Home Finance Real Estate FHA Loan Calculator
Loan Details
$10,500 down payment — FHA minimum is 3.5%
Affects eligibility; 580+ required for 3.5% down
$
$
Minimum payments on all recurring debts
💰 Closing Costs Estimate
Typically 0.5–2% of loan amount
Recording, inspection, survey, etc.
Results
Monthly Total Payment
$—
P&I + MIP + Tax + Insurance
💰 Cash to Close
Down Payment
Est. Closing Costs
UFMIP (1.75%)— rolled into loan ✓
Total Cash to Close
UFMIP: rolled in
Annual MIP: /mo
Duration:
MIP Duration Visual
MIP for life of loan (LTV > 90% on 30yr)
Principal & Interest
Annual MIP/mo
Cash to Close
Total Loan (w/ UFMIP)
LTV Ratio
Total Interest
Equity at Closing
MIP↓
Refi
Total Loan = Price − Down + UFMIP (1.75%) Monthly MIP = Loan × 0.55% ÷ 12 PITI = P&I + MIP + Tax + Ins Front DTI = PITI ÷ Income
FHA Loan
/mo total
Conventional (est.)
/mo total (3.5% down)
MIP will last the life of the loan. Put 10%+ down to limit MIP to 11 years.
MIP limited to 11 years — you reach <90% LTV at closing.
Credit score 500–619 requires 10% minimum down payment for FHA.
You may qualify for conventional with no PMI at 20%+ down — compare options.
Down payment below FHA minimum (3.5%). Adjusted to 3.5%.
HOA fees add $0/mo to your monthly obligation.
Your loan amount exceeds the FHA baseline limit of $498,257. High-cost area limits apply — verify with your lender.
Your debt-to-income ratio is elevated. FHA may require compensating factors (reserves, low debt history).
Cash to close is below 2.5% of the home price. Double-check all fees with your lender before budgeting.
Bear (+0.75%)
Monthly Total
Base (Current)
Monthly Total
Bull (−0.75%)
Monthly Total
Down Payment % vs Interest Rate → Monthly Total Payment
Item FHA Loan Conventional (3.5% down) Conventional (20% down)
Calculate to see comparison
Item 3.5% Down (FHA Min) 5% Down 10% Down 20% Down
Calculate to see comparison
💰
MIP Removal
📊
78% LTV
FHA auto-cancel threshold
🔄
Refi Window
20% equity — refi to conventional
🏠
Full Payoff
Equity & Balance Growth Over Time
⚡ Extra Payment Accelerator How much faster can you build equity and eliminate MIP?
$0/mo extra
Months Saved
Interest Saved
MIP Saved
New Payoff Yr
View Full Amortization Schedule
Total Interest Paid
Total MIP Paid
Total Paid (P+I+MIP)
Period Payment Principal Interest MIP Balance
Calculate to see schedule

How to Use This Calculator

1

Enter Property Details

Input the home price and your planned down payment (minimum 3.5%).

2

Review FHA Costs

See upfront MIP, annual MIP, and total monthly payment including taxes and insurance.

3

Compare to Conventional

View a side-by-side comparison of FHA vs. conventional loan costs.

Formula & Methodology

Upfront MIP

UFMIP = Base Loan Amount x 1.75%

Paid at closing or rolled into the loan. Required on all FHA purchase loans.

Annual MIP

Annual MIP = Loan Amount x MIP Rate / 12

Monthly mortgage insurance premium, typically 0.55% annually for 30-year loans with less than 10% down.

Key Terms

FHA Loan
A mortgage insured by the Federal Housing Administration, designed for borrowers with lower credit scores or smaller down payments.
MIP
Mortgage Insurance Premium — FHA's version of PMI, including both an upfront fee (1.75%) and annual premiums.
UFMIP
Upfront Mortgage Insurance Premium — a one-time 1.75% fee on the base loan amount, typically financed into the loan.
FHA Loan Limit
The maximum loan amount FHA will insure, varying by county. Check HUD's website for your area's limit.

Real-World Examples

Example 1

Minimum Down Payment

Home: $300,000, Down: 3.5% ($10,500), Rate: 6.5%, 30 years

Result: UFMIP = $5,066, Monthly MIP = $133, Total payment (PITI + MIP) = $2,150. MIP required for life of loan.

Example 2

10% Down FHA

Home: $250,000, Down: 10% ($25,000), Rate: 6.25%, 30 years

Result: UFMIP = $3,938, Monthly MIP = $103, MIP drops off after 11 years. Lower total cost than 3.5% down.

FHA Loans: Pros, Cons, and Alternatives

When FHA Makes Sense

FHA loans are ideal for first-time buyers with credit scores between 580-680 and limited savings. The 3.5% minimum down payment is the lowest available for buyers without military service eligibility.

The Hidden Cost of MIP

Unlike conventional PMI that drops at 80% LTV, FHA MIP lasts the entire loan life when putting less than 10% down. This makes refinancing to a conventional loan attractive once you reach 20% equity.

FHA vs. Conventional Break-Even

With credit scores above 700 and 5% or more down, a conventional loan often costs less over time. The break-even point depends on your credit score, down payment, and how long you plan to keep the loan.