FHA Loan Calculator
See your FHA monthly payment with both mortgage insurance premiums included, how long the yearly premium lasts, and how the loan compares with a conventional one.
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Educational estimates only. Not financial, tax, or lending advice.
Updated
What is the monthly payment on an FHA loan?
In the example below, a $350,000 home with 3.5% down at 6.5% over 30 years costs $2,772.80 a month. That is $2,172.17 of principal and interest, $154.80 of FHA mortgage insurance, and the rest tax and homeowners insurance. The base loan is $337,750, and the 1.75% upfront premium of $5,910.63 is added to it, so you borrow $343,660.63.
With less than 10% down, the yearly premium lasts for the whole loan and adds up to $36,451. With 10% down it stops after payment 132 and adds up to $16,010.
Your FHA payment
Monthly payment
$2,772.80
$2,172.17 principal and interest plus $154.80 FHA insurance, tax, insurance and HOA.
Loan amount
$343,661
$337,750 base loan plus $5,910.63 upfront premium. Loan-to-value 96.5%.
Upfront premium
$5,910.63
1.75% of the base loan, added to the loan.
Annual premium
0.55%
Charged for the whole term.
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Where the monthly payment goes
| Part of the payment | Per month |
|---|---|
| Principal and interest | $2,172.17 |
| FHA annual mortgage insurance (MIP) | $154.80 |
| Property tax | $320.83 |
| Homeowners insurance | $125.00 |
| Total | $2,772.80 |
The annual premium lasts as long as the loan, to Dec 01, 2055, and shrinks as the balance does. In the last month it is $0.97. MIP is figured on the base loan, without the financed upfront premium: the yearly rate times the base loan balance at the start of each month, divided by 12. HUD uses the average balance for each year, so your lender’s figure can differ by a few dollars.
FHA insurance and a conventional loan, side by side
| Compared | FHA | Conventional with PMI |
|---|---|---|
| Monthly payment, first month | $2,772.80 | $2,736.00 |
| Monthly mortgage insurance | $154.80 | $154.80 |
| Insurance ends | With the loan | Payment 131, at 80% of the price |
| Insurance paid over the loan | $42,361 | $20,279 |
The FHA payment is $36.80 a month higher in the first month. The FHA insurance total includes the $5,910.63 upfront premium. The conventional column uses your price, down payment, rate and term, with PMI at 0.55% a year. That PMI rate is an assumption, and a conventional loan may need a higher score or a different rate. Get a quote before relying on this comparison.
FHA loan limits vary by county. Check HUD’s FHA Mortgage Limits lookup for yours. For the other FHA rules, see the FHA loan glossary entry.
How long you pay the yearly premium
The down payment decides whether it ever comes off.
| 3.5% down | 10% down | |
|---|---|---|
| Loan-to-value | 96.5% | 90% |
| Yearly premium | 0.55% | 0.50% |
| Premium paid until | The last payment | Payment 132 |
| Yearly premiums in total | $36,451 | $16,010 |
| First month's payment | $2,772.80 | $2,602.94 |
The 10% down case starts at $131.25 of premium a month and the payment falls to $2,471.69 after it ends. Both cases use the upfront premium financed.
The 11 years is counted from the start of the loan, so it is 132 payments. The calculator treats the premium as a charge on the base loan balance at the start of each month, divided by twelve, without the financed upfront premium. HUD uses the average balance for each year, so a lender’s figure can differ by a few dollars a month. The premium shrinks as you pay the loan down, and refinancing into a conventional loan once you have about 20% equity is the usual way to end it sooner. Staying with FHA, an FHA streamline refinance can lower the rate without an appraisal, but the MIP stays. The FHA loan glossary entry covers the rest of the basics.
Minimum down payment and loan limits
Two limits the calculator tells you about but does not enforce.
Under HUD Handbook 4000.1, a credit score of 580 or higher can qualify with 3.5% down, and a score from 500 to 579 needs 10% down. The calculator warns you when the down payment is under 3.5%, and it still runs the numbers. To see how a bigger down payment changes the loan and the cash you need, use the down payment calculator.
FHA loan limits vary by county. Check HUD’s FHA Mortgage Limits lookup for yours before you settle on a price. The limit caps the base loan you can take in your county, and this page does not apply it.
FHA or a conventional loan with PMI
The comparison under the calculator uses the same price, down payment, rate and term.
For the example, a conventional loan with PMI at 0.55% a year would cost $2,736.00 a month in the first month, against $2,772.80 for FHA. The PMI can be dropped at payment 131, while the FHA premium stays for the whole loan. That PMI rate is an assumption, since the real one depends on your credit score, and a conventional lender may ask for a higher score or a different rate. The PMI calculator shows the dates PMI can come off, and the mortgage calculator prices a conventional loan in full. If you are eligible for a VA loan, the VA loan calculator shows that payment, which has no monthly mortgage insurance.
FHA loan questions
- How is the monthly payment on an FHA loan worked out?
- It is principal and interest on the whole loan, which includes the upfront premium if you finance it, plus one twelfth of the annual mortgage insurance premium, property tax, homeowners insurance and any HOA dues. The calculator lists each piece, so you can see how much of the payment is insurance.
- What is the FHA upfront mortgage insurance premium?
- It is 1.75% of the base loan amount, which is the price minus your down payment. Most borrowers add it to the loan and pay interest on it for the whole term. You can pay it in cash at closing instead. Switch the option in the calculator to compare the payment and the cash you would need.
- How much is the annual FHA mortgage insurance premium?
- HUD's table in Mortgagee Letter 2023-05 sets it from three things: the term, the base loan amount and the loan-to-value ratio. On a 30-year loan at or under the threshold it is 0.50% at 95% loan-to-value or less and 0.55% above that. On a loan of 15 years or less it runs from 0.15% to 0.65%. The calculator picks the row and shows it.
- How long do you pay FHA mortgage insurance?
- For 11 years if your base loan is 90% of the price or less, which means 10% or more down on a 30-year loan. With less than 10% down it lasts for the whole term. The calculator shows the date it ends and the payment you would make afterward. Refinancing into a conventional loan is the usual way to end it earlier.
- Does a bigger down payment lower FHA mortgage insurance?
- It can change both the rate and how long you pay it. On a 30-year loan, putting down 10% or more brings the loan-to-value to 90% or less, so the yearly premium ends after 11 years instead of lasting the whole term. Going from 3.5% to 5% down lowers the rate from 0.55% to 0.50% once the loan-to-value is 95% or less. The calculator shows the effect on the payment as you change the down payment.
- Is an FHA loan cheaper than a conventional loan with PMI?
- It depends on your credit and your down payment. FHA is often the easier route at a lower score. The comparison line in the calculator puts a conventional loan next to it at the same rate and down payment. The PMI rate in that line is an assumption, because the real one depends on your score, so get a quote from a lender before you decide.
- What is the FHA loan limit?
- FHA loan limits vary by county, and HUD sets them each year. This calculator does not apply one, so check HUD's FHA Mortgage Limits lookup for your county before you pick a price. The base loan threshold field only decides which row of the premium table applies.