FHA loan calculator
Monthly payment on a US FHA mortgage including the upfront and annual mortgage insurance premiums.
About the fha loan calculator
Monthly payment on a US FHA mortgage including the upfront and annual mortgage insurance premiums.
Part of SmartCalcy’s mortgage & real estate tools. It runs in your browser with no account, uses your own currency and units (change them at the top of the page), and gives estimates for information only, so check official guidance before you rely on a result.
How to use the fha loan calculator
What it calculates and when to use it
Estimate the monthly payment on a US FHA mortgage, including the upfront and annual mortgage insurance premiums that make FHA different from a conventional loan.
How to use it, step by step
- Enter the price and your down payment percentage.
- Enter the interest rate and loan term.
- Check the insurance premiums, property tax and home insurance.
- Read the total payment and its parts.
What each input means
- Down payment – FHA allows 3.5% with a 580+ credit score, or 10% from 500 to 579.
- Upfront premium – Usually 1.75% of the loan and normally added to it.
- Annual premium – Charged monthly. The rate depends on loan size, term and down payment, so confirm it with your lender.
How to read the results
- Monthly payment – Principal and interest, mortgage insurance, tax and insurance.
- Loan amount – The price minus the down payment, plus the upfront premium.
The formula
Loan = price × (1 − down payment) × (1 + upfront premium). Principal and interest = Loan × r ÷ (1 − (1 + r)^−n). Monthly MIP = base loan × annual rate ÷ 12.
A worked example
A 350,000 home with 3.5% down is a 337,750 base loan. With a 1.75% upfront premium the loan is 343,661. At 6.5% over 30 years, principal and interest is 2,172.17; with 154.80 of MIP plus tax and insurance the total is about 2,749.89 a month.
Assumptions and limits
- FHA premiums, loan limits and rules are set by HUD and change. Treat the defaults as editable and check current values.
- MIP is calculated on the base loan, a simplification of HUD’s method.
Common mistakes
- Ignoring that MIP can last for the life of the loan with under 10% down.
- Forgetting loan limits that vary by county.
Frequently asked questions
When can I remove FHA mortgage insurance?
With 10% or more down it normally ends after 11 years. With less, it normally lasts for the life of the loan, so many borrowers refinance later.
Is FHA cheaper than conventional?
It depends on your credit score and down payment. Compare both.
Related tools
Details
- Principal and interest
- £2,172.17
- Annual MIP, monthly
- £154.80
- Property tax
- £320.83
- Home insurance
- £102.08
- Down payment
- £12,250.00
- Total interest
- £438,320.19