How Our FHA Mortgage Calculator Works
- Purchase price – the expected price of the home. You can also try our Mortgage Loan Calculator for a general estimate.
- Down payment – enter a dollar amount or percentage (e.g., 3.5%). If you’re considering refinancing, check our Refinance Calculator to compare savings.
- Loan term & rate – choose 30-year or 15-year and your estimated interest rate. For side-by-side insights, see our Conventional Mortgage Calculator.
- Location – optional, helps estimate property taxes and check typical FHA limits.
- Taxes & insurance – include monthly estimates to see your full payment (PITI).
The calculator shows:
- Principal & Interest (P&I)
- Annual MIP (monthly portion)
- Estimated Taxes & Insurance
- Total Monthly Payment
Note: FHA loans also include an Upfront Mortgage Insurance Premium (UFMIP), commonly financed into the loan amount. Our calculator adds UFMIP to the base loan if you select “finance UFMIP.”
FHA Mortgage Insurance Explained (Simple)
- UFMIP (Upfront MIP): Paid at closing or financed into the loan. Learn more with our Mortgage Loan Calculator.
- Annual MIP: Charged yearly and paid monthly; amount depends on down payment, loan term, and loan size.
- When does MIP end? On most FHA loans with <10% down, annual MIP lasts for the full loan term. With ≥10% down, it may end after 11 years. (Confirm current FHA rules with your lender or run numbers in our Refinance Calculator.)
Why Use an FHA Loan?
- Minimum down payment from 3.5% (with qualifying credit).
- More flexible credit and debt-to-income guidelines than many conventional loans.
- Gift funds and down payment assistance may be allowed.
- Streamline refinance options for future rate drops.
Example FHA Payment (for illustration)
- Home price: $350,000
- Down payment: 3.5% ($12,250)
- Base loan: $337,750
- + UFMIP (financed): increases total loan amount
- Rate/term: 30-year fixed at an assumed rate
Your monthly payment would include P&I + annual MIP (monthly) + taxes + homeowners insurance. Actual numbers will depend on current rates, county taxes, insurance, and FHA guidelines at time of application.
FHA Loan Limits & Eligibility
FHA sets
county-level loan limits that update annually. Your maximum FHA loan amount depends on where you’re buying. You’ll also need to meet FHA’s
credit, income, property, and occupancy requirements. For more detailed estimates, visit our Mortgage Loan Calculator.
FAQs: Q1: What is an FHA loan? An FHA (Federal Housing Administration) loan is a government-insured mortgage designed for eligible borrowers who may have lower credit scores or smaller down payments.
Q2: What makes an FHA mortgage calculator different from a standard one? It may include FHA-specific factors like an upfront mortgage insurance premium (UFMIP), monthly mortgage insurance (MI), and lower down payment options that affect monthly payment.
Q3: What inputs are needed for the FHA calculator? Typically: loan amount, interest rate, loan term, down payment (often minimum 3.5% for FHA), annual insurance, property tax, possibly mortgage insurance premiums.
Q4: Does the calculator guarantee I’ll be eligible for an FHA loan? No — it only estimates payments. Eligibility depends on credit, debt-to-income ratio, property type, location, lender approval, FHA rules.
Q5: How can I compare an FHA loan to a conventional loan? Use a standard loan calculator and the FHA calculator with the same loan amount, term, rate to see how mortgage insurance and down payment differences affect monthly cost and lifetime interest.
