How it works
Calculate FHA mortgage payments including Upfront and Annual Mortgage Insurance Premiums (MIP).
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
6-
?price=Home PriceNumber · Optional · Default: 300,000
-
?downPayment=Down PaymentNumber · Optional · Default: 10,500
-
?rate=Interest RateNumber · Optional · Default: 6.5
-
?term=Loan Term (Years)Number · Optional · Default: 30
-
?upfrontMIPRate=Upfront MIPNumber · Optional · Default: 1.75
-
?annualMIPRate=Annual MIPNumber · Optional · Default: 0.55
Outputs
1-
resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Estimate payments for an FHA-insured mortgage
Description
The FHA Loan Calculator is designed for homebuyers using a loan insured by the Federal Housing Administration (FHA). These loans are popular for their low down payment requirements (as low as 3.5%). This tool accurately factors in the mandatory Mortgage Insurance Premiums (MIP)—both the upfront amount usually financed into the loan and the recurring monthly charge.
Inputs
- Home Price: The total purchase price of the property ($).
- Down Payment: The initial cash contribution (lenders require a minimum of 3.5%) ($).
- Interest Rate: The annual interest rate for the FHA loan (%).
- Loan Term (Years): The length of the mortgage (typically 30 years).
- MIP Rates:
- Upfront MIP: A standard 1.75% fee charged at the start of the loan (%).
- Annual MIP: A recurring fee, commonly 0.55% of the loan balance (%).
Outputs
- Total Monthly Payment: Your estimated installment including Principal, Interest, and the monthly MIP.
- Monthly MIP: The specific portion of your payment going toward FHA mortgage insurance ($).
- Upfront MIP (Financed): The dollar amount of the upfront fee that is added to your total loan balance ($).
Chart
- N/A: This tool provides a detailed numeric breakdown of specialized FHA costs.
“Good to Know”
- Unlike conventional loans, FHA mortgage insurance (MIP) usually cannot be removed even if you reach 20% equity (for loans with less than 10% down).
- The “Upfront MIP” is typically added to your loan balance, meaning you don’t have to pay it in cash at closing, but you will pay interest on it.
- FHA loans have specific property standards; the home must be your primary residence and pass a basic safety inspection.
Examples
Example 1: Standard First-Time Buy
- Input:
- Price: $300,000
- Down: $10,500 (3.5%)
- Rate: 6.5%
- Output:
- Upfront MIP: ~$5,000 (Added to loan)
- Monthly MIP: ~$133
- Total Monthly: ~$1,980 (P&I + MIP)
Example 2: Higher Down Payment
- Input:
- Down: 5% (or more)
- Output:
- Shows how a higher down payment can reduce the “Annual MIP” rate slightly and lower the total monthly cost.
Example 3: Low Price Point
- Input:
- Price: $150,000
- Output:
- Demonstrates the accessibility of FHA for entry-level homes with minimal upfront cash.