FHA Loan Calculator
FHA loans require just 3.5% down — but include upfront and annual mortgage insurance premiums (MIP).
Total Monthly Payment
$1,996.87
P&I + Annual MIP
FHA Loan Breakdown
💡 Plain English: With an FHA loan, you only need $10,500 down (3.5%) on a $300,000 home. But there's a catch: a 1.75% upfront MIP ($5,066, financed into your loan) and an annual MIP of about $135.01/month. Your total payment is $1,996.87/mo. FHA MIP typically lasts for the life of the loan — unlike conventional PMI, it usually can't be removed.
About the FHA Loan Calculator
FHA loans are backed by the Federal Housing Administration and are designed to help buyers with smaller down payments or lower credit scores. This calculator estimates the monthly payment for an FHA loan, including the required mortgage insurance premiums.
How this calculator works
Enter your home price, down payment (as low as 3.5% for FHA), interest rate, and term. The calculator adds the upfront and annual mortgage insurance premiums to show your full monthly payment.
The math, in plain English
FHA payment = principal + interest + annual MIP ÷ 12. An upfront MIP (usually 1.75% of the loan) is financed into the loan amount. Annual MIP depends on loan term, amount, and down payment.
Key terms
- •FHA loan — a government-backed loan with low down payment requirements
- •Mortgage insurance premium (MIP) — FHA’s required insurance, paid upfront and annually
- •3.5% down — the minimum down payment for a qualifying FHA loan
Tips & things to know
- ✓FHA loans require mortgage insurance for the life of the loan in most cases — refinancing to a conventional loan later can remove it.
- ✓The 1.75% upfront MIP is usually rolled into the loan, slightly increasing your balance.
- ✓FHA is popular with first-time buyers because of flexible credit and low down payment.
Frequently asked questions
Can I cancel FHA mortgage insurance?+
For most FHA loans with less than 10% down, MIP lasts the life of the loan. Refinancing to a conventional loan is the typical way to remove it.
Who qualifies for an FHA loan?+
Buyers who meet credit, income, and debt requirements and plan to live in the home as their primary residence.
This calculator is for educational purposes only and uses estimates. Always consult a licensed mortgage professional for advice specific to your situation.