FHA Loan Calculator – Estimate Your FHA Mortgage Payments

What is an FHA Loan Calculator?

The FHA Loan Calculator helps you estimate your monthly mortgage payments under the Federal Housing Administration (FHA) loan program. It factors in:

• Principal & Interest (P&I)

• MIP – Mortgage Insurance Premium (UFMIP & Annual MIP)

• Property taxes, homeowners insurance

This tool gives you a clear picture of your monthly affordability and total loan costs before applying.

How the Calculation Works

• Base Loan Amount = Home Price – Down Payment

• Monthly MIP (approximate):

$$\text{Monthly MIP}=\frac{\text{Annual MIP \%}\times \text{Base Loan Amount}}{12}$$

Total Monthly Payment = P&I + MIP + Taxes/12 + Insurance/12 + HOA

Tips for Using the FHA Loan Calculator

• Adjust down payment to see impact on MIP and monthly costs

• Compare interest rates from multiple lenders

• Update taxes & insurance based on your location

• Experiment with loan terms (15 vs 30 years)

• Export or save results for financial planning

FAQs

1. What is the minimum FHA down payment?

Usually 3.5% with credit score ≥ 580.

2. Is UFMIP required?

Yes, typically 1.75% upfront, often rolled into the loan.

3. Do I always pay MIP for FHA loans?

Most FHA loans require Annual MIP. Depending on your LTV and term, it may last the life of the loan.

4. Is this calculator 100% accurate?

It’s an estimate. Final payments depend on your lender, state taxes, and FHA rules at the time of closing.