FHA Loan Calculator
FHA loan payment from price, down payment, rate and term: principal and interest plus the annual MIP from HUD’s table and the 1.75% upfront MIP. How it works
Use the FHA Loan Calculator
About the FHA Loan Calculator
A $300,000 home bought with 3.5% down at 6.5% for 30 years costs $1,994.55 a month on an FHA loan: $1,861.86 of principal and interest plus $132.69 of mortgage insurance premium (MIP). The FHA loan calculator adds the 1.75% upfront MIP to the loan and takes the annual MIP rate from HUD’s table for your term, loan-to-value and loan size.
FHA payment by home price with 3.5% down at 6.5% for 30 years
| Home price | Down payment | Upfront MIP | Principal and interest | Monthly MIP | Total monthly |
|---|---|---|---|---|---|
| $200,000 | $7,000.00 | $3,377.50 | $1,241.24 | $88.46 | $1,329.70 |
| $250,000 | $8,750.00 | $4,221.88 | $1,551.55 | $110.57 | $1,662.12 |
| $300,000 | $10,500.00 | $5,066.25 | $1,861.86 | $132.69 | $1,994.55 |
| $350,000 | $12,250.00 | $5,910.63 | $2,172.17 | $154.80 | $2,326.97 |
| $400,000 | $14,000.00 | $6,755.00 | $2,482.48 | $176.92 | $2,659.40 |
| $500,000 | $17,500.00 | $8,443.75 | $3,103.10 | $221.15 | $3,324.25 |
The upfront MIP is added to the loan, so principal and interest are on the base loan plus the premium. Annual MIP is 0.55% (loan-to-value 96.5%, term over 15 years, base loan up to $726,200), shown as a first-year estimate on the starting base loan. Property tax and homeowners insurance are not included.
Annual MIP by down payment and term on a $300,000 home at 6.5%
| Down payment and term | Loan-to-value | Annual MIP | Charged for | Monthly MIP | Total monthly |
|---|---|---|---|---|---|
| 3.5% down, 30 years | 96.50% | 0.55% | The whole term | $132.69 | $1,994.55 |
| 5% down, 30 years | 95.00% | 0.50% | The whole term | $118.75 | $1,951.67 |
| 10% down, 30 years | 90.00% | 0.50% | 11 years | $112.50 | $1,848.95 |
| 3.5% down, 15 years | 96.50% | 0.40% | The whole term | $96.50 | $2,662.49 |
| 10% down, 15 years | 90.00% | 0.15% | 11 years | $33.75 | $2,426.90 |
Rates from the table in HUD Mortgagee Letter 2023-05 for a base loan up to $726,200, effective for case numbers endorsed on or after March 20, 2023.
Frequently asked questions
- What is the monthly payment on a $300,000 house with an FHA loan?
- With 3.5% down at 6.5% for 30 years it is $1,994.55: $1,861.86 of principal and interest and $132.69 of MIP. At 6% it is $1,898.76 and at 7% $2,092.45. Property tax, homeowners insurance and HOA dues come on top: type them in the optional monthly fields and a second total includes them, $2,460.05 with $300 of tax, $120.50 of insurance and $45 of HOA dues.
- What is the annual MIP rate on an FHA loan?
- HUD Mortgagee Letter 2023-05 sets it by term, loan-to-value and loan size. For a term over 15 years and a base loan up to $726,200 it is 0.55% above 95% LTV and 0.50% at or below. For 15 years or less it is 0.40% above 90% LTV and 0.15% at or below. Larger loans pay more: a $800,000 home with 3.5% down has a base loan of $772,000.00 and an annual MIP of 0.75%. $726,200 is where the MIP table changes, not the FHA loan limit, which is set by county and is not checked here. Ask your lender whether the table has changed since.
- How much is the upfront MIP on an FHA loan?
- 1.75% of the base loan. With 3.5% down on a $300,000 home the base loan is $289,500.00 and the upfront MIP $5,066.25. The calculator adds it to the loan, so the payment is worked out on $294,566.25.
- When does FHA mortgage insurance stop?
- It depends on the loan-to-value at the start. On a term over 15 years, putting 10% or more down (90% LTV or less) means annual MIP for 11 years; with less down it is charged for the whole term. On a $300,000 home at 6.5% over 30 years, 10% down gives $112.50 a month of MIP for 11 years.
- What is the minimum down payment for an FHA loan?
- HUD says the down payment can be as low as 3.5% of the price. HUD Mortgagee Letter 10-29 gives maximum financing to borrowers with a credit score of 580 or more and limits scores of 500 to 579 to 90% loan-to-value, which means at least 10% down; a score below 500 is not eligible. The calculator’s optional credit score field applies the same rule: blank or 580 and up accepts 3.5% down, 500 to 579 needs 10%, and under 500 gives no result.
Related Tools
View all toolsHome Equity Loan Calculator
Home equity loan payment: monthly principal and interest and total interest for a fixed rate and term, plus how much you can borrow at 80% or 85% CLTV.
Interest Only Loan Calculator
Interest-only loan: the payment during the interest-only years, the higher payment after, the jump and total interest against a standard loan.
Mortgage Amortization Schedule Calculator
Mortgage amortization schedule for a fixed-rate loan: interest, principal and balance each month, with an optional extra payment and yearly totals.
Mortgage Calculator
Monthly principal-and-interest payment on a fixed-rate mortgage from the loan amount, or home price and down payment, plus the total paid and total interest.
Overtime and Holiday Pay Calculator
Overtime and holiday pay from regular, overtime, double-time and holiday hours, with a bonus counted in the overtime rate, per pay period and per year.
Mortgage Payoff Calculator
Mortgage payoff with extra payments: enter your balance, rate, years left and an extra monthly amount to see the interest saved, time saved and new payoff time.