FHA Loan Calculator
Calculate your monthly payments and total costs for an FHA mortgage loan.
Disclaimer: This calculator provides estimates only and is not a substitute for professional financial advice. Consult with a mortgage professional before making any financial decisions.
Standard FHA MIP rate is 0.55% for most loans. Rates may vary based on loan amount and down payment.
Standard FHA upfront MIP is 1.75% of loan amount.
FHA Loan Calculation Results
Loan Amount: $
Upfront MIP: $
Total Loan Amount: $
Monthly Principal & Interest: $
Monthly Mortgage Insurance: $
Total Monthly Payment: $*
*Excludes property taxes and homeowner's insurance
About Our FHA Loan Calculator
Our FHA Loan Calculator helps you estimate monthly payments and costs associated with Federal Housing Administration (FHA) mortgage loans. FHA loans are government-backed mortgages designed to help first-time homebuyers and those with lower credit scores or smaller down payments achieve homeownership.
What Are FHA Loans?
FHA loans are mortgage loans insured by the Federal Housing Administration. These loans require lower minimum down payments and credit scores than many conventional loans, making homeownership more accessible. FHA loans are particularly popular with first-time homebuyers and those with limited savings for a down payment.
Key Features of FHA Loans:
- Lower Down Payment Requirements: FHA loans typically require a minimum down payment of just 3.5% of the purchase price.
- More Flexible Credit Requirements: Borrowers with credit scores as low as 580 may qualify for maximum financing.
- Mortgage Insurance: FHA loans require both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP) that's paid monthly.
- Assumable: FHA loans can be transferred to a qualified buyer when selling your home.
Understanding Mortgage Insurance on FHA Loans
Unlike conventional loans, FHA loans require two types of mortgage insurance:
- Upfront Mortgage Insurance Premium (UFMIP): This one-time charge equals 1.75% of your loan amount and can be financed into the total loan.
- Annual Mortgage Insurance Premium (MIP): This is paid monthly and typically ranges from 0.15% to 0.75% of the loan amount annually, depending on your loan term, amount, and down payment.
For most borrowers making a down payment of less than 10%, mortgage insurance is required for the life of the loan. With a down payment of 10% or more, MIP can be removed after 11 years.
How to Use Our Calculator:
- Enter the home purchase price
- Enter your down payment amount (minimum 3.5% of purchase price for FHA loans)
- Input the interest rate you expect to receive
- Select your loan term (typically 30 or 15 years)
- Review the default mortgage insurance premium rates or adjust if needed
- Click "Calculate FHA Loan" to see your estimated payments
What Our Calculator Shows You:
Loan Amount: The amount you're borrowing (purchase price minus down payment).
Upfront MIP: The one-time mortgage insurance premium added to your loan.
Total Loan Amount: The loan amount plus the upfront MIP.
Monthly Principal & Interest: Your base monthly mortgage payment.
Monthly Mortgage Insurance: The monthly MIP payment based on your loan details.
Total Monthly Payment: Combined monthly principal, interest, and mortgage insurance payment.
Note: This calculator provides estimates only and doesn't include property taxes, homeowner's insurance, or HOA fees that may be part of your total housing payment.
Frequently Asked Questions
What is the minimum down payment for an FHA loan?
The minimum down payment for an FHA loan is 3.5% of the purchase price if your credit score is 580 or higher. If your credit score is between 500-579, you'll need at least a 10% down payment. This makes FHA loans more accessible than many conventional loans that often require 5-20% down payments.
How do I qualify for an FHA loan?
To qualify for an FHA loan, you typically need: a credit score of at least 500 (though 580+ for the lowest down payment), a debt-to-income ratio below 43% (though exceptions can be made), a steady employment history, and the home must be your primary residence. The property must also meet FHA minimum property standards, which will be verified during an FHA appraisal.
Can I remove the mortgage insurance on an FHA loan?
For FHA loans made after June 3, 2013 with less than 10% down payment, the mortgage insurance premium (MIP) remains for the life of the loan. If you make a down payment of 10% or more, the MIP can be removed after 11 years. The only way to remove MIP otherwise is to refinance into a conventional loan once you have sufficient equity (typically 20%).
Are there limits to how much I can borrow with an FHA loan?
Yes, FHA loans have maximum loan limits that vary by county and housing costs in your area. In 2025, the FHA loan limits range from $472,030 in low-cost areas to $1,089,300 in high-cost areas for single-family homes. You can check the specific limits for your county on the HUD website.