FHA Loan Calculator — Monthly Payment, MIP & Down Payment Estimator
An FHA loan calculator estimates your monthly payment including principal, interest, FHA mortgage insurance premium (MIP), property tax, and insurance. On a $300,000 home with 3.5% down at 6.25% for 30 years, PITI runs about $2,150-$2,200 after upfront and annual MIP. FHA loans allow lower credit scores and smaller down payments than most conventional loans.
FHA minimum is often 3.5% with 580+ credit score.
Estimated Monthly Payment
$2,421
- Principal & Interest
- $1,814
- Monthly MIP
- $133
- Upfront MIP (1.75%)
- $5,066
- Total Loan Amount
- $294,566
- LTV
- 96.5%
- Total Interest
- $358,364
FHA Loan Amortization Schedule (Annual Summary)
| Year | Payments | Interest | Principal | Ending balance |
|---|---|---|---|---|
| 1 | $21,764 | $18,313 | $3,452 | $291,115 |
| 2 | $21,764 | $18,091 | $3,674 | $287,441 |
| 3 | $21,764 | $17,854 | $3,910 | $283,531 |
| 4 | $21,764 | $17,603 | $4,162 | $279,369 |
| 5 | $21,764 | $17,335 | $4,429 | $274,940 |
| 6 | $21,764 | $17,050 | $4,714 | $270,226 |
| 7 | $21,764 | $16,747 | $5,017 | $265,209 |
| 8 | $21,764 | $16,424 | $5,340 | $259,869 |
| 9 | $21,764 | $16,081 | $5,684 | $254,185 |
| 10 | $21,764 | $15,715 | $6,049 | $248,136 |
Methodology and limitations
Last reviewed:
Methodology
Estimates FHA payments with base loan, financed upfront MIP, annual MIP, P&I amortization, tax, and insurance.
Limitations
Planning estimate only. FHA loan limits, lender overlays, MIP duration rules, and official HUD disclosures may differ.
Official sources
How to Use the FHA Loan Calculator — Monthly Payment, MIP & Down Payment Estimator
An FHA loan calculator estimates your monthly payment including principal, interest, FHA mortgage insurance premium (MIP), property tax, and insurance. On a $300,000 home with 3.5% down at 6.25% for 30 years, PITI runs about $2,150-$2,200 after upfront and annual MIP. FHA loans allow lower credit scores and smaller down payments than most conventional loans.
Method used
Estimates FHA loan amount with financed upfront MIP, annual MIP, standard amortization for P&I, plus tax and insurance.
Practical example
Example: $300,000 home, 3.5% down, 6.25% rate, 30-year term — compare monthly MIP and total PITI.
What this includes
- Includes down payment, upfront MIP, annual MIP, P&I, tax, and insurance.
- Useful for first-time buyer payment planning.
What this excludes
- Does not replace HUD loan limits, lender overlays, or official Loan Estimates.
Frequently Asked Questions
What are the qualifications for an FHA loan in 2026?
FHA loans typically require a minimum 580 credit score for 3.5% down or 500-579 with 10% down, debt-to-income ratios often capped near 43% (higher with compensating factors), and the home must be your primary residence meeting FHA property standards. You need steady employment history and verifiable income. Loan limits vary by county — check HUD limits for your area. This calculator models payment math only; lender overlays and automated underwriting may differ.
How is FHA MIP calculated?
FHA charges an upfront MIP of 1.75% of the base loan amount, usually financed into the loan, plus an annual MIP paid monthly. Annual MIP rates depend on loan term, LTV, and loan amount — many 30-year loans with less than 10% down carry MIP for the life of the loan. Enter your home price, down payment, and estimated annual MIP rate to see monthly MIP and total insurance cost over the loan term.
What is the FHA minimum down payment?
The FHA minimum down payment is 3.5% for borrowers with credit scores of 580 or higher. Borrowers with scores between 500 and 579 may qualify with 10% down. On a $300,000 home, 3.5% down equals $10,500 plus upfront MIP. FHA allows gift funds for down payment and closing costs with proper documentation. This is often lower than the 5% minimum on many conventional loans.
Is FHA cheaper than conventional?
FHA often has lower interest rates but higher lifetime mortgage insurance cost than conventional PMI, which can be canceled at 80% LTV. FHA wins on upfront cash needed; conventional may win on total cost if you reach 20% equity quickly. Compare both using this FHA calculator alongside the mortgage calculator with conventional PMI assumptions for your specific price, down payment, and credit profile.
Does this FHA calculator include property taxes and insurance?
Yes. Enter annual property tax and homeowners insurance to estimate full monthly housing cost (PITI plus MIP). Escrow amounts vary by county and insurer. Closing costs, FHA funding fees beyond standard MIP, and HOA dues are not included. Use this as a planning estimate before requesting an official Loan Estimate from an FHA-approved lender.