FHA Loan Calculator

Your details

The purchase price (or estimated value) of the property.
FHA requires at least 3.5% down (10% if your credit score is below 580). Enter a percentage of the home price.
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The annual interest rate quoted by your lender. FHA rates are typically close to conventional rates.
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Most FHA loans use a 30-year term; a 15-year term reduces total interest but raises monthly payments.
Your county or city property tax bill per year. Lenders typically collect this via escrow.
Homeowners insurance premium per year, also usually escrowed by the lender.
Homeowners association dues, if any. Applies to condos and planned communities.
Most borrowers roll the 1.75% upfront MIP into the loan balance. Paying at closing saves interest over time but requires more cash.
Currency
Total monthly paymentLifetime MIP applies
$2,786.49

Principal + interest + MIP + taxes + insurance + HOA

Principal and interest$2,228.98
Monthly MIP$157.51
Taxes, insurance and HOA$400.00
Base loan amount$337,750.00
Upfront MIP (UFMIP)$5,910.63
Total financed amount$343,660.63
Down payment amount$12,250.00
Loan-to-value (LTV)1%
MIP durationLife of loan (down payment under 10%)
Total interest paid$458,771
Total MIP paid$62,615
Total cost of loan$871,385
Down payment$12,250.00
Loan amount$337,750.00
Total interest$458,771
Total MIP$62,615

Your estimated total FHA payment is $2,786/month.

  • Your upfront MIP of $5,911 (1.75% of the loan) is financed into your loan, adding a small amount to your P&I payment.
  • Because your down payment is under 10%, annual MIP of $158/mo continues for the life of the loan. Putting 10% or more down cuts MIP to 11 years.
  • MIP represents 5.7% of your total monthly payment. Unlike conventional PMI, FHA MIP cannot be cancelled by reaching 20% equity (unless you refinance to conventional).

Next stepConsider saving for a 10% down payment to eliminate lifetime MIP, or plan to refinance to a conventional loan once you reach 20% equity.

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