FHA Loan Calculator

Modify the values and click the Calculate button to use

Monthly Pay: $4,648.09

Base loan amount: $482,500.00
Upfront MIP: $8,443.75
Total loan amount: $490,943.75
Principal & interest: $3,301.95
Annual MIP (monthly): $221.15
Property tax: $500.00
Home insurance: $208.33
HOA fee: $0.00
Other costs: $416.67
Total monthly payment: $4,648.09
Total mortgage payments: $1,188,701.15
Total Interest: $697,757.40
Total annual MIP (360 months): $79,612.50
Total out-of-pocket: $1,673,313.65
Loan-to-value: 96.50%
Payoff Date: Nov 2056

The upfront premium is 1.75% of the base loan amount and is financed by default. Annual MIP is 0.55% of the base loan amount per year while it is in force.

Amortization schedule

Year	Interest	Principal	Ending balance
0	-	-	$490,943.75
1	$34,739.20	$4,884.17	$486,059.58
2	$34,380.50	$5,242.88	$480,816.70
3	$33,995.45	$5,627.92	$475,188.78
4	$33,582.12	$6,041.25	$469,147.53
5	$33,138.44	$6,484.93	$462,662.60
6	$32,662.18	$6,961.20	$455,701.40
7	$32,150.93	$7,472.44	$448,228.96
8	$31,602.14	$8,021.23	$440,207.73
9	$31,013.04	$8,610.33	$431,597.40
10	$30,380.68	$9,242.69	$422,354.72
11	$29,701.88	$9,921.49	$412,433.23
12	$28,973.23	$10,650.14	$401,783.09
13	$28,191.06	$11,432.31	$390,350.78
14	$27,351.45	$12,271.92	$378,078.86
15	$26,450.18	$13,173.20	$364,905.66
16	$25,482.71	$14,140.66	$350,765.00
17	$24,444.19	$15,179.18	$335,585.82
18	$23,329.40	$16,293.97	$319,291.85
19	$22,132.74	$17,490.63	$301,801.21
20	$20,848.19	$18,775.18	$283,026.03
21	$19,469.31	$20,154.07	$262,871.97
22	$17,989.15	$21,634.22	$241,237.75
23	$16,400.29	$23,223.08	$218,014.67
24	$14,694.74	$24,928.63	$193,086.04
25	$12,863.93	$26,759.44	$166,326.60
26	$10,898.66	$28,724.71	$137,601.89
27	$8,789.06	$30,834.31	$106,767.58
28	$6,524.53	$33,098.84	$73,668.74
29	$4,093.69	$35,529.69	$38,139.06
30	$1,484.32	$38,139.06	$0.00

Balance, interest, and payments over time

Balance
Interest
Payments

Monthly payment breakdown

Principal & Interest$3,301.9571.0%
Annual MIP$221.154.8%
Property Tax$500.0010.8%
Home Insurance$208.334.5%
Other Costs$416.679.0%

What this FHA loan calculator does

An FHA loan is a mortgage insured by the Federal Housing Administration. The insurance lets lenders accept a smaller down payment than many conventional loans require, but it also adds mortgage insurance premiums to the cost of borrowing.

This calculator estimates the full monthly housing payment: principal and interest, the annual mortgage insurance premium, property taxes, homeowners insurance, HOA dues, and any other recurring cost you enter. It also shows the one-time upfront premium and how the loan amortizes over time.

How to use this calculator

Enter the home price and your down payment percentage.
Enter the loan term, interest rate, and the mortgage insurance rates that apply to your loan.
Choose how long the annual premium lasts and whether the upfront premium is financed.
Add property tax, homeowners insurance, HOA dues, and other annual costs.
Click Calculate to see the monthly payment breakdown and the annual amortization schedule.

The default example is a $500,000 home with 3.5% down, a 30-year loan at 7.108%, a 1.75% upfront premium, and a 0.55% annual premium.

FHA mortgage insurance formulas

Down payment = Home price × Down payment %
Base loan amount = Home price − Down payment
Upfront MIP = Base loan amount × Upfront MIP %
Total loan amount = Base loan amount + Upfront MIP (when financed)
Principal & interest = amortized payment on the total loan amount
Monthly annual MIP = Base loan amount × Annual MIP % ÷ 12
Monthly property tax = Home price × Property tax % ÷ 12
Monthly insurance = Annual insurance ÷ 12
Monthly other costs = Annual other costs ÷ 12
Total monthly payment = P&I + Annual MIP + Property tax + Insurance + HOA + Other

The upfront premium is charged once at closing. HUD calculates it on the base loan amount, before any premium is added to the loan. If you finance it, the premium increases the loan balance and therefore the principal-and-interest payment. If you pay it at closing, the loan balance stays at the base amount but you need more cash on closing day.

The annual premium is recalculated here as a flat percentage of the base loan amount. In practice, FHA annual rates depend on the loan term, the loan-to-value ratio, and the loan size, so use the rate shown on your loan estimate rather than assuming 0.55% applies to every scenario.

Annual MIP rate examples

These bands are a planning reference, not a substitute for the rate on your loan estimate:

Loan Amount	LTV Ratio	Annual MIP Ratio
$726,200 or less	95% or less	0.50%
$726,200 or less	More than 95%	0.55%
More than $726,200	95% or less	0.70%
More than $726,200	More than 95%	0.75%

Loan Amount	LTV Ratio	Annual MIP Ratio
$726,200 or less	90% or less	0.15%
$726,200 or less	More than 90%	0.40%
More than $726,200	78% or less	0.15%
More than $726,200	78%–90%	0.40%
More than $726,200	More than 90%	0.65%

What the results mean

Base loan amount: the home price minus the down payment.
Upfront MIP: the one-time premium, shown separately so you can see the cost of financing it.
Total loan amount: the balance that is actually amortized.
Principal & interest: the portion of the payment that pays down the loan.
Annual MIP (monthly): the monthly share of the annual mortgage insurance premium.
Total monthly payment: the full housing cost, including taxes, insurance, HOA, and other items.
Loan-to-value: the base loan divided by the home price.
Total out-of-pocket: every monthly cost summed over the life of the loan.

The annual premium can end before the loan is paid off. For many 30-year FHA loans with a small down payment, it lasts the full term. Loans with a larger down payment may drop the premium after 11 years, and some scenarios allow it to end when the balance reaches 78% of the original home price. The duration selector lets you compare those cases, but the lender and HUD rules for your specific case control the actual end date.

Assumptions and limitations

This calculator assumes a fixed interest rate and a fully amortizing loan with equal monthly payments. It does not verify FHA loan limits by county, credit score requirements, debt-to-income limits, seller concessions, or closing costs. Property tax and insurance are entered by you, not looked up by address. The result is an estimate, not a loan estimate or an approval.

Frequently asked questions

Is the FHA annual premium always 0.55%?

No. The 0.55% figure is common for a 30-year loan with a base loan amount at or below the current limit and an LTV above 95%. Shorter terms, lower LTVs, and larger loans use different rates. Enter the rate your lender quotes.

Should I finance the upfront premium?

Financing keeps more cash in your pocket at closing, but you pay interest on the premium for the life of the loan. Paying it upfront costs less overall if you can afford the cash. Compare the two options with the same inputs.

When does annual mortgage insurance stop?

It depends on the loan term, the LTV, and the down payment. Many 30-year loans with less than 10% down keep the premium for the full term. Others end it at 11 years or when the balance reaches 78% of the original value. The selector is a planning tool; your lender's schedule is authoritative.

Does this calculator include FHA loan limits?

No. It does not check whether the loan amount exceeds the FHA limit for the county. A loan above the limit may not be eligible for FHA insurance even if the payment math is correct.

Source

References:

Disclaimer

This calculator is for informational and educational purposes only. It is not a loan estimate, an offer of credit, or financial advice. Mortgage insurance rates, loan limits, and eligibility rules change. Confirm all figures with a qualified lender and the official FHA documents for your loan.

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