Calculators · Buying & Financing
FHA Loan Calculator
Estimate an FHA loan with the 1.75% upfront mortgage insurance premium and HUD's annual MIP table, including how long MIP lasts for your down payment.
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How this calculator works
FHA loans are insured by the Federal Housing Administration. They allow 3.5% down with a credit score of 580 or higher and are often more flexible on credit, but they carry two kinds of mortgage insurance: an upfront premium (UFMIP) of 1.75% of the base loan, usually added to the loan, and an annual premium paid monthly.
The annual premium depends on the loan amount, the loan-to-value and the term. Under HUD Mortgagee Letter 2023-05 (effective March 20, 2023), most 30-year FHA loans with less than 10% down pay 0.55% a year for the life of the loan; with 10% or more down, MIP lasts 11 years.
- The upfront premium is 1.75% of the base loan and is added to the loan unless you uncheck that option.
- The annual premium rate comes from HUD's table for your base loan, loan-to-value and term. It is estimated on each year's average balance, which is how FHA premiums are recalculated.
- A warning appears if the base loan is above the 2026 FHA limit used here ($541,287, the national floor that applies to Harris and Montgomery counties). Confirm the limit for the county in HUD's lookup.
Worked example
Example values are illustrative, not quotes or market data. These are the numbers the calculator above starts with.
Inputs
- Loan type
- FHA
- Home price
- $300,000
- Down payment
- $10,500 (3.5%)
- Interest rate
- 6.5%
- Loan length
- 30 years
- Property taxes per year
- $6,000
- Homeowners insurance per year
- $2,400
- HOA dues per month
- $0
Results
- Loan type
- FHA
- Home price
- $300,000
- Down payment
- $10,500 (3.5%)
- Rate / length
- 6.5% / 30 yrs
- Total monthly housing cost
- $2,694
- Principal and interest
- $1,862
- Mortgage insurance (month 1)
- $132
- Loan amount
- $294,566
- Cash to close (down payment only until costs are entered)
- $10,500
- Total interest
- $375,702
- Balance after 5 years
- $275,746
Common questions
What credit score does FHA require?
FHA allows 3.5% down with a credit score of 580 or higher, and 10% down from 500 to 579. Many lenders set their own higher minimums.
Can I remove FHA mortgage insurance?
With less than 10% down, the annual premium lasts for the life of the loan; the usual way out is refinancing into a different loan later. With 10% or more down, it ends after 11 years.
Can the seller pay my FHA closing costs?
FHA allows seller and other interested-party contributions up to 6% of the price toward closing costs, prepaids and certain other items. They cannot be used for the down payment.
Related calculators
- Mortgage Payment Calculator
- Conventional Loan Calculator
- Buyer Cash to Close Calculator (Buyer Net Sheet)
- Home Affordability Calculator
- All calculators
Estimate only. Actual loan terms, eligibility, insurance, taxes, and settlement charges require verification. These are planning estimates, not a lender Loan Estimate, Closing Disclosure, appraisal, or approval. Michael O'Neal is a real estate broker, not a lender, appraiser, attorney or tax adviser.
Next step
Want a real financing quote? Connect with Home Front Mortgage.
Andrew Fairleigh, Mortgage Loan Originator, Home Front Mortgage, NMLS #1878546. (979) 595-8979 · [email protected]
Rates in these calculators are examples, not Home Front quotes. Your application goes to Home Front's secure site. Do not send financial documents through this website.
Affiliated business arrangement disclosure. This is to give you notice that some agents and owners at Keller Williams Realty Northeast, including Michael O'Neal, have a business relationship with certain providers of services related to your purchase, sale or refinance of real estate, including Home Front Mortgage and Keystone Title & Escrow. Because of this relationship, a referral may provide some owners and agents at Keller Williams Realty Northeast a financial or other benefit. You are NOT required to use either company as a condition for your purchase, your financing or refinance, or any other transaction related to a property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. You will be given the written Affiliated Business Arrangement Disclosure, including estimated charges, to review and sign.