FHA Loan Calculator

Calculate FHA loan payments including MIP (Mortgage Insurance Premium).

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Loan Amount

Annual Interest Rate (%)

Term (Months)

Monthly Payment

$1,621.50

Total Interest

$333,738.29

Total Cost

$583,738.29

Principal (43%)Interest (57%)

$250,000.00$333,738.29

Amortization Over Time

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$1,621.50	$215.25	$1,406.25	$249,784.75
2	$1,621.50	$216.46	$1,405.04	$249,568.30
3	$1,621.50	$217.67	$1,403.82	$249,350.63
4	$1,621.50	$218.90	$1,402.60	$249,131.73
5	$1,621.50	$220.13	$1,401.37	$248,911.60
6	$1,621.50	$221.37	$1,400.13	$248,690.23
7	$1,621.50	$222.61	$1,398.88	$248,467.62
8	$1,621.50	$223.86	$1,397.63	$248,243.75
9	$1,621.50	$225.12	$1,396.37	$248,018.63
10	$1,621.50	$226.39	$1,395.10	$247,792.24
11	$1,621.50	$227.66	$1,393.83	$247,564.57
12	$1,621.50	$228.94	$1,392.55	$247,335.63

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What is FHA Loan Calculator?

An FHA loan is a mortgage insured by the Federal Housing Administration, part of the U.S. Department of Housing and Urban Development. FHA loans are designed for first-time buyers and borrowers with limited savings or imperfect credit. The minimum down payment is 3.5% with a credit score of 580 or higher — or 10% down if your score is between 500 and 579. Unlike conventional PMI (private mortgage insurance), which automatically cancels when you reach 20% equity, FHA MIP (Mortgage Insurance Premium) works differently. For loans originated after June 2013 with less than 10% down, the annual MIP is required for the life of the loan. The only way to remove it is to refinance into a conventional loan once you have built sufficient equity and qualify for better terms.

How to use

Enter the home purchase price and your planned down payment (minimum 3.5% for borrowers with a 580+ credit score).
The loan amount is the purchase price minus your down payment; the upfront MIP of 1.75% is typically financed into the loan.
Input the annual interest rate from your lender quote or use current FHA rate averages.
Review your estimated monthly payment, which includes principal, interest, and the annual MIP divided into monthly installments.
Note the total MIP cost over the life of the loan — this is the key number to compare against a conventional loan with PMI.
Compare the total FHA cost to a conventional loan at 5% down to determine which is more economical for your credit profile.

Why it matters

FHA loans open homeownership to borrowers who cannot qualify for conventional financing — particularly those with credit scores below 680 or down payments under 10%. However, MIP adds meaningful long-term cost. Annual MIP on a $250,000 FHA loan runs roughly $115–$175 per month. Because MIP persists for the life of the loan on most FHA mortgages, the total added cost can exceed $25,000–$40,000 over 30 years. Understanding this before you buy helps you plan a refinance strategy once your equity and credit improve enough to qualify for conventional terms.

Pro tip

If your credit score is 680 or above and you can put 5% down, compare FHA and conventional loan estimates side by side. At those numbers, a conventional loan with PMI is often cheaper overall — and conventional PMI cancels automatically when you reach 20% equity, unlike FHA MIP, which requires a full refinance to remove. The break-even depends heavily on your rate offers and how long you plan to stay in the home.

Frequently Asked Questions

FHA loans are mortgages insured by the Federal Housing Administration. They require only 3.5% down with a credit score of 580+ and allow lower credit scores than conventional loans.

MIP (Mortgage Insurance Premium) is required on all FHA loans. It includes an upfront premium (1.75% of loan amount) and an annual premium (0.55–1.05% depending on loan size and term).

For FHA loans originated after 2013 with less than 10% down, MIP is required for the life of the loan. To remove it, you must refinance into a conventional loan.

FHA is better for borrowers with lower credit scores or smaller down payments. Conventional loans are better if you have 20% down (avoids MIP) and a credit score above 680.