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FHA Loan Calculator
Estimate a monthly payment on an FHA mortgage including principal, interest, property tax, insurance and FHA mortgage insurance premiums (PITI).
FHA loans let buyers in with a small down payment, but the mortgage insurance premium (MIP) is part of the real cost. This calculator builds the full payment: principal, interest, upfront MIP financed into the loan, and the annual MIP in monthly slices.
How to use this calculator
- Enter the home price and your down payment (3.5% is the common minimum).
- Add the interest rate and term.
- Press calculate to see the loan amount with upfront MIP, the monthly payment and the MIP share.
When FHA wins, and when it stops winning
FHA is often the practical route for first-time buyers or thinner credit files. But annual MIP can run for the life of the loan, so once you have built equity and credit, refinancing into a conventional loan to drop the insurance is a common second step. Compare the two totals, not just the entry cost.
Frequently asked questions
What is the minimum down payment for an FHA loan?
Commonly 3.5% for borrowers meeting the credit requirements; higher (around 10%) at lower credit scores. Your lender confirms the figure for your file.
What is upfront MIP?
A one-time premium (currently 1.75% of the base loan amount) usually added to the loan balance rather than paid in cash at closing.
Can FHA MIP be removed?
On most newer FHA loans it lasts the life of the loan if you put less than 10% down. The usual exit is refinancing into a conventional loan once you qualify.