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FHA Loan Calculator
Use this free FHA Loan Calculator to estimate payments and requirements for FHA mortgages. Simple, accurate, and easy to use online.
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FHA Loan Calculator
The FHA Loan Calculator is tailored for borrowers using Federal Housing Administration-backed loans. These loans allow for lower credit scores and down payments (as low as 3.5%). However, they come with unique costs: an Upfront Mortgage Insurance Premium (UFMIP) and an annual MIP that stays for the life of the loan in many cases.
This tool accurately calculates payments including these specific FHA fees so there are no surprises.
Why You Need This Tool
- FHA SpecificsIncludes UFMIP and recurring MIP automatically.
- Entry-Level PlanningPerfect for first-time buyers with smaller down payments.
- ComparisonCompare total FHA costs vs Conventional loans with PMI.
The Mathematics Behind It
How to Use This Calculator
Price of the home.
Minimum 3.5% for FHA.
Affects interest rate availability.
Understanding Your Results
Total Monthly Payment
Includes Loan, MIP, Taxes, and Insurance.
UFMIP Amount
The extra premium added to your loan balance upfront.
Common Mistakes to Avoid
- Thinking MIP goes away: Unlike PMI, FHA MIP often stays for the entire loan term unless you put 10% down initially.
Frequently Asked Questions
What is UFMIP?
Upfront Mortgage Insurance Premium. Usually 1.75% of the loan amount, rolled into the mortgage.
Can I refinance out of FHA?
Yes, once you have 20% equity, you can refinance to a Conventional loan to eliminate MIP.