FHA Loan Calculator
Estimate your monthly FHA payment including upfront & annual mortgage insurance premiums (MIP).
An FHA loan lets you buy a home with as little as 3.5% down, but your monthly payment includes more than just principal and interest. Our FHA loan calculator estimates your full monthly payment, including mortgage insurance premiums (MIP), property taxes, and homeowners insurance, so you get a realistic picture of what you'll owe each month.
Important FHA loan terms to know
Down payment: FHA loans require a minimum of 3.5% down if your credit score is 580 or higher. Borrowers with scores between 500–579 must put down at least 10%.[1]
Upfront mortgage insurance premium (UFMIP): A one-time fee equal to 1.75% of the base loan amount. It's typically financed into your loan rather than paid at closing.[2]
Annual MIP rate: The ongoing mortgage insurance premium charged each year, expressed as a percentage of your remaining loan balance. For most borrowers putting down less than 10%, the annual MIP rate is 0.55%, and it lasts for the life of the loan.[3]
Loan-to-value ratio (LTV): The percentage of the home's purchase price covered by the loan. A 3.5% down payment, for example, results in an LTV of 96.5%.
Loan term: FHA loans are available in 30-year and 15-year terms. A 15-year term means higher monthly payments but significantly less interest paid over the life of the loan.
Credit score range: Your credit score affects the interest rate you'll qualify for. Scores of 760 or above typically get the best available rates, while scores below 580 may limit your options or require a larger down payment.
How to get help with an FHA loan
Working with a mortgage broker can make the FHA loan process a lot smoother. Rather than lending directly, brokers shop multiple lenders at once to find the loan that fits your credit, income, and goals, saving you the time of applying to lenders one by one.
If you're ready to explore your options, Best Interest Financial can help. Best Interest Financial is a mortgage broker with a team that has decades of experience closing over $1 billion in loans. They specialize in finding solutions that large retail banks often overlook. Talk with a Best Interest loan officer to explore your FHA loan options.
Disclaimer: This calculator is intended for educational purposes only. Actual available rates and monthly payment amounts are subject to market fluctuations, and will depend on many factors not included in this calculator which may affect your purchasing power, such as where you live, your credit history, market conditions, and the type of mortgage you want. These estimates are based upon the information you provide, and may not include other fees and costs, such as taxes and insurance. The actual payment obligation may be greater.