FHA Loan Calculator
Estimate the full monthly payment on an FHA loan, including the financed upfront MIP and the monthly MIP that conventional loans do not charge. Designed for first-time and low-down-payment buyers who want the real cost, not just principal and interest.
How to Use
- Enter the home price and your down payment (FHA allows as little as 3.5% down).
- Enter the interest rate and the loan term in years (typically 30 or 15).
- Enter your annual property tax and annual homeowner's insurance.
- The calculator finances the 1.75% upfront MIP into the loan and adds the annual MIP (about 0.55%) to your monthly payment.
- Read the breakdown: principal & interest, taxes, insurance, monthly MIP, and total monthly payment.
Show Work
FHA fees
About the FHA Loan Calculator
Whether you are at a desk or on your phone, the FHA Loan Calculator makes personal-finance and money decisions easy — and it is completely free. Estimate the full monthly payment on an FHA loan, including the financed upfront MIP and the monthly MIP that conventional loans do not charge. Designed for first-time and low-down-payment buyers who want the real cost, not just principal and interest.
How it works
Type your numbers into the boxes. The answer shows up right away — you do not have to press a button. If you change a number, the answer changes too. So you can try different numbers and watch what happens, or check an answer you worked out yourself. Just make sure each box has the right kind of number in it.
Want the deeper story? The Knowledge Base explains the ideas behind the tools in more detail.
Frequently Asked Questions
What is MIP and how is it different from PMI?
MIP (Mortgage Insurance Premium) is the FHA's version of mortgage insurance, while PMI applies to conventional loans. FHA charges two pieces: an upfront MIP of 1.75% of the loan (usually financed into the balance) and an annual MIP of roughly 0.55% paid monthly. The rates and removal rules differ from conventional PMI.
Can I get rid of FHA mortgage insurance?
For most FHA loans taken with less than 10% down, annual MIP lasts the life of the loan and cannot be canceled by reaching 20% equity. With 10% or more down it drops off after 11 years. The common way to escape MIP entirely is to refinance into a conventional loan once you have enough equity and qualifying credit.
How little can I put down on an FHA loan?
FHA allows a 3.5% down payment with a credit score of 580 or higher, and 10% down for scores between 500 and 579. The trade-off for the low down payment is mandatory MIP, so the monthly cost runs higher than a conventional loan at the same rate. This estimate excludes closing costs, which you should budget separately.
Why is the FHA payment higher than a conventional one at the same rate?
The monthly MIP is added on top of principal, interest, taxes, and insurance, and the financed upfront MIP slightly increases the loan balance you pay interest on. For borrowers who can put 20% down with good credit, a conventional loan often costs less overall. FHA shines when your down payment or credit score makes conventional pricing worse or unavailable.
Does this include closing costs?
No — the estimate covers the monthly payment only. Closing costs (appraisal, title, origination, escrow setup) typically run 2–5% of the price and are paid up front, separate from the financed upfront MIP. Budget for them on top of your down payment.
How do I use the FHA Loan Calculator?
Just type your numbers. The answer shows up right away — there is no button to press. Change anything and it updates by itself.
Is it free? Does it work without internet?
Yes to both. It is free with no sign-up, and once the page has loaded it keeps working even with no internet.
Where does my data go?
Nowhere — every calculation runs on your own device. Nothing you enter is uploaded, logged, or stored.
Common Use Cases
First-time buyer with 3.5% down
See the true monthly cost when a small down payment triggers FHA mortgage insurance.
FHA vs. conventional comparison
Compare this payment to a conventional estimate to decide whether the MIP is worth the lower down payment.
Budgeting around MIP
Factor the monthly MIP into your housing budget so the payment does not surprise you after closing.
Choosing a loan term
Compare a 30-year and 15-year FHA loan to weigh lower payments against faster payoff and less interest.
Planning a future refinance
Estimate today's FHA payment, then revisit to see if refinancing to conventional could drop MIP later.
Last updated: