FHA Loan Payment Calculator | TheUSCalculator.com
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FHA Loan Payment Calculator

Calculate monthly FHA loan payments including MIP (mortgage insurance). Only 3.5% down required. See your full payment breakdown and amortization schedule.

✓ Free ✓ No Sign-up ✓ Instant Results ✓ Amortization Schedule

🏡 FHA Loan Payment Calculator

Free · Instant · No registration required

Loan Amount $250,000
$
Annual Interest Rate (APR) 7.0%
%
Loan Term 30 years
Down Payment % 3.5%
%
Term Unit
Monthly Payment
$0.00
per month
Principal
—
Total Interest
—
Total Cost
—
Payoff Date
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⚠️ Upfront MIP (1.75% of loan)
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Annual MIP (monthly)
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Total Monthly (PITI+MIP)
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⚠️ This calculator provides estimates for educational purposes only. Actual loan payments may vary based on your lender's specific terms, fees, and your credit profile. Consult a licensed financial advisor before making major financial decisions.

About This FHA Loan Payment Calculator

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed to help first-time homebuyers and those with lower credit scores purchase a home. With just 3.5% down and a minimum credit score of 580, FHA loans open homeownership to millions of Americans who don't qualify for conventional financing.

FHA loans require two types of mortgage insurance: an upfront MIP of 1.75% (typically rolled into the loan) and an annual MIP of 0.55–1.05% paid monthly. Our calculator automatically includes both MIP charges so you see your true total monthly payment.

Minimum Down Payment3.5% (580+ credit score)
10% Down (500–579 Score)500 minimum credit score
Upfront MIP1.75% of loan amount
Annual MIP (<10% down, 30-yr)0.55–0.85%
2025 FHA Loan Limit$524,225 (standard areas)
MIP Duration (<10% down)Life of loan

How to Use This Calculator

1

Enter the home purchase price as the Loan Amount.

2

Enter your down payment percentage (minimum 3.5%). More down = lower MIP duration.

3

Enter the FHA mortgage rate — shop FHA-approved lenders as rates vary significantly.

4

Click Calculate to see your payment including upfront MIP, monthly MIP, and P+I.

How the Payment Formula Works

Our calculator uses the standard loan amortization formula used by all US banks, mortgage lenders, and credit unions:

// Standard Amortization Formula M = P × [ r(1+r)ⁿ ] / [ (1+r)ⁿ − 1 ]

// Variables: M = Monthly payment amount P = Principal (loan amount) r = Monthly interest rate (APR ÷ 12 ÷ 100) n = Total number of monthly payments (term in months)

Each payment covers two components: interest (charged on your remaining balance) and principal (which reduces your balance). In the early months, more of your payment goes toward interest. As your balance decreases, more goes toward principal — this is called front-loaded interest amortization.

Understanding FHA Loan Costs

FHA loans are a popular choice for first-time homebuyers and those with limited savings or lower credit scores. Backed by the Federal Housing Administration, these loans allow down payments as low as 3.5 percent with a credit score of 580 or higher — compared to the 5 to 20 percent typically required for conventional loans.

The trade-off is mortgage insurance. FHA loans require an upfront premium of 1.75 percent of the loan amount plus an annual premium of 0.55 to 1.05 percent depending on loan size and term. For a $300,000 loan, this adds roughly $5,250 upfront and around $137 per month in ongoing costs. Always include these in your payment calculations.

Mortgage insurance on FHA loans with less than 10 percent down now lasts the life of the loan. Once you build 20 percent equity, refinancing into a conventional loan to eliminate the MIP can save $100 to $200 per month. Use this calculator to estimate the savings from refinancing at different equity milestones.

FHA loans have county-level borrowing limits — $498,257 in most markets for 2025, and up to $1,149,825 in high-cost areas. If your purchase price exceeds local limits, a VA Loan (if eligible) may be a better fit. Homeowners with existing equity can also explore our Home Equity Loan Calculator for competitive secured borrowing options.

Frequently Asked Questions

FHA loans require two mortgage insurance premiums: an upfront MIP of 1.75% (typically rolled into the loan) and an annual MIP paid monthly. For loans with less than 10% down, MIP lasts the entire life of the loan — the only way to remove it is to refinance into a conventional loan once you have 20% equity. Borrowers who put 10% or more down only pay MIP for 11 years.
FHA guidelines require a minimum credit score of 580 for the 3.5% down payment option. Borrowers with scores between 500–579 may still qualify but must put down at least 10%. Individual lenders often set higher 'overlay' requirements, with many requiring scores of 620–640. Credit scores below 580 severely limit your options.
Yes — FHA loans can be used to purchase 1–4 unit properties as long as you live in one of the units as your primary residence. This is a popular strategy for first-time investors: buy a 2–4 unit property with 3.5% down, live in one unit, and have tenants help pay your mortgage.
FHA is typically better if your credit score is below 680 or you have less than 5% for a down payment. Conventional loans are usually better for borrowers with 680+ credit scores and 5–20% down, because you can cancel PMI once you reach 20% equity (unlike FHA MIP with less than 10% down). Get quotes for both and compare the total monthly cost including mortgage insurance.
FHA loan limits vary by county. The 2025 standard (floor) limit is $524,225 for single-family homes in most U.S. counties. High-cost areas have limits up to $1,209,750. Alaska, Hawaii, Guam, and the U.S. Virgin Islands have even higher limits. Check the HUD website (hud.gov) for the exact limit in your specific county.