Estimate payments and mortgage insurance for FHA-backed home loans.
The FHA Loan Calculator estimates monthly payments on an FHA-insured mortgage, which allows down payments as low as 3.5% and looser credit requirements than conventional loans.
Uses the same amortization formula as a conventional mortgage. FHA borrowers also pay an upfront mortgage insurance premium and an annual MIP; add MIP separately if you need an exact PITI.
M = P × r × (1 + r)^n / ((1 + r)^n − 1)
P includes the base loan and, when financed, the upfront MIP (currently 1.75%).A $300,000 home with 3.5% down ($10,500) at 6.75% for 30 years gives a loan of $289,500 and a principal-and-interest payment near $1,879. Add roughly $135/mo for annual MIP.
580 or higher qualifies for 3.5% down. Scores of 500–579 may qualify with 10% down. Individual lenders can set higher minimums.
Yes. All FHA loans carry an upfront MIP of 1.75% (usually financed) and an annual MIP of 0.15%–0.75% based on loan size and term.
For most FHA loans originated after 2013, annual MIP lasts the life of the loan unless you put 10% down. Many borrowers refinance to a conventional loan to drop MIP once they have 20% equity.