Daily Figures Edition No Sign-Up • Free Forever Vol. XII — No. 204
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FHA Loan Calculator

Estimate your FHA payment including upfront and annual mortgage insurance.

Filed by The Statistics Desk  |  Method: amortized loan + MIP
Monthly payment
—
P&I + mortgage insurance.
Details
Principal & interest—
Monthly MIP—
Loan amount (with UFMIP)—
Upfront MIP—
Show our math
Enter your figures above to see the step-by-step working.
Educational estimate — not a loan offerEverything computed client-side — nothing leaves this page

How the FHA Loan Calculator Works

An FHA loan lets you buy with as little as 3.5% down, but it carries mortgage insurance. There are two pieces: an upfront premium (UFMIP) of 1.75% of the base loan, which is rolled into the loan, and an annual premium (MIP) of about 0.55% split into monthly payments. This calculator builds the loan amount, amortizes it for principal and interest, and adds the monthly MIP. A $300,000 home at 3.5% down and 6.5% comes to roughly $1,995 a month.

FHA MIP usually lasts the life of the loan unless you put 10% or more down. Many buyers refinance to a conventional loan once they have 20% equity to drop the insurance. Property tax and homeowners insurance are extra — this figure is principal, interest and MIP.

payment = amortized (base + 1.75% UFMIP) + monthly MIP

Frequently Asked Questions

What is FHA mortgage insurance?

FHA charges an upfront premium of 1.75% of the loan (added to the balance) plus an annual premium around 0.55% paid monthly. Both protect the lender, not you.

How much down payment does an FHA loan need?

As little as 3.5% with a qualifying credit score. A larger down payment lowers the loan and the monthly insurance.

Does FHA mortgage insurance ever go away?

With less than 10% down it lasts the life of the loan. Many borrowers refinance into a conventional loan at 20% equity to remove it.

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