FHA Loan Calculator
A US FHA mortgage: the minimum down payment for your credit score, the 1.75% upfront mortgage insurance premium added to the loan, the annual MIP rate from HUD's table, and the monthly payment.
Result…
How it's calculated
Minimum down payment = 3.5% of price (10% with a score of 500–579) Base loan = price − down payment; LTV = base loan ÷ price Upfront MIP = 1.75% × base loan, added to the loan P&I = L × i ÷ (1 − (1 + i)^−n) on L = base loan + upfront MIP Monthly MIP = annual rate × year's average base-loan balance ÷ 12 Annual rate (over 15 years, base up to 726,200): 0.50% up to 95% LTV, 0.55% above
Works out an FHA-insured home loan with HUD's current premiums. The minimum down payment is 3.5% with a credit score of 580 or more and 10% (a 90% loan-to-value limit) from 500 to 579. The upfront mortgage insurance premium of 1.75% of the base loan is financed into the loan, and the annual MIP comes from HUD Mortgagee Letter 2023-05 by term (over 15 years or 15 and under), base loan (up to or over 726,200) and loan-to-value. The annual MIP is paid monthly on the year's average balance, and it lasts 11 years when you put at least 10% down, otherwise for the life of the loan. Add your property tax and insurance for the full monthly payment.
Your numbers, step by step
About the FHA Loan calculator
This FHA loan calculator works out a US mortgage insured by the Federal Housing Administration, using HUD's current premiums. It checks the minimum down payment for your credit score (3.5% with 580 or higher, 10% from 500 to 579), adds the 1.75% upfront mortgage insurance premium to the loan, and looks up the annual MIP rate from HUD Mortgagee Letter 2023-05 by loan term, base loan amount and loan-to-value. It then gives principal and interest at your lender's rate, the monthly MIP, and your property tax and insurance, for the full monthly payment. It also says whether MIP lasts 11 years or the whole loan. FHA rules apply only in the United States, and county loan limits and closing costs are not included. Amounts are US dollars.
How to use it
- Choose your “Credit score” band.
- Enter the “Home price” and your “Down payment” as a percentage.
- Pick the “Loan term” and enter your lender's “Interest rate”.
- Add the “Property tax a year” and “Home insurance a year”, then read the monthly payment and the working.
Worked example
A 300,000 home with 3.5% down leaves a base loan of 289,500 (96.5% loan-to-value). The upfront MIP of 1.75% is 5,066.25, so the loan is 294,566.25. At 6.5% over 30 years principal and interest are 1,861.86 a month. The annual MIP for a loan over 15 years, up to 726,200 and above 95% LTV is 0.55%, about 132.02 a month in the first year, for the whole term. With 300 of tax and 100 of insurance a month, the payment is 2,393.87.
Updated
Questions people ask
How is FHA mortgage insurance calculated?
There are two parts. The upfront premium is 1.75% of the base loan, usually added to the loan. The annual premium is a percentage of the loan balance, paid monthly; for most 30-year loans it is 0.50% or 0.55%. HUD's Mortgagee Letter 2023-05 has the full table.
What is the minimum down payment for an FHA loan?
3.5% of the price or appraised value with a credit score of 580 or higher. With a score from 500 to 579 the loan is limited to 90% of the value, so you need 10% down, and below 500 FHA financing is not available.
When does FHA mortgage insurance end?
If your loan-to-value starts at 90% or less (10% or more down), the annual MIP lasts 11 years. Above 90%, it lasts for the whole loan, and removing it means refinancing, for example into a conventional loan.
Is FHA cheaper than a conventional mortgage?
It depends on your credit score and down payment. Compare the monthly payment and total cost with the mortgage calculator, and remember that conventional private mortgage insurance can be cancelled once you reach enough equity.
What does this FHA estimate leave out?
County FHA loan limits, closing costs, HOA fees, whether you qualify on income and debts, and the lender's rounding of MIP. HUD has said its credit score policy applies to case numbers assigned before 1 January 2027. Check a lender's Loan Estimate or ask a HUD-approved housing counsellor before you commit.