Free fha loan calculator
Estimate your FHA loan monthly payment including upfront MIP and annual MIP — enter purchase price, down payment, and rate, updated live, as you type.
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Taxes, insurance & fees
All results are estimates. How accurate is this?
Your loan over time
Full Amortization Schedule
Your mortgage payment is $2,447.62 per month for a $400,000 home.
| Home price | $400,000.00 |
| Down payment | $80,000.00 (20%) |
| Loan amount | $320,000.00 |
| Interest rate | 6.5% |
| Loan term | 30 years (360 payments) |
| Principal & interest | $2,022.62 |
| Property tax (mo) | $300.00 |
| Home insurance (mo) | $125.00 |
| Total monthly payment | $2,447.62 |
| Total of 360 payments | $728,142.36 |
| Total interest paid | $408,142.36 |
How does the term affect my payment?
How does the down payment affect my payment?
Payment schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Aug 2026 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | Sep 2026 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | Oct 2026 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | Nov 2026 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | Dec 2026 | $2,022.62 | $295.60 | $1,727.01 | $318,537.82 |
| 6 | Jan 2027 | $2,022.62 | $297.20 | $1,725.41 | $318,240.62 |
| 7 | Feb 2027 | $2,022.62 | $298.81 | $1,723.80 | $317,941.80 |
| 8 | Mar 2027 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | Apr 2027 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | May 2027 | $2,022.62 | $303.70 | $1,718.92 | $317,035.62 |
| 11 | Jun 2027 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | Jul 2027 | $2,022.62 | $307.00 | $1,715.62 | $316,423.28 |
Results are estimates. Consult a professional.
How the FHA loan calculator works
FHA loans are insured by the Federal Housing Administration (part of HUD) and allow down payments as low as 3.5% for borrowers with a credit score of 580 or higher. The trade-off is mandatory mortgage insurance premium (MIP) — both an upfront premium added to the loan balance at closing and an ongoing annual premium paid monthly. This calculator computes your P&I payment, upfront MIP, and total monthly housing cost.
For loans with an LTV above 90% at origination (down payment below 10%), annual MIP is required for the life of the loan. Borrowers who put down 10% or more can request MIP cancellation after 11 years. Unlike PMI on conventional loans, FHA MIP cannot be cancelled by reaching 20% equity through appreciation alone — you must refinance to a conventional loan to remove it.
HUD Mortgagee Letter 2023-05 — Revised FHA annual MIP rates effective March 20, 2023.Worked example: $300,000 purchase with 3.5% down at 7%
First-time buyer purchases a $300,000 home with the minimum 3.5% down payment ($10,500). The FHA loan amount is $289,500. Upfront MIP is financed into the loan. Rate: 7.0% APR, 30-year term.
FHA total monthly payment at 3.5% down, 7% rate
All examples assume 3.5% minimum down payment, 7.0% APR, 30-year term, and the 2023 annual MIP rate of 0.55%. Upfront MIP of 1.75% is financed. Taxes and insurance are excluded.
| Purchase Price | Down Payment | Base Loan | Upfront MIP | P&I | Monthly MIP | Total P&I+MIP |
|---|---|---|---|---|---|---|
| $200,000 | $7,000 | $193,000 | $3,378 | $1,306 | $88 | $1,394 |
| $250,000 | $8,750 | $241,250 | $4,222 | $1,632 | $111 | $1,743 |
| $300,000 | $10,500 | $289,500 | $5,066 | $1,960 | $133 | $2,093 |
| $400,000 | $14,000 | $386,000 | $6,755 | $2,613 | $177 | $2,790 |
Source: HUD FHA MIP schedule (Mortgagee Letter 2023-05); CFPB mortgage payment formula.
Tips for FHA loan borrowers
FHA loans are a powerful tool for first-time and lower-credit buyers, but MIP is a real long-term cost. These five tips help you use FHA strategically and plan an eventual exit from MIP.
- Plan an FHA-to-conventional refinance — Once your home equity reaches 20% (through payments and/or appreciation), refinancing to a conventional loan eliminates MIP entirely. Run the break-even calculation: divide refinance costs by the monthly MIP savings to find the payback period.
- Put down 10% if possible — Borrowers who put down exactly 10% reduce LTV to 90%, which allows MIP cancellation after 11 years without refinancing. The extra 6.5% down can save significantly over the loan term.
- Compare FHA vs conventional with PMI — Conventional loans with 3–5% down carry private mortgage insurance (PMI), but PMI cancels automatically at 78–80% LTV. For borrowers with a 620–680 credit score, FHA may still win on rate, but run the numbers for your specific score.
- Finance the upfront MIP correctly — The 1.75% upfront MIP is added to the loan, not paid at closing. This keeps cash at closing lower but increases your monthly P&I slightly. You may also pay it out-of-pocket at closing to keep the loan balance lower.
- Check FHA loan limits in your county — FHA loan limits for 2024 range from $498,257 (low-cost counties) to $1,149,825 (high-cost areas). If your loan exceeds the local limit, you'll need a conventional or jumbo loan instead.
Accuracy and limitations
This calculator uses FHA MIP rates effective March 20, 2023 (HUD Mortgagee Letter 2023-05) for a 30-year loan with LTV above 90%. MIP rates differ for 15-year terms, lower LTVs, and loans above the conventional conforming limit. The calculator does not include property taxes, homeowners insurance, HOA fees, or FHA financing fee variations for streamline refinances. FHA loan limits vary by county and are updated annually by HUD. Actual lender rates and fees will vary.
Not financial advice — consult a mortgage professional for your specific situation.
FHA loan terms defined
About this FHA loan calculator
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