MortgageMath

FHA Loan Calculator

By MortgageMath Editorial Team Last reviewed Methodology

An FHA loan calculator estimates your full monthly payment — including principal, interest, FHA mortgage insurance (MIP), property taxes, and homeowner's insurance. Enter your loan details below to see an instant breakdown and 30-year amortization schedule.

Total Monthly Payment

$2,458/mo

Loan amount: $294,566 (includes $5,066 UFMIP)

Principal & Interest$1,938/mo
Annual MIP (mortgage insurance)$145/mo
Property Tax$275/mo
Homeowner's Insurance$100/mo
  • P&I: $1,938
  • MIP: $145
  • Tax: $275
  • Insurance: $100

Down Payment

$10,500

Total Interest

$403,130

LTV Ratio

96.50%

$0$74k$147k$221k$295kNowYr 5Yr 10Yr 15Yr 20Yr 25Yr 30Remaining balanceCumulative interest

How does the FHA loan calculator work?

Our FHA calculator computes five separate cost components and adds them together to produce your total monthly payment. Unlike a basic mortgage calculator, it accounts for FHA-specific costs that most calculators ignore.

1. Principal & Interest (P&I)

We calculate your monthly P&I using the standard amortization formula against your total loan amount — which includes the upfront MIP (UFMIP) rolled into the loan. The formula is:

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

Where P = total loan + UFMIP, r = monthly interest rate (annual ÷ 12), n = total payments (term × 12).

2. FHA Upfront MIP (UFMIP)

The FHA charges a one-time upfront mortgage insurance premium of 1.75% of the base loan amount. This is typically rolled into your loan — it increases your loan balance but does not affect your required cash at closing. On a $290,000 base loan, UFMIP = $5,075.

3. Annual MIP (Monthly)

Annual MIP is calculated as a percentage of your original base loan amount (not the remaining balance). The rate depends on your loan term and LTV ratio:

Term LTV Loan Amount Annual MIP Rate
30-year ≤ 90% ≤ $726,200 0.50%
30-year 90.01–95% ≤ $726,200 0.55%
30-year > 95% ≤ $726,200 0.60%
15-year ≤ 90% ≤ $726,200 0.15%
15-year > 90% ≤ $726,200 0.40%

Source: HUD Mortgagee Letter 2023-14, effective March 20, 2023.

4. Property Tax & Homeowner's Insurance

Property tax is estimated from your annual tax rate × home price, divided by 12. Homeowner's insurance defaults to $1,200/year (national average) and is divided by 12. Both are collected monthly and held in escrow — your lender pays the bills on your behalf.

What is an FHA loan and who qualifies?

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration (FHA), designed to help lower- and moderate-income borrowers buy homes with smaller down payments and more flexible credit requirements than conventional loans. Created in 1934 after the Great Depression, FHA loans have helped over 40 million Americans achieve homeownership.

The FHA itself doesn't lend money — instead, it insures private FHA-approved lenders against loss if a borrower defaults. This insurance allows lenders to offer more favorable terms to borrowers who might not qualify for conventional financing.

FHA loan requirements (2026)

  • Credit score: 580+ for 3.5% down; 500–579 for 10% down
  • Down payment: As low as 3.5% of purchase price
  • Debt-to-income ratio: Up to 43% (sometimes 50% with compensating factors)
  • Steady employment: 2-year employment history required
  • Primary residence: FHA loans are for owner-occupied homes only
  • FHA appraisal: Property must meet HUD minimum property standards

FHA vs conventional loan: key differences

Feature FHA Loan Conventional Loan
Min. down payment 3.5% 3–5%
Min. credit score 580 (500 w/ 10% down) 620–640
Mortgage insurance Required for life of loan Removed at 80% LTV
Loan limits (2026) Up to $498,257 (standard) Up to $766,550 (conforming)
DTI limit Up to 50% with factors Typically 45–50%
Property standards Strict HUD standards More flexible

When an FHA loan makes sense

An FHA loan is typically the right choice when you:

  • ✓ Have a credit score below 680
  • ✓ Have limited savings for a down payment (3.5% vs 5–20%)
  • ✓ Are a first-time homebuyer with limited credit history
  • ✓ Have had past financial difficulties (bankruptcy discharged ≥2 years ago)

If your credit score is above 740 and you can put down 10–20%, a conventional loan will often result in lower total costs because you'll pay less (or no) mortgage insurance over time.

How to use this FHA loan calculator

  1. Enter your home price

    Type in the purchase price or your best estimate. The calculator updates instantly as you type.

  2. Set your down payment

    Enter as a percentage (e.g., 3.5%) or dollar amount. Toggle between % and $ using the buttons. FHA requires a minimum of 3.5%.

  3. Choose your loan term

    Select 15-year or 30-year. A 15-year loan builds equity faster and costs less in total interest but has a higher monthly payment.

  4. Adjust the interest rate

    We pre-fill the current average 30-year FHA rate from Freddie Mac PMMS. Update this with your lender's quoted rate for a more accurate estimate.

  5. Add local costs

    Enter your county's property tax rate and your estimated homeowner's insurance. Add HOA fees if applicable. These are collected monthly in escrow.

  6. Review your results

    See your full monthly payment breakdown, amortization chart, and schedule. Click "Share these results" to copy a link with your inputs pre-filled.

FHA loan payment examples (2026)

Example 1: $300,000 home, 3.5% down, 30-year, 6.89% rate

First-time buyer in a median-priced market

Base loan amount

$289,500

UFMIP (1.75%)

$5,066

Total loan

$294,566

Principal & Interest

$1,942/mo

Annual MIP (0.60%)

$145/mo

Property Tax (1.1%)

$275/mo

Home Insurance

$100/mo

Total Monthly Payment

$2,462/mo

Total interest (30yr)

$403,474

Example 2: $200,000 home, 10% down, 30-year, 7.25% rate

Borrower with 550 credit score, putting 10% down

Base loan amount

$180,000

UFMIP (1.75%)

$3,150

Total loan

$183,150

Principal & Interest

$1,250/mo

Annual MIP (0.50%)

$75/mo

Property Tax (1.1%)

$183/mo

Home Insurance

$100/mo

Total Monthly Payment

$1,608/mo

Total interest (30yr)

$266,850

Example 3: $400,000 home, 5% down, 15-year, 6.40% rate

Buyer who wants to build equity faster with a 15-year term

Base loan amount

$380,000

UFMIP (1.75%)

$6,650

Total loan

$386,650

Principal & Interest

$3,348/mo

Annual MIP (0.40%)

$127/mo

Property Tax (1.1%)

$367/mo

Home Insurance

$100/mo

Total Monthly Payment

$3,942/mo

Total interest (15yr)

$215,990

FHA Loan Calculator — Frequently Asked Questions

What is the minimum down payment for an FHA loan?
The minimum down payment for an FHA loan is 3.5% for borrowers with a credit score of 580 or higher. Borrowers with credit scores between 500 and 579 must put down at least 10%. On a $300,000 home, a 3.5% down payment equals $10,500.
What is FHA mortgage insurance (MIP) and how much does it cost?
FHA mortgage insurance (MIP) has two parts: an upfront MIP of 1.75% of the loan amount (added to your loan balance), and an annual MIP of 0.50%–0.75% of the loan amount depending on your term and LTV. On a $290,000 loan with 3.5% down, annual MIP is about $0.55% = $133/month.
How long do I have to pay FHA mortgage insurance?
For FHA loans with less than 10% down, you pay annual MIP for the entire loan term (e.g., 30 years). If you put down 10% or more, MIP is cancelled after 11 years. Unlike conventional PMI, FHA MIP cannot be removed by reaching 80% LTV — you must refinance into a conventional loan to eliminate it.
What are the 2026 FHA loan limits?
The 2026 FHA loan limit is $498,257 for a single-family home in most areas of the continental United States. In high-cost areas (such as San Francisco, New York City, and Hawaii), the limit rises up to $1,149,825. Limits are set by HUD annually and vary by county.
What credit score do I need for an FHA loan?
FHA loans require a minimum credit score of 580 for the 3.5% down payment option. Borrowers with scores between 500 and 579 may still qualify but must put down at least 10%. Individual FHA-approved lenders may set higher minimums, commonly 620 or 640.
Can I use an FHA loan to buy a second home or investment property?
No. FHA loans are limited to primary residences only. You must intend to live in the home as your primary residence. However, you can purchase a 2-4 unit multi-family property with an FHA loan if you occupy one of the units.
How does FHA MIP compare to conventional PMI?
FHA MIP is typically more expensive than conventional PMI for borrowers with good credit. A borrower with a 700 credit score pays about 0.5% PMI on a conventional loan vs 0.55%+ MIP on FHA. The key difference: conventional PMI can be removed when you reach 80% LTV, while FHA MIP (with less than 10% down) lasts the full loan term.
What is the FHA upfront mortgage insurance premium (UFMIP)?
The FHA upfront MIP (UFMIP) is a one-time fee of 1.75% of your base loan amount. It is typically rolled into your loan balance rather than paid at closing. On a $290,000 loan, UFMIP = $5,075, making your actual loan amount $295,075.
Can I refinance an FHA loan to remove mortgage insurance?
Yes. The most common strategy is to refinance into a conventional loan once you have 20% equity in your home. This eliminates MIP entirely. You will need a credit score of at least 620 and sufficient equity. An FHA Streamline Refinance can lower your rate but does not remove MIP.
What is the FHA debt-to-income (DTI) ratio limit?
FHA guidelines allow a maximum back-end DTI of 43% in most cases, and up to 50% with compensating factors (such as reserves or a high credit score). Your back-end DTI includes all monthly debt payments (mortgage, car, student loans, etc.) divided by gross monthly income.

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Sources & Methodology

Disclaimer: This calculator is for informational purposes only and should not be considered financial advice. Mortgage rates, MIP rates, and loan limits are subject to change. Consult a licensed mortgage advisor or HUD-approved housing counselor for personalized guidance. All calculations are estimates.