FHA Loan Calculator
Enter the home price, your down payment, interest rate and term to see the full monthly cost of an FHA loan. It adds the 1.75% upfront premium to the loan, applies the HUD annual premium for your loan size, term and loan-to-value ratio, and shows how long it lasts.
Last updated November 4, 2026
3.5% minimum with a 580+ score, 10% for 500 to 579
Result
Total monthly payment $2,394.55
| Measure | Value |
|---|---|
| Base loan | $289,500.00 |
| Upfront MIP (financed) | $5,066.25 |
| Financed loan | $294,566.25 |
| Principal and interest | $1,861.86 |
| Monthly MIP (0.55% a year) | $132.69 |
| Taxes and insurance | $400.00 |
| Total monthly payment | $2,394.55 |
| MIP duration | Life of the loan (30 years) |
| Total interest | $375,703.02 |
An estimate. The annual MIP schedule (HUD Mortgagee Letter 2023-05) and FHA loan limits change, so confirm both with HUD or your lender. Annual MIP is shown for the first year on the base loan; HUD bills it on the average balance, so it falls slightly over time. County loan limits, closing costs, HOA dues and appraisal rules are not included.
Show the work
Formula: financed loan = base loan × (1 + 1.75%); P&I = L × r ÷ (1 − (1 + r)^−n); monthly MIP = base loan × annual MIP rate ÷ 12; total = P&I + MIP + (tax + insurance) ÷ 12.
- Base loan: $300,000.00 − $10,500.00 down = $289,500.00 (96.5% of the price).
- Upfront MIP: $289,500.00 × 1.75% = $5,066.25, financed: $289,500.00 + $5,066.25 = $294,566.25.
- Principal and interest: $294,566.25 × 0.005417 ÷ (1 − (1 + 0.005417)^−360) = $1,861.86.
- Annual MIP rate: 0.55% (HUD ML 2023-05 for a 30-year term, base loan $289,500.00, LTV 96.5%), charged for life of the loan (30 years).
- Monthly MIP: $289,500.00 × 0.55% ÷ 12 = $132.69.
- Taxes and insurance: $3,600.00 ÷ 12 + $1,200.00 ÷ 12 = $400.00.
- Total monthly: $1,861.86 + $132.69 + $400.00 = $2,394.55.
- Total interest: $1,861.86 × 360 − $294,566.25 = $375,703.02.
Result: Total monthly payment $2,394.55
How an FHA payment is calculated
financed loan = base loan × 1.0175
P&I = L × r ÷ (1 − (1 + r)^−n)
monthly MIP = base loan × annual MIP rate ÷ 12
The base loan is the home price minus your down payment. FHA charges an upfront mortgage insurance premium of 1.75% of the base loan, and most borrowers finance it, so the loan you actually repay is the base loan plus that premium. Principal and interest then use the standard fixed-rate formula: L is the financed loan, r is the yearly rate divided by 12 and n is the number of monthly payments.
The annual premium is a percentage of the base loan, billed in twelve parts. The percentage comes from a HUD table with three inputs: the loan term (15 years or less, or longer), whether the base loan is above $726,200, and the loan-to-value ratio, which is the base loan divided by the price. A lower ratio means a lower rate and, at 90% or less, a premium that ends after 11 years.
The total monthly payment is principal and interest, plus the monthly premium, plus one twelfth of your yearly property tax and insurance. Total interest is the payment times the number of payments, minus the financed loan, so it includes interest on the upfront premium.
See how we calculate for the formulas, sources and review schedule behind every calculator.
Also useful alongside this calculator: Down Payment Calculator, VA Loan Calculator and Refinance Calculator.
FHA minimum down payment
With a credit score of 580 or higher the minimum down payment is 3.5% of the price. With a score from 500 to 579 it is 10%. The calculator warns you when the down payment is below the minimum for the band you choose. It does not check your actual score.
The annual MIP schedule used here
For terms longer than 15 years and a base loan up to $726,200, the annual premium is 0.50% when the ratio is 95% or less and 0.55% above 95%. The premium ends after 11 years at a ratio of 90% or less, and otherwise lasts for the life of the loan. Above $726,200 the rates are 0.70% up to 95% and 0.75% above.
For terms of 15 years or less and a base loan up to $726,200, the rate is 0.15% at 90% or less, charged for 11 years, and 0.40% above 90%, charged for the life of the loan. For larger loans with a short term the rates are 0.15% up to 78%, 0.40% from 78% to 90% (both for 11 years) and 0.65% above 90%.
This is HUD Mortgagee Letter 2023-05, in effect since March 20, 2023. HUD can change it, so confirm current rates and your county loan limit with HUD or your lender. County limits are not applied here.
What this estimate leaves out
HUD bills the annual premium on the average balance, so the real monthly amount drifts down slightly; the calculator keeps the first-year figure. HOA dues and closing costs are not included.
Sources
Official and primary sources for the statements on this page. Their authors have not reviewed or endorsed this page.
- U.S. Department of Housing and Urban Development, Mortgagee Letter 2023-05, "Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance Premiums (MIP)", effective March 20, 2023.. The annual MIP rates by term, base loan amount and loan-to-value ratio, and whether the premium lasts 11 years or the life of the loan.
- U.S. Department of Housing and Urban Development, FHA Single Family Housing Policy Handbook 4000.1, Section II.A.. The 1.75% upfront premium and the 3.5% and 10% minimum down payments by credit score band.
The structure of the annual MIP schedule (term, base loan tier, loan-to-value bands, 11-year versus life-of-loan duration) and the 1.75% upfront premium were checked against HUD Mortgagee Letter 2023-05 on 2026-11-04. HUD may revise the schedule, so confirm the current MIP rates and FHA loan limits with HUD or your lender.
The monthly premium uses the base loan at the start, not the declining average balance HUD bills on.
This page is an estimate for general information, not financial advice or a loan offer.
How to use the FHA Loan Calculator
- Enter the home price and your down payment, and choose your credit score band.
- Enter the interest rate and pick a 15, 20, 25 or 30 year term.
- Add yearly property tax and homeowners insurance if you want them in the monthly total.
- Read the financed loan, monthly MIP and total payment, then Copy, Print or Share.
Worked example
A $300,000 home at 6.5% with $3,600 a year of property tax and $1,200 of insurance. With the 3.5% minimum down payment, the base loan is $289,500 and the upfront premium is $5,066.25, so you repay $294,566.25. The loan-to-value ratio is 96.5%, which sets the annual premium at 0.55% for the life of the loan: $132.69 a month.
| Down payment | Financed loan | P&I | Monthly MIP | Total monthly | Total interest |
|---|---|---|---|---|---|
| $10,500 (3.5%), 30 yr | $294,566.25 | $1,861.86 | $132.69 | $2,394.55 | $375,703.02 |
| $30,000 (10%), 30 yr | $274,725.00 | $1,736.45 | $112.50 | $2,248.95 | $350,396.60 |
| $60,000 (20%), 30 yr | $244,200.00 | $1,543.51 | $100.00 | $2,043.51 | $311,463.64 |
| $60,000 (20%), 15 yr | $244,200.00 | $2,127.24 | $30.00 | $2,557.24 | $138,703.95 |
Frequently asked questions
Is the FHA upfront mortgage insurance premium added to the loan?
It can be. The upfront premium is 1.75% of the base loan and most borrowers finance it, which raises the loan and the interest. This calculator assumes so.
How long do I pay FHA mortgage insurance?
It depends on your loan-to-value ratio. At 90% or less the annual premium stops after 11 years. Above 90% it lasts for the life of the loan, unless you refinance into a non-FHA loan.
Do I still pay FHA mortgage insurance with 20% down?
Yes. FHA insurance applies at any down payment. A larger down payment only lowers the rate and, at 90% or less, ends the premium after 11 years.
What credit score do I need for the 3.5% down payment?
FHA sets the 3.5% minimum for scores of 580 or higher and 10% for scores from 500 to 579. Lenders may require more.
Does the calculator check FHA loan limits for my county?
No. County limits change every year and are not built in. Check the current limit for your area with HUD or a lender. The $726,200 line only selects the premium rate.