FHA Loan CalculatorFree online financial calculator — instant results, no sign-up
Payment on an FHA loan including upfront and annual mortgage insurance.
Estimates only, based on the inputs and assumptions shown. This is not financial, investment, tax, or legal advice. Prices, rates and local rules may change; crypto scenarios do not predict returns. Confirm important decisions with a qualified professional.
Sign in to save results and favorites.
About the FHA Loan Calculator
This calculator estimates monthly payments for a Federal Housing Administration (FHA) home loan. It calculates your required principal and interest payment while incorporating both the upfront mortgage insurance premium (MIP) and the annual MIP. Prospective homebuyers use it to see the complete baseline cost of financing through the FHA program.
- Home price
- The agreed purchase price of the property in dollars, typically ranging from $50,000 to local FHA loan limits.
- Down payment
- The percentage of the home price paid upfront as equity, with 3.5% being the standard minimum for FHA financing.
- Interest rate
- The annual fixed interest rate charged on the loan balance, expressed as a percentage.
- Term
- The duration of the mortgage in years, standardly 15 or 30 years.
Formula and method
Base Loan = Price × (1 − Down / 100) Total Loan = Base Loan × 1.0175 Monthly P&I = Total Loan × [r(1 + r)^n] / [(1 + r)^n − 1] Monthly MIP = Total Loan × 0.0055 / 12 Total Monthly = Monthly P&I + Monthly MIP
- PricePurchase price of the home
- DownDown payment percentage
- Base LoanLoan principal before upfront mortgage insurance
- Total LoanFinal financed loan amount after adding the 1.75% upfront MIP
- rMonthly interest rate (Annual Interest Rate ÷ 100 ÷ 12)
- nTotal number of monthly payments (Term in years × 12)
- Monthly P&IMonthly principal and interest payment
- Monthly MIPMonthly portion of the annual mortgage insurance premium
- Total MonthlyCombined monthly payment of principal, interest, and monthly MIP
The calculator first subtracts the down payment from the home price to determine the base loan, then adds a mandatory 1.75% upfront mortgage insurance premium to arrive at the total financed loan amount. It calculates the monthly principal and interest using standard mortgage amortization over the chosen term. Finally, it calculates monthly MIP based on an annual rate of 0.55% of the total loan amount and adds it to the principal and interest payment.
Worked example
These are the calculator's starting values and the results it actually produces for them.
Inputs
- Home price300000 $
- Down payment3.5 %
- Interest rate6.25 %
- Term30 years
Results
- Loan incl. upfront MIP$294,566.25
- Principal & interest$1,813.70
- Monthly MIP$135.01
- Total monthly$1,948.70
How to use the FHA Loan Calculator
- 1Deduct the down payment percentage from the purchase price to find the base loan balance.
- 2Multiply the base loan by 1.0175 to add the 1.75% upfront mortgage insurance premium (UFMIP) to the principal.
- 3Calculate the monthly principal and interest payment across the loan term at the given annual interest rate.
- 4Multiply the total financed loan balance by 0.55% and divide by 12, then add this monthly MIP to the principal and interest.
Reading your result
The 'Loan incl. upfront MIP' reflects the total starting balance you owe the lender after financing the one-time insurance fee. 'Principal & interest' shows the core amortized debt repayment, while 'Monthly MIP' shows the ongoing insurance cost. 'Total monthly' combines these two figures to show your mandatory monthly payment directly tied to the mortgage loan.
Limitations
This calculation does not include local property taxes, homeowners hazard insurance, or homeowners association (HOA) dues, which are typically held in an escrow account. It also fixes the annual MIP at 0.55%, whereas actual FHA MIP rates can vary between 0.15% and 0.75% depending on loan term, loan amount, and loan-to-value ratio.
Common questions
Why is the total loan amount higher than the home price minus my down payment?+
FHA loans require a mandatory 1.75% Upfront Mortgage Insurance Premium (UFMIP). Most borrowers choose to finance this fee into the loan balance rather than paying it in cash at closing, which increases the total amount borrowed.
Can I remove the monthly FHA mortgage insurance later?+
For most modern FHA loans with a down payment under 10%, the annual MIP lasts for the entire life of the loan. To remove mortgage insurance, borrowers generally must refinance into a conventional loan once they reach 20% equity.
Does this monthly payment represent my complete housing payment?+
No. A full monthly housing payment usually includes property taxes, homeowners insurance, and sometimes flood insurance or HOA fees, none of which are included in this basic loan and MIP calculation.
Does the calculator save my information?+
Calculations run in your browser. While signed in, inputs and results are automatically recorded in account history; saving a result creates a separate saved record.
Further reading
You might also like
Mortgage Calculator
Estimate your monthly house payment including taxes, insurance and HOA.
Amortization Calculator
See how each year of payments splits between interest and principal.
Mortgage Payoff Calculator
See how extra monthly payments shorten your loan and save interest.
House Affordability Calculator
Find a home price that fits your income and debts (28/36 rule).
Rent Calculator
How much rent you can afford based on income and debts.
Debt-to-Income Ratio Calculator
Measure your monthly debt payments against your gross income.
Results are estimates for informational purposes and are not financial, medical or legal advice.