FHA Loan Calculator - Down Payment and MIP Estimate Online
Calculate your FHA loan monthly payment including principal, interest, and mortgage insurance premiums (MIP).
How to use this calculator
👉 Fill in the boxes below and your answer appears instantly — no maths needed, we do it all for you! 🎉
In plain English — what does this do?
🏠 You want to buy something big (like a house or car) but you don’t have all the money right now. A bank gives you the money today, and you pay it back little by little every month. This tool tells you ‘how much do I pay each month?’
An FHA loan calculator estimates your monthly payment for a Federal Housing Administration loan, which requires a minimum 3.5% down payment. FHA loans include two mortgage insurance premiums: an upfront MIP (1.75% of the loan amount) and an annual MIP (0.85% of the loan balance) that is added to your monthly payment.
Monthly Payment (P+I+MIP)
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Upfront MIP
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Monthly MIP
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Loan Amount
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What is FHA Loan Calculator - Down Payment and MIP Estimate Online?
An FHA loan calculator estimates your monthly payment for a Federal Housing Administration loan, which requires a minimum 3.5% down payment. FHA loans include two mortgage insurance premiums: an upfront MIP (1.75% of the loan amount) and an annual MIP (0.85% of the loan balance) that is added to your monthly payment.
How to use it
- 1️⃣ Enter the home price.
- 2️⃣ Enter your down payment percentage (minimum 3.5% for FHA).
- 3️⃣ Enter the annual interest rate.
- 4️⃣ Select the loan term.
- 5️⃣ See your full monthly payment including MIP, upfront MIP cost, and annual MIP.
Formula
💡 See it in action — a real example
❓ Common questions
- Who qualifies for an FHA loan?
- FHA loans are available to borrowers with credit scores as low as 580 (for 3.5% down) or 500 (for 10% down). They're popular with first-time buyers who have limited savings or lower credit scores.
- How long do I pay FHA mortgage insurance?
- For loans with less than 10% down, annual MIP lasts the life of the loan. With 10% or more down, MIP drops off after 11 years. This is a key disadvantage vs. conventional loans where PMI can be removed at 80% LTV.
- Is the upfront MIP paid in cash?
- Not necessarily. The upfront MIP of 1.75% is typically rolled into the loan balance, increasing your loan amount. You can pay it in cash at closing if you prefer.
- What are FHA loan limits?
- FHA loan limits vary by county and are updated annually. In 2024, they range from $498,257 in low-cost areas to $1,149,825 in high-cost areas. Check HUD's website for your county's limit.
- Should I choose FHA over conventional?
- FHA is better if you have a lower credit score or limited down payment. Conventional loans are often cheaper long-term because PMI can be removed. If you can put 20% down or have a 740+ credit score, conventional usually wins.