FHA Loan Calculator - Payment, MIP & Total Cost

An FHA loan calculator estimates payments for a mortgage insured by the Federal Housing Administration. FHA financing can allow a relatively small down payment and flexible underwriting, but borrowers generally pay both an upfront and annual Mortgage Insurance Premium. The FHA loan calculator combines those insurance assumptions with the standard fixed-rate amortization formula so homebuyers can see more than principal and interest alone. The model adds an upfront MIP of 1.75% to the entered loan balance and amortizes that financed principal over the selected term. It calculates principal and interest from the monthly note rate. The simplified annual MIP assumption is 0.55% of the base loan when loan-to-value exceeds 90% and 0.50% at 90% or below, paid in twelve monthly installments. Monthly payment is principal and interest plus estimated monthly MIP; property taxes, homeowners insurance, association dues, and maintenance are not included. The result also shows loan-to-value, entered down payment in dollars, total note interest, estimated MIP cost, and total scheduled payment plus down payment. Because loan amount and down-payment percentage are separate inputs, users should make sure their requested loan is consistent with purchase price, financed closing costs, and cash contribution. The calculator uses loan amount divided by property value for LTV, which is the relationship relevant to the displayed insurance estimate. Use the FHA loan calculator to compare rates, terms, loan sizes, and cash-down scenarios before requesting official quotes. A fifteen-year term usually raises the monthly payment but reduces total interest. A larger down payment can reduce leverage, although FHA insurance duration and pricing depend on program rules. Compare an FHA quote with conventional financing, including credit-based rates, private mortgage insurance, closing costs, and the ability to cancel insurance. Actual FHA premiums, loan limits, eligibility, appraisal requirements, and insurance duration depend on current HUD rules, loan term, case date, base amount, and LTV. Lenders may calculate MIP using an annual average balance rather than this level estimate. The model also assumes a fixed note rate and full scheduled payments without prepayment. Treat the output as an educational budget scenario and confirm every figure on a lender’s Loan Estimate before making an offer or financing decision.