FHA loan calculator
Monthly FHA mortgage payment with upfront and annual mortgage insurance, taxes and insurance.
About this calculator
This FHA loan calculator works out the full monthly payment on an FHA mortgage, including the upfront and annual mortgage insurance premiums.
It adds property tax, home insurance and HOA fees, and shows how long the mortgage insurance lasts and what it costs in total.
How it works
An FHA loan adds an upfront premium of 1.75% of the base loan to the amount borrowed, plus an annual premium of 0.50% to 0.75%, paid monthly. With 10% or more down the annual premium stops after 11 years; otherwise it lasts for the life of the loan.
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Worked example
- Home price: $350,000
- Down payment: 3.5%
- Interest rate: 6.5% a year
- Loan term: 30 yr
- Property tax: 1.1% of value a year
- Home insurance: $1,500 a year
Monthly payment: $2,775.51 (including mortgage insurance, taxes and insurance)
Common questions
How much do I need to put down on an FHA loan?
At least 3.5% with a credit score of 580 or more, or 10% with a score from 500 to 579.
What is FHA mortgage insurance?
An upfront premium of 1.75% of the loan, usually added to it, plus an annual premium paid monthly. It protects the lender, not you, if the loan isn't repaid.
Can I remove FHA mortgage insurance?
With 10% or more down, the annual premium ends after 11 years. With less, it lasts for the life of the loan unless you refinance into a conventional loan.
Sources and further reading
The story behind it
Where the idea came from: The Federal Housing Administration was created in 1934 to insure home loans and make long, low-down-payment mortgages possible.
Instead of lending directly, the FHA insures lenders against default, paid for by borrowers' mortgage insurance premiums. That is why FHA loans carry both an upfront and an annual premium.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
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