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About FHA Loan Calculator
Calculate FHA loan payments with mortgage insurance. See if you qualify for FHA financing.
Key Factors in Mortgage
When evaluating mortgage options, consider:
- Current interest rates and market conditions
- Your credit score and qualification requirements
- Total cost of ownership including fees and insurance
- Long-term financial goals and flexibility needs
Expert Tips
- Compare multiple lenders to find the best rates
- Calculate total interest paid over the loan term
- Consider how changing rates affect your payment
- Factor in property taxes and homeowners insurance
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Frequently Asked Questions
How is an FHA loan payment calculated?
Monthly principal and interest on an FHA loan uses the standard amortization formula M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount (purchase price minus down payment), r is the annual interest rate divided by 12, and n is the term in months. For a $300,000 home with $60,000 down at 6.5% over 30 years, the loan is $240,000 and P&I is about $1,517 per month. This calculator returns P&I only; FHA loans also carry an upfront mortgage insurance premium (UFMIP) of 1.75% of the base loan, financed into the balance, plus annual MIP paid monthly.
What is the minimum down payment for an FHA loan?
FHA's minimum down payment is 3.5% for borrowers with a FICO score of 580 or higher, and 10% for borrowers with FICO 500–579, per HUD Handbook 4000.1. There is no upper income limit on FHA financing. The 20% input default in this calculator is the conventional threshold (the level above which private mortgage insurance is not required); FHA borrowers can put down meaningfully less.
How long does FHA mortgage insurance last?
Under HUD Mortgagee Letter 2023-05, annual MIP is 0.55% of the average outstanding balance for most loans originated on or after March 20, 2023. If your loan-to-value at origination was greater than 90%, annual MIP runs for the life of the loan. If LTV was 90% or below, MIP runs for 11 years. UFMIP (1.75% of the base loan) is paid once at closing and typically financed into the loan amount.
Can I refinance out of FHA MIP?
Yes — once you have at least 20% equity (80% LTV) you can typically refinance into a conventional loan and eliminate FHA mortgage insurance entirely, provided your credit and income qualify. If rates have moved against you, an FHA Streamline Refinance can lower your rate without a full appraisal but keeps MIP in place. Compare both options against your current payment and remaining term before deciding.
What credit score do I need for an FHA loan?
HUD allows scores as low as 500 with 10% down or 580 with 3.5% down, but most FHA-approved lenders enforce overlays at 620–640. Below 620, expect higher rates, tighter debt-to-income limits (typically 43% back-end), and lender-specific reserve requirements. Above 660, FHA rates and conventional rates begin to converge, and conventional may become the cheaper option once you account for MIP.