FHA Loan Payment Calculator
Model the FHA-specific pieces separately: home price, down payment, financed upfront mortgage insurance premium, and annual MIP.
FHA purchase assumptions
Home price ($)iUse your best current estimate; lender and account terms control. | |
|---|---|
Down payment (%)iUse your best current estimate; lender and account terms control. | |
Interest rate (%)iUse your best current estimate; lender and account terms control. | |
Term (years)iUse your best current estimate; lender and account terms control. | |
Upfront MIP (%)iUse your best current estimate; lender and account terms control. | |
Annual MIP rate (%)iUse your best current estimate; lender and account terms control. | |
| Finance upfront MIP? |
How to use this calculator
- Enter the purchase price, down payment, rate, and term.
- Keep or change the educational MIP assumptions.
- Choose whether upfront MIP is financed, then review P&I and monthly MIP separately.
Results explained
The headline combines modeled P&I with one month of annual MIP. Financing upfront MIP raises the base loan used for P&I; actual FHA MIP rules depend on case date, LTV, and loan terms.
Quick reference: FHA payment pieces
Mortgage insurance is itemized rather than hidden in the payment.
| Item | Detail |
|---|---|
| Base loan | Price − down payment |
| Financed upfront MIP | Base loan × upfront MIP rate |
| Monthly MIP | Base loan × annual MIP rate ÷ 12 |
Property taxes, homeowners insurance, closing costs, and lender-specific charges are excluded.
How it’s built
The tool adds financed upfront MIP to principal before calculating standard amortizing P&I. Annual MIP is divided by 12 for a monthly sketch.
Example
On a $350,000 home with 3.5% down, financing 1.75% upfront MIP makes the modeled P&I balance slightly larger before monthly MIP is added.
FAQ
Is FHA MIP always 0.55%?
No. FHA tables vary; replace the default with your loan estimate figure.
Does this include taxes?
No. It estimates P&I and MIP only.
Can upfront MIP be paid in cash?
Yes; selecting no leaves it out of the financed balance.