total loan, with r = rate ÷ 12 and n = months.
- Annual MIP = average outstanding balance × annual MIP rate ÷ 12, paid monthly.
- Monthly payment = P&I + MIP + property tax ÷ 12 + insurance ÷ 12 + HOA.
FHA annual MIP rates (case numbers from March 20, 2023)
| Term | Base loan amount | LTV | Annual MIP | Duration |
|---|---|---|---|---|
| More than 15 years | ≤ $726,200 | ≤ 95% | 0.50% | 11 yrs if LTV ≤ 90%, else life of loan |
| More than 15 years | ≤ $726,200 | > 95% | 0.55% | Life of loan |
| More than 15 years | > $726,200 | ≤ 95% / > 95% | 0.70% / 0.75% | As above |
| 15 years or less | ≤ $726,200 | ≤ 90% / > 90% | 0.15% / 0.40% | 11 years / life of loan |
| 15 years or less | > $726,200 | ≤ 78% / 78–90% / > 90% | 0.15% / 0.40% / 0.65% | 11 years / 11 years / life of loan |
Upfront MIP is 1.75% of the base loan for most purchase loans. Check with your lender for the rates on your case.
Example FHA loans with 3.5% down
30-year term at 6.5%, 1.75% UFMIP financed, 0.55% annual MIP (first-year estimate based on the starting base loan).
| Home price | Down (3.5%) | Base loan | UFMIP | Total loan | P&I | MIP / month |
|---|---|---|---|---|---|---|
| $200,000.00 | $7,000.00 | $193,000.00 | $3,377.50 | $196,377.50 | $1,241.24 | ≈ $88.46 |
| $300,000.00 | $10,500.00 | $289,500.00 | $5,066.25 | $294,566.25 | $1,861.86 | ≈ $132.69 |
| $400,000.00 | $14,000.00 | $386,000.00 | $6,755.00 | $392,755.00 | $2,482.48 | ≈ $176.92 |
| $500,000.00 | $17,500.00 | $482,500.00 | $8,443.75 | $490,943.75 | $3,103.10 | ≈ $221.15 |
Frequently asked questions
What is the minimum down payment for an FHA loan?
3.5% of the purchase price with a credit score of 580 or higher. Borrowers with scores from 500 to 579 generally need at least 10% down. Lenders may set stricter requirements.
How much is FHA mortgage insurance?
FHA loans charge an upfront MIP of 1.75% of the base loan, usually added to the loan, plus an annual MIP paid monthly. Since March 2023 the annual rate for most 30-year loans up to $726,200 is 0.55% with less than 5% down and 0.50% with 5% or more down. 15-year loans have lower rates (0.15% or 0.40%).
How long do you pay FHA MIP?
If you put down less than 10% (LTV above 90%), annual MIP lasts for the life of the loan. With 10% or more down it ends after 11 years. Many borrowers refinance into a conventional loan later to drop it.
How is the annual MIP calculated?
Annual MIP is a percentage of the loan's average outstanding balance for the year, divided into 12 monthly payments. It therefore falls slightly each year. This calculator recalculates it each year from the base loan's amortization schedule, so treat it as an estimate.
Is the upfront MIP included in the loan amount?
Usually yes. Most borrowers finance the 1.75% upfront premium, which raises the loan amount and the monthly principal and interest. You can also pay it in cash at closing; untick the finance option to see that case.
Are there FHA loan limits?
Yes. FHA sets maximum loan amounts by county and they change every year. Check the current limit for your county before you shop.
Is my data uploaded?
No. The calculations run entirely in your browser.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.
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