FHA Loan Calculator

Calculate FHA mortgage payments including 3.5% down payment, upfront mortgage insurance premium (UFMIP 1.75%), and annual MIP.

Calculator Inputs

$
Purchase price.
%
Minimum FHA down payment is 3.5%.
%
FHA fixed rate.
Loan duration.

Calculated Results

Total Monthly FHA Payment
$2,314.80
Base Loan Amount $289,500
Upfront MIP (1.75%) $5,066
Total Financed $294,566
Values calculate live as you adjust inputs.

About FHA Loan Calculator

An FHA loan calculator models financing backed by the Federal Housing Administration (HUD). FHA loans require an Upfront Mortgage Insurance Premium (UFMIP, typically 1.75% financed into the loan) and an Annual Mortgage Insurance Premium (MIP, typically 0.55% for 30-year loans).

What is FHA Loan Calculator?

An FHA loan calculator models financing backed by the Federal Housing Administration (HUD). FHA loans require an Upfront Mortgage Insurance Premium (UFMIP, typically 1.75% financed into the loan) and an Annual Mortgage Insurance Premium (MIP, typically 0.55% for 30-year loans).

How to Use This Calculator

  1. Enter home purchase price.
  2. Choose down payment (minimum 3.5% with 580+ FICO score).
  3. Input interest rate.
  4. The calculator auto-finances 1.75% upfront MIP and adds monthly MIP to debt service.

The Mathematical Formula & Variables

Total = (Price - Down) * 1.0175; Monthly MIP = (Total * 0.0055) / 12

Variables Definition

Symbol / Variable Name Description
UFMIP Upfront MIP 1.75% fee mandated by FHA, typically financed.
Annual MIP Annual Premium 0.55% annual charge divided into 12 monthly installments.

Step-by-Step Worked Example

Scenario: $300,000 home with 3.5% down ($10,500) at 6.25% interest for 30 years.

  1. Base Loan = $300,000 - $10,500 = $289,500.
  2. Upfront MIP (1.75%) = $289,500 * 0.0175 = $5,066.25.
  3. Total Financed = $289,500 + $5,066.25 = $294,566.25.
  4. Monthly P&I on $294,566.25 at 6.25% = $1,813.56.
  5. Annual MIP (0.55%) = ($294,566.25 * 0.0055) / 12 = $135.01/month.
  6. Estimated Taxes & Insurance = $366.23/month.
  7. Total Monthly Outlay = $2,314.80.

Result: Total monthly payment is $2,314.80 including P&I and FHA MIP.

Frequently Asked Questions

Does FHA mortgage insurance ever go away?

For loans initiated with less than 10% down payment, FHA MIP remains for the entire life of the loan. The only way to remove it is to refinance into a conventional loan once you have 20% equity.

What credit score is needed for 3.5% down on an FHA loan?

HUD guidelines require a minimum FICO credit score of 580 for 3.5% down. Borrowers with scores between 500 and 579 are eligible with a 10% down payment.