FHA Loan Payment Calculator
FHA mortgage payment with 3.5% down, financed upfront MIP and annual MIP — the true monthly cost of low-down-payment buying.
Formula
Disclaimer: Estimates exclude HOA dues, PMI changes, point buy-downs and closing costs unless shown. Confirm with your lender's Loan Estimate. Not financial advice.
Disclaimer: This tool is for general informational and estimation purposes only and is not professional financial, tax, accounting or legal advice. All figures are estimates — verify with a qualified professional before making decisions. Read the full disclaimer.
Need fha loan payment calculator results fast? Skip the spreadsheet and get a clear, defensible answer in one step — free, private and instant, recalculating live as you change any input.
About FHA Loan Payment Calculator
FHA loans exist to make 3.5%-down buying possible for ordinary credit profiles (scores from 580; even 500–579 with 10% down), and they price that access through mortgage insurance you should see clearly: an UPFRONT premium of 1.75% of the base loan — almost always financed, as this calculator does — plus an ANNUAL MIP (0.55% for the typical 30-year, low-down loan) added to every monthly payment. The structural catch since 2013: with under 10% down, annual MIP lasts the LIFE of the loan — it never auto-cancels like conventional PMI does at 22% equity. The standard exit is refinancing into a conventional loan once you reach ~20% equity through payments and appreciation; build that refi into your plan rather than treating MIP as permanent weather. FHA wins when down payment or credit blocks the conventional path, and its rates often undercut conventional for mid-tier scores. Conventional with 3–5% down and PMI beats FHA for stronger files because PMI is cheaper at good scores AND cancellable. Compare both full payments — this page gives the FHA side with nothing hidden.
How to use FHA Loan Payment Calculator
- 1Enter Home price, Down payment (%), Interest rate (%), Term (years), Property tax (per year) (% of price), Home insurance (per year) into the FHA Loan Payment Calculator.
- 2The result is computed automatically using Loan = (price − down) × 1.0175 (upfront MIP financed) ; Payment = P&I + MIP/12 + tax/12 + insurance/12 — there is no button to press; it updates live as you type.
- 3Change any input to model a different scenario, then use “Copy result link” to share the exact numbers.
Why use FHA Loan Payment Calculator?
- ✓Computes fha loan payment calculator instantly with the correct formula — no spreadsheet needed
- ✓100% free and unlimited, with no sign-up, login or paywall
- ✓Runs entirely in your browser, so the figures you enter are never uploaded or stored
- ✓Shows the formula, a live worked example and references so you can defend the number
Frequently asked questions
What credit score do I need for an FHA loan?+
FHA minimums: 580 for 3.5% down, 500–579 with 10% down — though lenders add their own overlays (many want 600–620). FHA is unusually forgiving of past events: shorter waiting periods after bankruptcy or foreclosure than conventional. If your score clears ~680, price conventional first; PMI there may be cheaper.
Can I ever remove FHA mortgage insurance?+
With under 10% down (the typical case): no — annual MIP runs for the loan's life. With 10%+ down it drops after 11 years. The practical exit is refinancing to conventional at ~20% equity, which appreciation can deliver in a few years. Diarise an annual equity check against that trigger.
Why is my FHA loan amount more than price minus down payment?+
The 1.75% upfront MIP is financed into the balance — on the defaults, about $5,900 added. You pay interest on it for 30 years, which is why this calculator builds it in rather than footnoting it. Paying it in cash at closing is allowed but rare.
FHA or conventional 3% down — how do I choose?+
Score-driven: below ~680, FHA's rate + MIP usually beats conventional's rate + PMI; above it, conventional tends to win and its PMI cancels automatically at 22% equity. Get both Loan Estimates, then recreate each here and at our 30-year calculator — the total-payment lines settle it.
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