Does this tool determine if I qualify for FHA?

No. It only estimates payments based on inputs you provide. Qualification depends on credit, income, property type, and FHA program rules.

Does it model MIP cancellation timing?

No. It assumes annual MIP is paid for the full term. Use the FHA MIP removal timing calculator to explore when MIP might drop off.

Are taxes and insurance required to be escrowed?

Many FHA loans escrow taxes and insurance, but requirements can vary by lender and state. This calculator includes them to approximate a full PITI payment.

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FHA Loan Calculator

Estimate your FHA loan payment including principal, interest, mortgage insurance (MIP), taxes, and homeowners insurance.

Results

Base FHA loan amount: $337,750 USD
Upfront MIP amount: $5,911 USD
Total loan amount (with UFMIP): $343,661 USD
Principal & interest (P&I): $2,172 USD
Monthly FHA MIP: $158 USD
Monthly property taxes: $350 USD
Monthly homeowners insurance: $100 USD
Total monthly payment (PITI + MIP): $2,780 USD
Total interest over term: $438,320 USD
Total FHA MIP over term: $56,704 USD

Overview

FHA mortgages come with two layers of mortgage insurance—an upfront MIP that’s usually financed into the loan plus an annual MIP paid monthly—on top of principal, interest, property taxes, and homeowners insurance. This FHA loan calculator estimates your full monthly payment so you can see how all of those pieces stack up.

How to use this calculator

Enter the home price and your planned down payment percentage.
Enter the FHA interest rate (APR), term, and both upfront and annual MIP percentages appropriate for your situation.
Enter estimated annual property taxes and homeowners insurance to approximate escrowed amounts.
Review the breakdown: base loan, financed upfront MIP, P&I payment, MIP, taxes, insurance, and total monthly payment.
Compare different rates, down payments, or MIP assumptions to see how they affect your monthly payment and total costs over time.

Inputs explained

Home price: Purchase price or appraised value used to size the FHA loan. FHA loan limits and local rules may cap the maximum.
Down payment %: The percentage of the home price you pay upfront. FHA minimums are typically 3.5% for borrowers who meet credit and other requirements.
Interest rate (APR %): The annual percentage rate of the FHA mortgage. The calculator converts this to a monthly rate for amortization.
Term (years): The length of the FHA loan in years, such as 15 or 30. Longer terms lower the monthly P&I payment but increase total interest.
Annual FHA MIP %: The annual percentage used to calculate ongoing FHA mortgage insurance premium. The calculator multiplies this by the loan amount and divides by 12 for a monthly estimate.
Upfront MIP %: The upfront FHA MIP percentage. The calculator assumes this amount is financed by adding it to the base loan.
Annual property taxes: Estimated yearly property tax bill. Divided by 12 to approximate the escrow portion of your monthly payment.
Annual homeowners insurance: Estimated yearly homeowners insurance premium. Divided by 12 to approximate the insurance portion of your monthly payment.

Outputs explained

Base FHA loan amount: The loan amount before adding upfront MIP, calculated as home price minus down payment.
Upfront MIP amount: The estimated upfront FHA mortgage insurance premium based on the base loan and your UFMIP percentage.
Total loan amount (with UFMIP): The financed FHA loan amount after adding the upfront MIP to the base loan.
Principal & interest (P&I): The monthly principal-and-interest payment on the financed FHA loan, excluding taxes, insurance, and MIP.
Monthly FHA MIP: The monthly FHA mortgage insurance premium based on your annual MIP percentage and financed loan amount.
Monthly property taxes: Your annual property tax estimate divided by 12, representing the escrow portion for taxes.
Monthly homeowners insurance: Your annual homeowners insurance estimate divided by 12, representing the escrow portion for insurance.
Total monthly payment (PITI + MIP): The combined monthly payment including principal, interest, FHA MIP, property taxes, and homeowners insurance.
Total interest over term: Total interest paid on the financed loan over the full term, assuming scheduled payments and no prepayments.
Total FHA MIP over term: Estimated total FHA mortgage insurance premium paid over the full term, assuming annual MIP remains in place for the entire period.

How it works

You enter the home price and down payment percentage. The calculator computes the base FHA loan amount as price minus down payment.

Next, it applies your upfront MIP percentage to that base loan to estimate the upfront MIP, assuming it is financed into the loan. The financed loan amount is base loan plus upfront MIP.

Using the financed loan amount, interest rate, and term, the calculator computes the principal-and-interest (P&I) payment with the standard mortgage amortization formula.

It then applies your annual FHA MIP percentage to the financed loan and divides by 12 to estimate the monthly MIP.

Property taxes and homeowners insurance are converted from annual estimates to monthly amounts and added to P&I and MIP to produce a total monthly payment.

Finally, it multiplies the P&I and MIP portions by the number of months in the term to estimate total interest and total MIP over the full life of the loan.

Formula

BaseLoan = HomePrice × (1 − DownPayment%)
UFMIP = BaseLoan × UFMIP%
FinancedLoan = BaseLoan + UFMIP
MonthlyRate = APR ÷ 100 ÷ 12
n = TermYears × 12
P&I = FinancedLoan × [MonthlyRate(1 + MonthlyRate)^n] ÷ [(1 + MonthlyRate)^n − 1] (or FinancedLoan ÷ n if rate = 0)
MonthlyMIP = FinancedLoan × AnnualMIP% ÷ 12
TaxMonthly = PropertyTaxAnnual ÷ 12
InsuranceMonthly = InsuranceAnnual ÷ 12
TotalMonthly = P&I + MonthlyMIP + TaxMonthly + InsuranceMonthly

When to use it

Estimating monthly payments for an FHA loan before you talk to lenders or make offers.
Comparing FHA payment structure to conventional loans, especially how MIP affects total cash flow.
Budgeting for property taxes and insurance alongside P&I and MIP so you see a closer approximation of your true monthly housing cost.
Helping first-time buyers understand how FHA’s upfront and annual MIP affect payment size.

Tips & cautions

Remember that FHA MIP rules can allow cancellation in some scenarios; this calculator assumes MIP is paid for the full term to keep estimates simple.
Use local tax and insurance quotes for more accurate escrow estimates.
Compare these FHA results with a conventional mortgage calculator to see whether lower down payments but higher insurance costs make sense for you.
Assumes upfront MIP is fully financed and annual MIP is paid for the entire term; real-world rules may cancel MIP earlier.
Does not enforce FHA loan limits, minimum down payment rules by credit profile, or specific program variations.
Does not model extra principal payments, rate changes, or refinancing.

Worked examples

Example: $350,000 home with 3.5% down

Home price = $350,000; Down = 3.5% → BaseLoan ≈ $337,750.
UFMIP at 1.75% ≈ $5,910; FinancedLoan ≈ $343,660.
At 6.5% APR over 30 years, P&I is computed from the standard mortgage formula on $343,660.
Annual MIP at 0.55% yields MonthlyMIP ≈ (343,660 × 0.0055) ÷ 12.
Add monthly taxes and insurance to get the total monthly payment.

Deep dive

Use this FHA loan calculator to estimate your full monthly payment, including principal, interest, FHA mortgage insurance (MIP), property taxes, and homeowners insurance.

Enter home price, down payment, rate, and FHA MIP details to see how much house you can afford and how FHA compares with conventional financing.

Ideal for first-time buyers and borrowers comparing FHA vs conventional mortgage options.

FAQs

Does this tool determine if I qualify for FHA?: No. It only estimates payments based on inputs you provide. Qualification depends on credit, income, property type, and FHA program rules.
Does it model MIP cancellation timing?: No. It assumes annual MIP is paid for the full term. Use the FHA MIP removal timing calculator to explore when MIP might drop off.
Are taxes and insurance required to be escrowed?: Many FHA loans escrow taxes and insurance, but requirements can vary by lender and state. This calculator includes them to approximate a full PITI payment.

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This FHA loan calculator provides simplified estimates and does not capture every FHA rule, lender overlay, or change in MIP over time. It is not a loan offer or a substitute for lender quotes. Always confirm terms, MIP rules, and loan eligibility with a qualified lender or housing professional before making decisions.