FHA Loan Calculator

Calculate your estimated monthly payments for an FHA loan, including mortgage insurance premiums. Our calculator helps you determine if an FHA mortgage fits your budget.

Calculate Your FHA Loan Payment

$
%

Minimum 3.5% down payment required for FHA loans

%
years
%

Typically 0.55% for most FHA loans with 3.5% down

Latest FHA Loan Rates

30-year
4.5%
15-year
3.75%
10-year
3.5%

* Rates are for reference only and may vary by lender

Your Estimated FHA Loan Payment

Loan Amount:$0.00
Down Payment:$0.00
Upfront MIP (1.75%):$0.00
Principal & Interest:$0.00
Monthly MIP:$0.00
Total Monthly Payment:$0.00

This calculator provides estimates only. Actual payments may vary based on the lender, property taxes, homeowner's insurance, and other factors.

What is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) that allows borrowers with lower credit scores and smaller down payments to qualify for home financing. FHA loans are popular among first-time homebuyers because they require as little as 3.5% down payment.

Unlike conventional loans, FHA loans require both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP) that's paid monthly. These premiums protect lenders if the borrower defaults on the loan.

How to Use This Calculator

To estimate your FHA loan payment:

  1. Enter the home purchase price
  2. Adjust the down payment percentage (minimum 3.5%)
  3. Set your expected interest rate
  4. Select your loan term (15, 20, or 30 years)
  5. Review the annual MIP rate (typically between 0.15% and 0.75%)

FHA Loan Calculation Formula

The monthly payment for an FHA loan consists of the principal and interest payment plus the monthly mortgage insurance premium:

$$\text{Monthly Payment} = \text{Principal and Interest} + \text{Monthly MIP}$$

Where:

  • P = Loan amount (home price minus down payment)
  • r = Monthly interest rate (annual rate divided by 12 months)
  • n = Total number of payments (loan term in years × 12 months)
  • Monthly MIP = (Annual MIP rate × loan amount) ÷ 12

FHA Loan Requirements

To qualify for an FHA loan, you generally need:

  • Minimum credit score of 580 for a 3.5% down payment (or 500-579 for a 10% down payment)
  • Debt-to-income ratio less than 43% (in some cases up to 50%)
  • Property must be your primary residence and meet FHA property standards
  • Mortgage insurance is required for the life of the loan if your down payment is less than 10%

Frequently Asked Questions

How is FHA mortgage insurance different from conventional PMI?

FHA mortgage insurance includes both an upfront premium (1.75% of the loan amount) and an annual premium (0.15-0.75% of the loan balance). Conventional PMI doesn't have an upfront premium, and can be canceled once you reach 20% equity in your home. FHA MIP often stays for the life of the loan unless you put at least 10% down.

Can I refinance out of an FHA loan?

Yes, many borrowers start with an FHA loan and later refinance to a conventional loan once they've built sufficient equity (typically 20%) and improved their credit score. This allows them to eliminate the monthly mortgage insurance premium.

Do all lenders offer the same FHA loan rates and terms?

No, while FHA loans are government-insured, they're provided by private lenders who set their own rates and fees. It's important to compare offers from multiple lenders to find the best terms for your FHA loan.