FHA Loan Calculator
FHA loans open the door with 3.5% down and flexible credit. The trade-off is mortgage insurance, charged once up front and again every month. See both in the full payment.
Estimated FHA payment
$4,946
On a $638,227 total loan at 6.25% for 30 years, including monthly MIP.
- Principal and interest79%
- Monthly MIP6%
- Property tax12%
- Insurance3%
- Down payment (3.5%)
- $22,750
- Base loan amount
- $627,250
- Upfront MIP (1.75%, financed)
- $10,977
- Total loan with UFMIP
- $638,227
- Principal and interest
- $3,930
- Monthly MIP (0.55% a year)
- $287
- Property tax
- $596
- Homeowners insurance
- $133
- Total monthly payment
- $4,946
With less than 10% down, annual MIP of about $287 a month generally lasts for the life of the loan. Many owners refinance to a conventional loan once they reach 20% equity.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $7,479 | $39,677 | $630,748 |
| 2 | $7,960 | $39,196 | $622,788 |
| 3 | $8,472 | $38,684 | $614,317 |
| 4 | $9,017 | $38,139 | $605,300 |
| 5 | $9,597 | $37,559 | $595,703 |
| 6 | $10,214 | $36,942 | $585,489 |
| 7 | $10,871 | $36,285 | $574,619 |
| 8 | $11,570 | $35,586 | $563,048 |
| 9 | $12,314 | $34,842 | $550,734 |
| 10 | $13,106 | $34,050 | $537,628 |
Estimates for illustration only, not a loan offer or a commitment to lend. Rates, taxes, insurance and program rules vary; our team will confirm exact figures for your situation.
How this calculator works.
With a credit score of 580 or higher, FHA's minimum down payment is 3.5%; from 500 to 579 it is 10%. The base loan is the price minus your down payment.
The upfront mortgage insurance premium, 1.75% of the base loan, is usually financed into the loan, so the total loan is slightly larger than the base. Principal and interest are calculated on that total.
Annual MIP is quoted as a yearly rate on the loan and paid monthly. For most 30-year loans with less than 5% down it is 0.55%, and it lasts for the life of the loan when you put less than 10% down, or 11 years with 10% or more. Both rates are editable in case HUD changes them.
Total loan = base loan × (1 + 1.75%). Monthly MIP = base loan × annual MIP rate ÷ 12.
Common questions.
Turn the estimateinto real numbers.
Answer a few questions and our team will price your scenario with current rates and the right program.
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