Skip to content
GoalCalcs

FHA Mortgage Calculator

FHA loans accept down payments from 3.5% and lower credit scores, in exchange for HUD's mortgage insurance. This calculator starts with 3.5% down and includes both premiums.

Freddie Mac's 30-year average for Oct 1, 2026. Enter the rate you're quoted.

First Payment

Your schedule and payoff date count from this month.

Purchase + Loan Cost: $920,847.10
Loan Principal: $337,750.00
Interest: $502,830.22
Down Payment: $12,250.00
Closing Costs: $6,377.50
FHA MIP: $61,639.38
Monthly Payment$2,981.17
Total Loan Payments$846,490.85
Payoff DateOctober 2056
Monthly FHA MIP$154.80
Upfront MIP (financed)$5,910.63
MIP ChargedFor the life of the loan
Total MIP Cost$61,639.38
Principal & Interest
$2,351.37 (79%)
Property Tax
$350.00 (12%)
Home Insurance
$125.00 (4%)
FHA MIP
$154.80 (5%)
Consider paying an extra . You could save $145,020.38 in interest and pay off your loan 7 yrs, 4 mo sooner.

Saving is free — sign in and your calculations follow you to any device.

Already have this loan? Follow your real balance and payoff date in My Accounts.

Estimates for informational purposes only — not financial advice.

Compare scenarios

Pin the numbers on screen, change any input, and see them side by side.

How FHA Loans Work

An FHA loan is a mortgage insured by the Federal Housing Administration, part of HUD. Because that insurance protects the lender, FHA accepts smaller down payments and lower credit scores than most conventional loans, and you pay for it in two ways. The upfront premium is 1.75% of the base loan, usually added to the loan; the annual premium is billed monthly. On a $350,000 home with 3.5% down, the base loan is $337,750, the upfront premium adds $5,910.63 to it, and the annual premium of 0.55% costs about $154.80 a month. Switch Loan Type to compare a conventional loan, or start from your income in the home affordability calculator.

How this calculator works

Estimates the full monthly payment on an FHA loan, including HUD's upfront and annual mortgage insurance, property tax, home insurance and HOA dues, plus closing costs, total interest and the total cost of the insurance.

How it calculates

  1. Loan amount = price − down payment. An FHA loan adds HUD's upfront premium, 1.75% of that amount, and financed closing costs are added too.
  2. Principal and interest use the standard amortization formula at your rate ÷ 12 over the term in months.
  3. Property tax is your percentage of the price, mill rate (dollars per $1,000 of price) or dollar amount, ÷ 12. Insurance is the yearly premium ÷ 12, and HOA dues are added as entered.
  4. A conventional loan above 80% of the price adds PMI: your PMI rate × the loan amount ÷ 12. The results show when you can ask to cancel it (your balance reaches 80% of the original value) and when it ends on its own (the original schedule reaches 78%, or the loan's midpoint).
  5. An FHA loan adds HUD's annual premium on the base loan instead, at HUD's rate for the term, loan size and down payment: on a loan over 15 years and up to $726,200, 0.55% a year with less than 5% down and 0.5% with 5% or more. It lasts 11 years with 10% or more down, otherwise for the life of the loan.
  6. Closing costs = the origination fee (a percentage of the loan) plus the appraisal, title and other fees.
  7. Pay off by a set year searches for the smallest recurring extra payment, to the cent, whose schedule ends by December of that year. It keeps any other extra payments you entered and runs the same schedule as the results, so the PMI dates and the savings match them.
  8. The starting rate is Freddie Mac's weekly 30-year average: 7.28% for the week of Oct 1, 2026. The page moves to the newest week when it loads.

What it assumes

  • A fixed rate, with tax, insurance and HOA amounts that stay the same every year. In practice they usually rise.
  • PMI as a flat yearly rate on the loan amount, 0.75% unless you change it. That is an estimate; your lender's quote depends on your credit and down payment.
  • FHA's annual premium on the original base loan. HUD works it out on each year's average balance, so later years are slightly overstated here.
  • The starting rate is a national average for borrowers with 20% down and strong credit. Enter the rate you are quoted.
  • Above the 2026 national limits ($832,750 conforming, $541,287 FHA), whether a loan fits depends on the county; the ZIP lookup shows your county's limit.

Sources

Copy and figures last reviewed .

How we build and check all our calculators

Frequently Asked Questions

How much is FHA mortgage insurance?

FHA charges two premiums, both set by HUD. The upfront premium is 1.75% of the base loan and is usually added to the loan. The annual premium is billed monthly: on a loan over 15 years and up to $726,200, it is 0.55% of the base loan a year with less than 5% down and 0.5% with 5% or more; larger loans pay 0.7% to 0.75%. This calculator applies HUD's full rate table for your loan size, term and down payment.

How long do you pay FHA mortgage insurance?

It depends on your down payment. With 10% or more down, the annual premium ends after 11 years; with less than 10% down, it lasts for the life of the loan. To stop paying it sooner, you would need to refinance into another loan or pay the loan off. The upfront premium is paid once, at closing or added to the loan.

What credit score and down payment does an FHA loan need?

Under HUD's rules, borrowers with a credit score of 580 or more can get maximum financing, which means as little as 3.5% down. Scores from 500 to 579 are limited to 90% of the home's value, so at least 10% down, and scores below 500 are not eligible. Lenders also review your income, debts and credit history before approving a loan.

Is an FHA or conventional loan cheaper?

It depends mostly on your credit score and down payment. In this calculator's estimates, conventional PMI costs 0.46% of the loan a year for very good credit and 0.95% for fair credit, against FHA's 0.55% annual premium plus its 1.75% upfront premium. PMI can also be cancelled as you build equity, while FHA's premium lasts the life of the loan with less than 10% down. Switch Loan Type above, or open the mortgage calculator, to compare both on your numbers.

What is the FHA loan limit in 2026?

For a single-family home, 2026 FHA limits run from $541,287 in lower-cost counties to $1,249,125 in the highest-cost areas. FHA can't insure a loan above your county's limit. When your loan is above $541,287, this calculator offers a ZIP code lookup that shows the limit where you are buying.

Term Definitions

Purchase Price

This is the agreed-upon price of the property between the buyer and the seller. It is the starting point for most mortgage calculations, as the loan amount is typically the purchase price minus the down payment.

Down Payment

A down payment is the amount of money you pay upfront when purchasing a home, and it is not part of the loan. It can be expressed as a fixed dollar amount or a percentage of the purchase price. A larger down payment can result in a lower interest rate and monthly payment, and may help you avoid private mortgage insurance (PMI).

Loan Type

Conventional loans are not insured by the federal government, while FHA loans are. FHA allows as little as 3.5% down and lower credit scores, but charges mortgage insurance set by HUD: 1.75% of the loan upfront (usually financed) plus an annual premium, which lasts for the life of the loan with less than 10% down. Conventional loans charge private mortgage insurance (PMI) only while the loan is above 80% of the home's value.

Interest Rate

The interest rate is the percentage of the principal that a lender charges for borrowing money. It is typically expressed as an annual rate. A lower interest rate will result in lower monthly payments and less total interest paid over the life of the loan.

Loan Term (Years)

The loan term is the duration over which the loan is scheduled to be repaid. Common loan terms are 15 or 30 years for mortgages, or 3-7 years for personal or auto loans. A longer term usually means lower monthly payments but more total interest paid.

Extra Monthly Payment

Making an extra payment each month, in addition to your required monthly payment, can significantly reduce your loan's total cost. This extra amount is applied directly to the principal, which helps you pay off the loan sooner and save on interest.

Pay Off by a Set Year

Pick the year you want the mortgage gone and the calculator works out the smallest recurring extra payment, to the cent, that has it paid off by the end of that year. It keeps any other extra payments you entered, and shows the interest and mortgage insurance the extra saves compared with no extra payments, and can make it your recurring extra in one step.

Origination Fee (%)

An origination fee is an upfront fee charged by a lender to process a new loan application. It is typically a percentage of the total loan amount and is sometimes negotiable.

Closing Costs

Closing costs are fees associated with completing a real estate transaction. They typically range from 2% to 5% of the home's purchase price and can include appraisal fees, title insurance, attorney fees, and more. These costs are paid at closing, when the title of the property is transferred to the buyer.

Appraisal Fee

An appraisal fee pays for a professional appraiser to estimate the fair market value of a property. Lenders require an appraisal to ensure that the loan amount is not more than the value of the home.

Title Insurance

Title insurance is a policy that protects both lenders and buyers from financial loss due to defects in a property's title, such as outstanding liens or ownership disputes. It is a one-time fee paid at closing.

Other Fees

This category can include various miscellaneous fees required at closing, such as attorney fees, recording fees (for public records), or survey fees. It's a catch-all for costs not covered by other specific fields.

Property Tax

Property taxes are levied by local governments and are typically based on the assessed value of your home. These taxes fund public services like schools, police, and fire departments. They can be paid annually or escrowed as part of your monthly mortgage payment. You can input this as a dollar amount, a percentage of the purchase price, or as a mill rate.

Annual Home Insurance

Homeowners insurance is a policy that protects your property against damages from events like fire, theft, or storms. Lenders require this insurance to protect their investment. The cost is typically paid annually or escrowed into your monthly mortgage payment.

Monthly HOA Fees

Homeowners association (HOA) fees are monthly dues paid by homeowners in a condominium or planned community. These fees cover the maintenance of common areas and other shared amenities.

PMI Rate (%)

Private mortgage insurance (PMI) protects the lender when you borrow more than 80% of the home's value. It typically costs 0.3% to 1.5% of the loan amount per year, charged monthly, with better credit earning lower rates. PMI ends automatically when your original payment schedule reaches 78% of the home's original value. Extra payments don't move that date, but they bring forward the point where your balance reaches 80%, when you can ask your lender to cancel it.

Related calculators