| Monthly | Total | |
|---|---|---|
| Mortgage Payment | — | — |
| Property Tax | — | — |
| Home Insurance | — | — |
| Annual MIP | — | — |
| Other Costs | — | — |
| Total Out-of-Pocket | — | — |
What is an FHA loan calculator?
An FHA Loan Calculator estimates the full monthly cost of a mortgage insured by the Federal Housing Administration. Besides principal and interest, FHA loans carry an upfront mortgage insurance premium (added to the loan) and an annual premium (paid monthly), and the calculator includes both, along with optional property tax, insurance, HOA and other costs. It is designed for first-time and low-down-payment buyers comparing FHA with other loans.
How to use it
- Enter the home price and down payment (percent or dollars).
- Enter the loan term and interest rate.
- Check the upfront MIP (normally 1.75%), the annual MIP and how long it lasts.
- Tick Include optionals to add property tax, home insurance, HOA and other costs.
- Click Calculate to see the monthly payment, a cost breakdown, totals and an amortization schedule.
Key facts for 2026
- Down payment: as little as 3.5% with a credit score of 580 or higher; 10% with a score from 500 to 579.
- Upfront MIP: 1.75% of the base loan amount, usually added to the loan.
- Annual MIP (loans over 15 years, base loan up to $726,200): 0.55% with less than 5% down; 0.50% with 5% or more down. With 10% or more down it ends after 11 years; otherwise it lasts for the life of the loan.
- 2026 FHA loan limits for a one-unit home: from $541,287 in lower-cost areas up to $1,249,125 in high-cost areas.
(Sources: HUD Mortgagee Letter 2023-05; HUD 2026 loan limits)
FHA payment formula
Loan amount = (Home price − Down payment) × (1 + Upfront MIP %)
Principal and interest = Loan × r(1 + r)^n ÷ ((1 + r)^n − 1)
Monthly MIP ≈ Loan balance × Annual MIP % ÷ 12
Example
Running the calculator for a $300,000 home with 3.5% down ($10,500), a 30-year loan at 6.5%, 1.75% upfront MIP, 0.55% annual MIP, 1.2% property tax and $1,500 a year insurance:
- Loan with upfront MIP: about $294,566 (the $5,066 premium is added to the loan)
- Principal and interest: $1,861.86 a month
- Annual MIP: about $135 a month
- Property tax $300 and insurance $125 a month
- Total monthly payment: about $2,421.87
Tips
- With less than 10% down, FHA annual MIP lasts for the whole loan; many borrowers later refinance into a conventional loan to remove it.
- Compare the FHA total with a conventional loan with PMI, especially if your credit score is high.
- Check the FHA limit for your county before you shop; it caps how much you can borrow.
- Sellers can contribute to some closing costs on FHA loans, which can reduce the cash you need.
Frequently Asked Questions
An FHA Loan Calculator is an online tool that estimates monthly mortgage payments for FHA loans. It calculates principal, interest, taxes, insurance, and mortgage insurance premiums to provide a complete payment estimate.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. It is designed to help homebuyers qualify for financing with lower down payment requirements and more flexible credit score standards than many conventional loans.
Yes. Most FHA loans require both an upfront Mortgage Insurance Premium (MIP) and an annual MIP, which is typically included in your monthly mortgage payment. The exact amount depends on the loan terms and down payment.
Borrowers who meet the lender’s income, employment and credit requirements. FHA allows a 3.5% down payment with a credit score of 580 or higher, and 10% down with a score from 500 to 579. The home must be your primary residence.
Yes. The calculator helps estimate FHA loan costs, making it easier to compare monthly payments and overall borrowing expenses with conventional mortgage options before making a final decision.
Disclaimer: This calculator gives estimates for general information only. It is not financial, tax or legal advice. Results depend on the numbers you enter and on simplified assumptions, so your actual figures may differ. Check important decisions with a qualified professional or the official source.
Related Calculators
To compare FHA with other mortgage options, try these calculators.