IncomeChecker.com

FHA Loan Calculator

Estimate your monthly payment on an FHA loan. Enter the price, down payment, rate, and term, and see principal and interest, mortgage insurance, taxes, and insurance, and your total loan with the upfront premium financed.

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Added to the loan

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0.55% over 95% LTV, 0.50% at 95% or below (30-year, up to $726,200)

Monthly payment
$2,419.55
Principal and interest
$1,861.86
Mortgage insurance (MIP)
$132.69
Taxes and insurance
$425.00
Upfront MIP (financed)
$5,066.25
Total loan amount
$294,566.25

How the payment is built

  • Base loan = price − down payment
  • Upfront MIP = base loan × upfront rate (1.75%), added to the loan
  • Principal and interest on the total loan at your rate and term
  • Annual MIP = base loan × annual MIP rate ÷ 12, paid monthly
  • Monthly total = principal and interest + MIP + property tax + insurance

Example. A $300,000 home with 3.5% down has a $289,500 base loan. The 1.75% upfront premium is $5,066.25, so the loan is $294,566.25. At 6.5% for 30 years, principal and interest is $1,861.86, monthly MIP is $132.69, plus $300 tax and $125 insurance, for $2,419.55 a month.

Things to check

  • The minimum down payment is 3.5% with a qualifying credit score, and 10% for lower scores. This calculator lets you enter any percentage; lenders set their own score requirements.
  • The default annual MIP of 0.55% is the usual rate for a 30-year loan up to $726,200 when LTV is above 95%. It is 0.50% at 95% LTV or below, and higher for larger loans or 15-year terms. Change the rate to match your loan.
  • This estimate calculates annual MIP on the base loan for the whole year. The official premium is based on the average balance, so it declines slightly over time.
  • Taxes, insurance, and mortgage insurance rules change. Your lender’s Loan Estimate is the final number.

Frequently asked questions

What is MIP on an FHA loan?

Mortgage insurance premium. FHA charges an upfront premium, 1.75% of the base loan and usually financed, and an annual premium paid monthly. It protects the lender, not you.

How much down payment does an FHA loan need?

As little as 3.5% of the price with a qualifying credit score. Borrowers with lower scores generally need 10% down.

Does FHA mortgage insurance ever go away?

It depends on your down payment. With less than 10% down, the annual premium generally lasts for the life of the loan. With 10% down or more, it generally drops off after 11 years. Refinancing into a conventional loan is another way out.

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Calculators give estimates from the numbers you enter. They are not tax, legal, or accounting advice.