FHA Loan Calculator (US)
Calculate FHA loan monthly payments including MIP, property tax, and home insurance. Free FHA loan calculator for US homebuyers with cost breakdown and charts.
About This Calculator
The FHA Loan Calculator (US) helps homebuyers estimate their total monthly mortgage payment on an FHA-insured loan. Whether you are a first-time buyer with limited savings or someone with a lower credit score, this calculator shows you the full cost of an FHA loan including principal and interest, upfront MIP, annual MIP, property taxes, and home insurance.
FHA loans are backed by the Federal Housing Administration and require as little as 3.5% down for borrowers with a credit score of 580 or higher. This calculator uses standard amortization formulas to compute your monthly payment and applies the FHA MIP rate schedule based on your loan term (15 or 30 years), loan-to-value ratio, and loan amount up to or above $625,500. The upfront MIP of 1.75% can either be paid at closing or rolled into the loan balance.
Regional Notes
This calculator is designed exclusively for the US market, where FHA loans are available through FHA-approved lenders. FHA loan limits vary by county — the standard floor is $498,257 and the ceiling is $1,149,825 for 2024 in high-cost areas. Property tax rates also vary significantly by state and county, so enter your actual annual tax amount for the most accurate estimate. Home insurance costs depend on location, property value, and coverage level. This tool is not affiliated with HUD or the FHA.
Frequently Asked Questions
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) and issued by FHA-approved lenders. It requires a lower minimum down payment (as low as 3.5%) and lower credit scores than conventional loans, making homeownership more accessible for first-time buyers and those with limited savings.
What is the minimum down payment for an FHA loan?
The minimum down payment is 3.5% of the purchase price if your credit score is 580 or higher. If your credit score is between 500 and 579, you need a 10% down payment. FHA loans do not require a down payment of 20%, which makes them popular among first-time homebuyers.
What is FHA mortgage insurance (MIP)?
FHA loans require two types of mortgage insurance premiums (MIP): an upfront MIP of 1.75% of the base loan amount (can be rolled into the loan) and an annual MIP paid monthly, which ranges from 0.45% to 1.05% depending on your loan term, loan-to-value ratio, and loan amount. Annual MIP is required for the life of the loan if your down payment is less than 10%.
How is FHA MIP calculated?
The annual MIP rate depends on three factors: your loan term (15 years or less vs more than 15 years), your loan-to-value ratio (LTV), and your base loan amount relative to $625,500. For example, a 30-year loan with 96.5% LTV (3.5% down) and loan amount under $625,500 has a 0.85% annual MIP rate. The monthly MIP is the annual rate times the loan amount divided by 12.
Can FHA MIP be removed?
If you made a 10% or higher down payment, annual MIP is removed after 11 years. If your down payment is less than 10%, MIP stays for the full loan term. The only way to remove MIP earlier is to refinance into a conventional loan once you have at least 20% equity.
What credit score do I need for an FHA loan?
The minimum credit score for an FHA loan is 500. Borrowers with scores between 500 and 579 must put 10% down. Borrowers with a score of 580 or higher qualify for the 3.5% minimum down payment. Individual lenders may set higher credit score requirements, often 620 or above.
What are the FHA loan limits for 2024?
FHA loan limits vary by county. In 2024, the floor for low-cost areas is $498,257 for a single-family home, while high-cost areas have a ceiling of $1,149,825. Special exception areas like Alaska, Hawaii, and US Virgin Islands have higher limits. You can check the HUD website for your specific county limit.
Does the calculator include property taxes and insurance?
Yes, this FHA loan calculator includes optional fields for annual property taxes and home insurance, which are added to your total monthly payment along with principal, interest, and MIP. This gives you a more accurate estimate of your true monthly housing cost.