FHA Loan Calculator
Adjust the inputs below. Results update as you type.
How it works
FHA loans require 3.5% down (580+ credit score) or 10% (500–579). Upfront MIP = 1.75% of loan amount (financed into loan). Annual MIP = 0.15–0.75% depending on LTV and term, paid monthly. FHA loan limits vary by county ($498,257–$1,149,825 in 2024). Unlike PMI, FHA MIP on 30-year loans with <10% down lasts the life of the loan.
Input guidance
- Use realistic rates from lender or provider quotes instead of headline averages.
- Model conservative, baseline, and optimistic scenarios before deciding.
- Include recurring real-world costs (fees, taxes, insurance, maintenance) where relevant.
The formula
An FHA loan amortizes normally but adds mortgage insurance: an upfront premium (often 1.75% of the loan, financed) plus an annual MIP divided into monthly payments.
Worked example
A $250,000 FHA loan adds about $4,375 upfront MIP (financed to $254,375) and an annual MIP that adds roughly $100–$200 to the monthly payment on top of principal and interest.
More examples to test
- Conservative case: use a higher interest rate and lower growth assumptions to stress-test affordability.
- Optimistic case: use a lower rate with stable income assumptions to compare upside potential.
How to interpret results
Treat this as a planning model, not a final approval tool. Compare at least two scenarios and focus on total-cost and cash-flow trade-offs.
When this can be inaccurate
Results can diverge due to fees, changing rates, tax rules, lender policies, and behavior changes that simplified models cannot fully capture.
Change history
- July 2026: Quality-reviewed for publication with formula checks and explanatory copy updates.
Site-wide corrections also appear on the corrections log.
Frequently asked questions
What makes FHA loans easier to get?+
They allow lower down payments (as little as 3.5%) and more lenient credit, in exchange for mandatory mortgage insurance premiums.
What is MIP?+
Mortgage insurance premium — the FHA's required insurance, charged both upfront and annually, that protects the lender if you default.
Can I remove FHA mortgage insurance?+
On most modern FHA loans MIP lasts the life of the loan unless you put more down or refinance into a conventional loan once you have enough equity.
How should I use this result?+
Treat it as a planning estimate. Compare at least two realistic scenarios, then confirm with statements, quotes, or a qualified professional before acting.
How often should I refresh assumptions?+
Refresh whenever rates, income, costs, or policy limits change materially, and before making irreversible commitments.