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FHA loans allow a down payment as low as 3.5%, but require mortgage insurance both upfront and as an ongoing monthly cost — unlike a conventional mortgage where insurance can sometimes be avoided entirely.
This calculator finds your total FHA monthly payment, including the upfront and annual mortgage insurance premium.
How it works
Enter the home price, down payment percentage, interest rate, and term. The calculator computes the 1.75% upfront mortgage insurance premium (financed into the loan), then adds the standard 0.55% annual premium — billed monthly — on top of principal and interest.
- Enter home price ($).
- Enter down payment (%, min 3.5).
- Enter annual interest rate (%).
- Enter term (years).
- Click Calculate to see your results.
Examples
$350,000 home, 3.5% down
A $350,000 home with 3.5% down and a 6.5% rate over 30 years has a $2,326.97 total monthly payment, including $154.80 in monthly mortgage insurance.
Who should use it
- Estimating the true monthly cost of an FHA loan before applying.
- Comparing an FHA loan against a conventional mortgage with different down payment requirements.
Industry applications
- Mortgage lending and loan origination
- First-time homebuyer education
Advantages
- Models both FHA-specific costs (upfront and annual MIP) that a generic mortgage calculator misses.
- Uses the standard, published FHA mortgage insurance rates.
Limitations
- Uses a simplified flat annual MIP rate — actual rates can vary slightly by loan-to-value ratio and term.
Common mistakes to avoid
- Forgetting to budget for monthly mortgage insurance in addition to principal and interest.
- Confusing FHA's mortgage insurance structure with a conventional loan's private mortgage insurance (PMI), which typically works differently and can often be cancelled.
Best practices
- Factor in the ongoing monthly MIP cost, not just principal and interest, when comparing an FHA loan against a conventional one.
Tips
- Since FHA mortgage insurance typically lasts for the life of the loan with less than 10% down, plan ahead for a future refinance once you have at least 20% equity if you want to eliminate it.