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CalcSpectrum

FHA Loan Calculator

Estimate your total monthly FHA loan payment — principal & interest plus upfront and annual mortgage insurance premium (MIP) — from home price, down payment, interest rate, and term.

Free to use · Instant results

Calculator Inputs

The total purchase price of the home, in dollars.

The down payment as a percentage of home price. FHA loans require a minimum of 3.5%.

The annual nominal interest rate, as a percentage (e.g. enter 6.5 for 6.5%).

The length of the FHA loan.

Add 0-11 extra months to the term selected above, for a more precise estimate.

The one-time upfront mortgage insurance premium, as a percentage of the base loan amount. Enter your loan's current FHA UFMIP rate — this calculator does not assume or look up a rate for you, since it is set by current HUD policy.

The recurring annual mortgage insurance premium, as a percentage of the base loan amount, billed monthly. Enter your loan's current FHA annual MIP rate — this calculator does not assume or look up a rate for you, since it varies by loan amount, term, and loan-to-value under current HUD policy.

Total Monthly FHA Payment
$1,994.55
Monthly Principal & Interest
$1,861.86
Monthly Mortgage Insurance (MIP)
$132.69
Down Payment Amount
$10,500.00
Base Loan Amount
$289,500.00
Upfront MIP Amount
$5,066.25
Financed Loan Amount (incl. UFMIP)
$294,566.25
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About these results

CalcSpectrum calculators produce automated estimates using established formulas and the specific values you enter. Because real-world outcomes depend on input accuracy, mathematical assumptions, and rounding conventions, please verify critical figures with an appropriately qualified financial, tax, medical, legal, or other professional, as relevant.

Financial Notice: These figures are informational estimates for personal planning only. They do not constitute financial, investment, tax, or legal advice, nor do they represent a lending offer or credit approval. Provider and financial institution figures, rates, fees, and underwriting requirements may differ.

How It's Calculated

Formula

Lbase=Phome−D,UFMIP=Lbase×rufmip,Lfinanced=Lbase+UFMIPL_{\text{base}} = P_{\text{home}} - D, \quad \text{UFMIP} = L_{\text{base}} \times r_{\text{ufmip}}, \quad L_{\text{financed}} = L_{\text{base}} + \text{UFMIP}

This calculator estimates the total monthly payment on an FHA-insured loan: principal & interest plus FHA mortgage insurance. FHA loans require a minimum 3.5% down payment (this program minimum is built into the calculator). The base loan amount is the home price minus your down payment. The upfront mortgage insurance premium (UFMIP) is calculated as a percentage of the base loan amount and, per standard FHA convention, financed into the loan balance rather than paid in cash at closing — so principal & interest is calculated on the base loan PLUS the financed UFMIP. The annual mortgage insurance premium (MIP) is calculated as a percentage of the base (unfinanced) loan amount and billed as 1/12 of that annual figure every month. Because FHA MIP rates are set by current HUD policy and change over time, this calculator asks you to enter your loan's actual UFMIP and annual MIP rates rather than assuming a fixed number — check your loan estimate or HUD's current published rates for the values that apply to your loan.

Worked Examples

3.5% down, 30-year FHA loan

  1. Home price: $300,000, down payment: 3.5% → $10,500. Base loan amount: $289,500
  2. Upfront MIP: $289,500 × 1.75% = $5,066.25. Financed loan amount: $289,500 + $5,066.25 = $294,566.25
  3. Interest rate: 6% annual → periodic (monthly) rate = 6% ÷ 100 ÷ 12 = 0.005
  4. Term: 30 years → 360 monthly payments
  5. Monthly principal & interest on the financed loan amount ≈ $1,766.03
  6. Monthly MIP: $289,500 × 0.55% ÷ 12 ≈ $132.69
  7. Total monthly FHA payment ≈ $1,766.03 + $132.69 = $1,898.72

Frequently Asked Questions

Why does the down payment have a 3.5% minimum?

FHA loans are a government-insured loan program with a structural minimum down payment of 3.5% of the home price (for most borrowers) — this is a fixed program design rule, not a rate that changes with market conditions, so it's enforced directly by this calculator.

Why do I have to enter the MIP rates myself instead of the calculator looking them up?

FHA's upfront and annual mortgage insurance premium rates are set by current HUD policy and have changed multiple times over the program's history, varying further by loan amount, term, and loan-to-value ratio. Rather than embedding a remembered rate that could silently go stale, this calculator asks you to enter the rates that apply to your specific loan — check your FHA loan estimate or HUD's current published MIP tables.

Is the upfront MIP paid in cash or added to my loan?

This calculator models the standard convention: upfront MIP is financed into your loan balance (added to the base loan amount before principal & interest is calculated), which is how most FHA borrowers handle it rather than paying it in cash at closing.

Does this calculator tell me if I qualify for an FHA loan?

No. This is a payment-estimate tool only — it does not evaluate credit score, debt-to-income ratio, employment history, or any other FHA eligibility requirement, and it is not a loan offer, rate quote, or lender pre-approval.

Can I enter 0% for the MIP rates?

Yes — entering 0% for either MIP rate removes that cost from the calculation, which can be useful for comparing the pure principal & interest cost against the full FHA payment including insurance.