# FHA Loan Calculator

URL: https://speedycalculator.com/calculators/finance/fha-loan/
Last updated: 2026-10-25

> The FHA loan calculator works out the monthly payment on a Federal Housing Administration loan including the 1.75% upfront mortgage insurance premium (financed into the loan) and the annual MIP, from the price, down payment, rate and term.

## Inputs

- Home price
- Down payment (%)
- Loan term (years, months)
- Interest rate (%)
- FHA annual MIP (%)
- Property tax (yearly)
- Homeowner insurance (yearly)

## Results

- Your down payment
- FHA base loan amount
- FHA upfront MIP (1.75%)
- Total FHA loan amount
- Monthly principal and interest
- Monthly MIP
- Total monthly payment
- Total cost of the loan (P&I + MIP over the term)
- Years of annual MIP

## Formula

```
Base loan = price − down payment (minimum 3.5%)
Upfront MIP = 1.75% × base loan (added to the loan)
Monthly P&I = pmt(rate, term, base loan + UFMIP)
Monthly MIP = base loan × annual MIP ÷ 12 (0.50–0.55% for most loans)
```

## Explanation

FHA loans allow down payments of 3.5% with a credit score of 580 or more. The annual MIP was cut to 0.55% for most borrowers in 2023. With less than 10% down, MIP lasts for the life of the loan; with 10% or more, for 11 years.

### How to use the FHA Loan Calculator

- **Home price**
- **Down payment**
- **Loan term**
- **Interest rate**
- **FHA annual MIP**
- **Property tax (yearly)**
- **Homeowner insurance (yearly)**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the home price, down payment, loan term, interest rate and annual MIP rate.

### Tips

- Get a written loan estimate and compare the APR, not just the interest rate.
- Include property tax, insurance, HOA fees and maintenance in your monthly budget.
- A larger down payment lowers the payment and can remove mortgage insurance.
- Rates change daily – use a current quote for the most accurate result.

### Common mistakes to avoid

- Looking only at the monthly payment instead of the total cost of the loan.
- Forgetting closing costs and fees.
- Assuming home prices always rise.

### Inputs explained

FieldWhat to enterHome priceAmount in your currencyDown paymentIn %Loan termUnits: years, monthsInterest rateIn %FHA annual MIPIn %Property tax (yearly)Amount in your currencyHomeowner insurance (yearly)Amount in your currency

### What each result means

- **Your down payment** = [Home price]×[Down payment]÷100
- **FHA base loan amount** = [Home price] - [Your down payment]
- **FHA upfront MIP (1.75%)** = [FHA base loan amount]×0.0175
- **Total FHA loan amount** = [FHA base loan amount] + [FHA upfront MIP (1.75%)]
- **Monthly principal and interest** = pmt([Interest rate]÷1200, [Loan term], [Total FHA loan amount])
- **Monthly MIP** = [FHA base loan amount]×[FHA annual MIP]÷100÷12
- **Total monthly payment** = [Monthly principal and interest] + [Monthly MIP] + [Property tax (yearly)]÷12 + [Homeowner insurance (yearly)]÷12

### Example values

How the main result changes when **Home price** changes and everything else stays at the example values above:

Home priceTotal monthly payment175,0001,618.72262,5002,186.42350,0002,754.11437,5003,321.81525,0003,889.5700,0005,024.89

## Worked example

Inputs — Home price: $350,000; Down payment: 3.5 %; Loan term: 30 years; Interest rate: 6.25 %; FHA annual MIP: 0.55 %; Property tax (yearly): $4,200; Homeowner insurance (yearly): $1,600.

Results — Your down payment = $12,250.00; FHA base loan amount = $337,750.00; FHA upfront MIP (1.75%) = $5,910.63; Total FHA loan amount = $343,660.63; Monthly principal and interest = $2,115.98; Monthly MIP = $154.80; **Total monthly payment = $2,754.11**; Total cost of the loan (P&I + MIP over the term) = $817,480.68; Years of annual MIP = 30.

## FAQ

**What is the minimum down payment for an FHA loan?**
3.5% with a credit score of 580 or higher.

**How much is FHA mortgage insurance?**
1.75% upfront plus about 0.55% a year for most loans.

**Can I remove FHA MIP?**
Only after 11 years if you put down 10% or more; otherwise refinance into a conventional loan.

**What formula does the FHA Loan Calculator use?**
Base loan = price − down payment (minimum 3.5%).


## Sources

- [U.S. HUD – FHA loans](https://www.hud.gov/buying/loans)