Skip to content

FHA Mortgage Calculator

Estimate your FHA loan payment with mortgage insurance premiums (MIP) and a low 3.5% down payment.

  • Down payments as low as 3.5% with a 580+ credit score
  • Includes annual MIP, which often lasts the life of the loan
  • Backed by the Federal Housing Administration (FHA)
$350,000
$12,250 (4%)

Under 20% — PMI applies

6.75%
Loan term
Taxes, insurance & fees
%
$
%
$

Estimated monthly payment

$2,800

on a $337,750 loan

Monthly$2,800
  • Principal & interest$2,191
  • Property tax$321
  • Home insurance$133
  • PMI$155
Loan amount
$337,750
Down payment
4%
Total interest
$450,880
Total of payments
$788,630

How FHA mortgage insurance works

FHA loans require two kinds of mortgage insurance: an upfront premium (typically 1.75% of the loan amount, often financed into the loan) and an annual premium (commonly around 0.55%) paid monthly. Unlike conventional PMI, FHA annual MIP usually stays for the life of the loan when you put down less than 10%, so many borrowers refinance into a conventional loan once they build enough equity.

Who FHA loans are best for

FHA loans are popular with first-time buyers and borrowers with lower credit scores or limited savings, because they allow a 3.5% down payment and more flexible qualification. Use the calculator to compare the lower upfront cost of an FHA loan against the long-term cost of mortgage insurance versus a conventional loan.

Other mortgage calculators

VA Mortgage Calculator

Estimate your VA loan payment with $0 down and no monthly mortgage insurance for eligible veterans.

Refinance Mortgage Calculator

See your new monthly payment and how much you could save by refinancing your existing mortgage.

Home Affordability Calculator

Find out how much house you can afford based on your income, debts, and down payment.

Adjustable-Rate Mortgage (ARM) Calculator

Estimate the initial payment on an adjustable-rate mortgage and understand how it can change.

FHA Mortgage Calculator FAQs

How FHA mortgage insurance works

FHA loans require two kinds of mortgage insurance: an upfront premium (typically 1.75% of the loan amount, often financed into the loan) and an annual premium (commonly around 0.55%) paid monthly. Unlike conventional PMI, FHA annual MIP usually stays for the life of the loan when you put down less than 10%, so many borrowers refinance into a conventional loan once they build enough equity.

Who FHA loans are best for

FHA loans are popular with first-time buyers and borrowers with lower credit scores or limited savings, because they allow a 3.5% down payment and more flexible qualification. Use the calculator to compare the lower upfront cost of an FHA loan against the long-term cost of mortgage insurance versus a conventional loan.