Home / FHA loan calculator
FHA loan calculator
FHA loans add two insurance premiums a regular mortgage calculator misses: 1.75% upfront (usually financed) and an annual premium paid monthly. Both are included here.
Example: a $350,000 home with 3.5% down finances $343,661 including upfront MIP. At 6.25% over 30 years that is $2,116 principal and interest, plus about $155 MIP and $500 taxes and insurance, about $2,771 a month.
$2,770.78
estimated monthly payment, incl. taxes & insurance
- Amount financed
- $343,661
- Total interest
- $418,091
- Principal & interest
- $2,115.98
- Monthly MIP (0.55%)
- $154.80
- Upfront MIP (1.75%)
- $5,911
MIP is charged for the life of the loan at this down payment (HUD rules for case numbers from March 20, 2023).
Same loan, different terms
| Term | Payment | Total interest |
|---|---|---|
| 15 years | $3,559.21 | $186,732 |
| 20 years | $3,166.71 | $259,198 |
| 30 years | $2,770.78 | $418,091 |
Already have this loan? See what extra payments save in the payoff calculator.
Amortization schedule
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $21,365 | $4,027 | $0 | $339,634 |
| 2 | $21,106 | $4,286 | $0 | $335,348 |
| 3 | $20,830 | $4,562 | $0 | $330,786 |
| 4 | $20,537 | $4,855 | $0 | $325,931 |
| 5 | $20,224 | $5,167 | $0 | $320,763 |
| 6 | $19,892 | $5,500 | $0 | $315,264 |
| 7 | $19,538 | $5,854 | $0 | $309,410 |
| 8 | $19,162 | $6,230 | $0 | $303,180 |
| 9 | $18,761 | $6,631 | $0 | $296,549 |
| 10 | $18,334 | $7,057 | $0 | $289,492 |
| 11 | $17,880 | $7,511 | $0 | $281,981 |
| 12 | $17,397 | $7,994 | $0 | $273,986 |
| 13 | $16,883 | $8,509 | $0 | $265,478 |
| 14 | $16,336 | $9,056 | $0 | $256,422 |
| 15 | $15,753 | $9,638 | $0 | $246,783 |
| 16 | $15,133 | $10,258 | $0 | $236,525 |
| 17 | $14,474 | $10,918 | $0 | $225,607 |
| 18 | $13,771 | $11,620 | $0 | $213,987 |
| 19 | $13,024 | $12,368 | $0 | $201,619 |
| 20 | $12,228 | $13,163 | $0 | $188,455 |
| 21 | $11,382 | $14,010 | $0 | $174,445 |
| 22 | $10,480 | $14,911 | $0 | $159,534 |
| 23 | $9,521 | $15,870 | $0 | $143,664 |
| 24 | $8,501 | $16,891 | $0 | $126,772 |
| 25 | $7,414 | $17,978 | $0 | $108,795 |
| 26 | $6,258 | $19,134 | $0 | $89,661 |
| 27 | $5,027 | $20,365 | $0 | $69,296 |
| 28 | $3,717 | $21,675 | $0 | $47,621 |
| 29 | $2,323 | $23,069 | $0 | $24,553 |
| 30 | $839 | $24,553 | $0 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
How FHA mortgage insurance is figured
Upfront MIP is 1.75% of the base loan amount and is almost always added to the loan. Annual MIP depends on the term and how much you put down. For 30-year loans up to the standard limit it is 0.55% with less than 5% down and 0.50% with 5% or more. For terms of 15 years or less it is 0.15% with at least 10% down, otherwise 0.40%.
With less than 10% down, MIP lasts for the life of the loan. With 10% or more down, it ends after 11 years. Most borrowers drop it sooner by refinancing into a conventional loan once they have 20% equity.
Down payment and credit rules
The minimum is 3.5% down with a credit score of 580 or higher, and 10% down for scores from 500 to 579. Loan amounts are capped by county. Larger "high-balance" loans above the standard limit carry a slightly higher annual MIP, which this calculator does not model.
Questions people ask
How much is FHA mortgage insurance?
Upfront MIP is 1.75% of the loan. Annual MIP for most 30-year FHA loans is 0.55% of the balance per year (0.50% with at least 5% down), paid monthly. On a $337,750 loan that is about $155 a month.
Can FHA MIP be removed?
Only if you put at least 10% down, in which case it ends after 11 years. Otherwise it lasts for the loan's life, and refinancing to a conventional loan is the usual way out.
What is the minimum down payment for an FHA loan?
3.5% with a credit score of 580 or higher; 10% with a score between 500 and 579.
Does this FHA calculator include taxes and insurance?
Yes. Enter your yearly property tax and homeowners insurance, and they are added as monthly escrow. HOA dues are not included.
Sources
More payment calculators
Car loan calculatorVA loan calculatorHome equity loan calculatorPersonal loan calculatorBusiness loan calculatorSimple interest calculator
Already borrowing? Plan the payoff
Mortgage payoffLoan payoff calculatorBoat loan calculatorRV loan calculatorMotorcycle loan calculatorAuto loan payoff calculator