FHA Loan Calculator

Calculate FHA loan monthly payments with a low 3.5% down payment. Free FHA mortgage calculator with MIP estimates.

An FHA loan calculator estimates the monthly payment on a mortgage insured by the Federal Housing Administration. The standout feature of an FHA loan is the low 3.5% minimum down payment, which makes homeownership reachable for buyers who have not saved a traditional 20%. The trade-off is mortgage insurance premium (MIP), an upfront fee plus an annual cost that stays on the loan for most of its life. This calculator adds both to the picture so you see the real monthly number, not just principal and interest.

Use it to compare an FHA loan against a conventional loan at the same home price, or to test how a different rate or term changes the payment. Because the down payment is so low, the loan amount is larger and the MIP is a real cost over time, so run scenarios at 15-year and 30-year terms to see the total interest difference. Everything runs in your browser.

principal

loan

Result

1,782.50

Breakdown

Loan Amount
289,500
Down payments below 20% require PMI.

About FHA Loan Calculator

What is fha loan calculator?

An FHA loan calculator estimates the monthly payment on a mortgage insured by the Federal Housing Administration. The standout feature of an FHA loan is the low 3.5% minimum down payment, which makes homeownership reachable for buyers who have not saved a traditional 20%. The trade-off is mortgage insurance premium (MIP), an upfront fee plus an annual cost that stays on the loan for most of its life. This calculator adds both to the picture so you see the real monthly number, not just principal and interest. Use it to compare an FHA loan against a conventional loan at the same home price, or to test how a different rate or term changes the payment. Because the down payment is so low, the loan amount is larger and the MIP is a real cost over time, so run scenarios at 15-year and 30-year terms to see the total interest difference. Everything runs in your browser.

How to use this calculator

  1. Enter your home price.
  2. Enter your down payment.
  3. Enter your loan term.
  4. Enter your interest rate.
  5. Click the "Calculate" button.
  6. View your result instantly — the main result is displayed prominently at the top with a detailed breakdown below it.

When to use this calculator

  • Estimating the monthly payment on a 3.5%-down FHA loan including MIP
  • Comparing an FHA loan against a conventional 20%-down loan on the same home
  • Budgeting for a first-time home purchase with limited savings
  • Seeing how the annual MIP stacks onto the principal-and-interest payment
  • Testing 15-year versus 30-year FHA terms for total interest paid

How the calculation works

The FHA payment starts from the same amortization formula as any fixed mortgage: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount (home price minus the 3.5% down payment), r is the monthly rate (annual rate / 12), and n is the number of payments (term in years x 12). On top of M comes the annual MIP, billed monthly as roughly 0.55% of the loan balance divided by 12, plus the upfront MIP of about 1.75% of the loan amount which is usually financed into the loan. For example, a $300,000 home with 3.5% down leaves a $289,500 loan plus ~$5,066 upfront MIP financed in, so P ~= $294,566. At 6.25% over 30 years: r = 0.005208, n = 360, M ~= 294,566 x [0.005208 x (1.005208)^360] / [(1.005208)^360 - 1] ~= $1,815 principal and interest, plus about $135/month annual MIP, for a total housing payment near $1,950.

Frequently Asked Questions

How are monthly mortgage payments calculated?▼
Monthly mortgage payments use the amortization formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments.
What is PMI and when do I need it?▼
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender, not you.

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