FHA Loan Calculator
An FHA loan calculator estimates the monthly cost of a home purchase, including principal, interest, mortgage insurance, property taxes, and homeowners insurance. Enter your purchase price, down payment, quoted interest rate, and insurance assumptions to see both the financed loan balance and an initial monthly housing budget.
Base
Enter your values, then calculate to see a verified result.
Reference range
How this result is calculated
A clear calculation path based on your inputs.
Inputs usedReview the information used for this result.
Full calculation and sourcesReview the equation, normalized inputs, assumptions, and version.
Versioned calculationFormula v1.0.1
Method
The entered values are normalized, validated, and passed to the versioned calculation.
Important boundary
This result is an estimate. Confirm important decisions against the relevant source or professional guidance.
Enter the inputsAdd the values and choose the options required for this calculation.
Required fieldsRun the calculationValidate the inputs and apply the versioned method.
Formula v1.0.1Review the resultRead the answer together with its context and important boundary.
Result + assumptionsInterpretation
The result reflects the current inputs and selected workflow.
Calculated with the versioned 1.0.1 model.
Review the result assumptions and important boundary before acting on the plan.
Continue with your result
Compare, save, or take the next step
Did we solve your problem?Your feedback helps us improve this calculator.
Report a calculation issue FHA Loan Calculator: purpose and method
An FHA loan calculator estimates the monthly cost of a home purchase, including principal, interest, mortgage insurance, property taxes, and homeowners insurance. Enter your purchase price, down payment, quoted interest rate, and insurance assumptions to see both the financed loan balance and an initial monthly housing budget.
Keep exploring
Related calculators and resources
VA Loan CalculatorEstimate a VA purchase payment, funding fee, taxes, insurance, and HOA dues.…Home Equity Loan Payment CalculatorEstimate fixed home equity loan payments, interest and fees. Check combined loan-to-value…Two Mortgage Loan Estimates Side-by-Side CalculatorCompare two mortgage Loan Estimates using the same loan amount, term and…Mortgage Refinance and Break-Even CalculatorCompare your current mortgage with a refinance. Include closing costs, financed fees,…
Method and test recordFormula v1.0.1
- Recorded scope
- Not recorded
- Publisher
- CalculatorGeek
- Reviewed by
- CalculatorGeek Editorial Team
- Recorded review date
- Not recorded
- Next source review
- Not scheduled
- Definition fixtures
- 2 configured scenarios
- Published examples
- 2 shown below
Recorded method
No tool-specific review method has been recorded.
These records describe the published model and reference tests. A test-case count is not a certification of every possible input or an independent specialist review. Editorial policy
Known limitations
Method sources
Latest model update
2026-10-28 - Created from finished package copy and deterministic contract.
Reference inputs and expected results
Up to 12 examples from the configured definition fixtures are shown. Expected values use the stated output units; invalid inputs are intended to be rejected.
| Case | Inputs | Expected result |
|---|---|---|
| Illustrative purchase | Price: 300000; Down: 10500; Note Rate: 0.06; Months: 360; Finance Upfront: true; Upfront Rate: 0.0175; Annual Mip Rate: 0.0055; Annual Tax: 3600; Annual Insurance: 1200; Hoa: 0 | Base: 289500; Upfront Mip: 5066.25; Financed: 294566.25; Pi: 1766.0734987978; Monthly Mip Initial: 132.6875; Total Initial: 2298.7609987978 (allowed numeric tolerance: 1.0E-6) |
| Zero note rate, cash premium | Price: 100000; Down: 10000; Note Rate: 0; Months: 180; Finance Upfront: false; Upfront Rate: 0.0175; Annual Mip Rate: 0.0015; Annual Tax: 0; Annual Insurance: 0; Hoa: 0 | Base: 90000; Upfront Mip: 1575; Pi: 500; Monthly Mip Initial: 11.25; Total Initial: 511.25 (allowed numeric tolerance: 1.0E-6) |
Report an issue with this tool. Include the page URL, units, expected answer, and steps to reproduce. Do not include sensitive personal information.
On this page
What to enter
Start with the home price and the dollar amount you plan to put down. The difference is your base loan amount, before any financed upfront mortgage insurance premium. Use the interest rate from a lender quote, not its APR: APR can include other borrowing costs and does not belong in the payment formula.
Choose a fixed loan term and enter the annual mortgage insurance premium rate applicable to your quote. Add annual property taxes, annual homeowners insurance, and monthly HOA dues separately. The tax and insurance fields are estimates, so use a property-specific quote when possible.
Select whether to finance the upfront premium or pay it in cash. Financing reduces the money needed for that item at closing, but increases both the balance and the interest charged over time. Other closing costs, prepaid items, and reserves need a separate cash budget.
How the FHA payment is calculated
The tool first subtracts your down payment from the purchase price. For a standard FHA forward purchase mortgage, HUD currently lists an upfront mortgage insurance premium of 1.75% of the base loan amount. Some FHA transactions follow different schedules; this purchase estimate does not cover every refinance or special program. Check the applicable premium with your lender and HUD's MIP guidance.
If the premium is financed, it is added to the base balance before calculating principal and interest. The payment uses a standard monthly amortization formula with the annual note rate divided by 12. At a 0% interest rate, principal and interest simply equal the financed balance divided by the number of payments.
Annual MIP is separate from the upfront charge. Its rate depends on the loan's term, original loan-to-value ratio, and base amount. A rate of 0.55% is an illustrative input here, not a universal FHA rate. The initial budget estimate uses the original base amount multiplied by the entered annual rate, divided by 12. Actual scheduled premiums can differ as the insured balance changes; your lender's amortization and insurance schedule controls.
Example: a $300,000 purchase
Assume a $300,000 home, a $10,500 down payment, a 30-year fixed term, and a hypothetical 6% note rate. The base loan is $289,500. At 1.75%, the upfront premium is $5,066.25. Financing that premium creates a starting balance of $294,566.25.
| Initial monthly item | Estimate |
|---|---|
| Principal and interest | $1,766.07 |
| MIP at an entered 0.55% annual rate | $132.69 |
| Property taxes at $3,600 per year | $300.00 |
| Homeowners insurance at $1,200 per year | $100.00 |
| Initial monthly total, with no HOA dues | $2,298.76 |
This example uses assumed figures, not an available mortgage offer. The down payment and any cash closing costs are additional to the monthly total. Rounding is for display; the calculation keeps the unrounded amounts.
How to compare your results
A lower principal-and-interest payment does not always produce a lower total housing cost. Compare taxes, insurance, premiums, fees, and the length of time you expect to keep the loan. A larger down payment reduces borrowing, but also leaves less cash available after closing.
When comparing a lender credit or a lower rate obtained by paying points, use the mortgage points calculator to explore the holding-period tradeoff. If you already own the property, the refinance break-even calculator addresses replacement-loan costs more directly.
Limits of this estimate
This tool does not determine eligibility, approve a property, or check a county loan limit. It also does not predict future property tax assessments, insurance renewals, or adjustable interest rates. Confirm the base loan limit, required cash investment, MIP rate, and MIP duration with your lender. A technically affordable payment can still leave a tight household budget once utilities, maintenance, and other debts are included.
Frequently asked questions
Is FHA mortgage insurance the same as homeowners insurance?
No. Mortgage insurance relates to the lender's credit risk. Homeowners insurance covers specified property and liability risks under its policy. Both can appear in the same monthly housing budget, but they pay for different protection.
Can I enter the APR as the interest rate?
Use the note rate for principal and interest. Keep quoted fees and closing costs separate when comparing the broader cost of borrowing; substituting APR can distort the payment.
Why can my lender's MIP amount differ?
This tool estimates an initial monthly allowance using the original base amount. The applicable premium schedule and insured balance used by the lender may produce a different figure. Replace the estimate with the quoted monthly premium when assessing the final loan offer.
Does a low monthly payment mean I qualify?
No. A payment estimate does not evaluate credit, income documentation, debt ratios, the property, or lender requirements. Use it to organize the budget before discussing a specific application.
Enter your quote details, compare the cash and financed upfront-premium options, and check the full initial housing payment before choosing a loan structure.