FHA Loan Calculator
Get a free FHA loan estimate with taxes, insurance & MIP included. Try our easy-to-use FHA mortgage calculator and see what you can afford.
Today's Average Rates
TIP • Click a rate to use it on the appropriate calculator. We round it to the nearest eighth.
Tax & Insurance
FHA
Payment
$3,847| Principal & Interest | $2,640 |
| Property Tax | $833 |
| Home Insurance | $208 |
| FHA MIP 0.50% | $166 |
FHA
Loan
$407,000| Purchase Price | $500,000 |
| Down Payment 20% | $100,000 |
| Base Loan Amount | $400,000 |
| Upfront MIP 1.75% | $7,000 |
| Total FHA Payments | $1,010,034 |
How much is a $500,000 FHA house payment?
A $500,000 home with a 20% down payment, 6.75% interest rate, and 30 year term results in an FHA loan payment of $2,806 before taxes and insurance.
FHA loans require taxes and insurance be included in your payment.
Total Payment: $3,847*
*Includes monthly tax and insurance of $833 and $208, respectively.
Payment Affordability
Step 1: Enter the combined annual gross income of all applicants.
Step 2: Enter total monthly debt payments, including cars, credit cards, student loans, etc. Exclude utilities and other non-debt related expenses.
You must include taxes and insurance. Your lender will factor these payments whether or not you include them in your mortgage payment.
HOA fees are not included in your mortgage payment. However, they are considered when calculating your housing and debt-to-income ratios and must be accounted for.
| Housing Ratio | 0% |
| Debt-to-Income | 0% |
| Monthly Income | $0 |
| House Payment | $0 |
| HOA (Monthly) | $0 |
| Total Payments | $0 |
2025 FHA Loan Outlook
FHA loans continue to be a popular choice in 2025. With interest rates expected to remain steady, FHA loans offer competitive rates and lower down payment requirements compared to conventional loans.
In response to rising mortgage costs, HUD reduced the annual FHA Mortgage Insurance Premium (MIP) by 0.30%, making FHA loans even more affordable. That translates to savings of approximately $25 per month for every $100,000 borrowed. For example, a $500,000 FHA loan could cost you around $150 less per month than before the change.
What Does the FHA Loan Calculator Include?
Our FHA Loan Calculator provides a detailed monthly payment estimate that includes:
- Principal & Interest
- FHA Mortgage Insurance Premiums (Upfront & Annual)
- Property Taxes
- Homeowners Insurance (Hazard Insurance)
- Down Payment Amount
You’ll also get real-time updates based on your input, so you can see how changes to interest rates, down payment, or home price affect your monthly payment.
FHA Mortgage Calculator Definitions
If you have used a traditional mortgage calculator, there are mortgage terms with which you are likely familiar. However, there are words and phrases specific to FHA loans.
- Principal: Principal is your loan balance. The portion of your loan payment remaining after interest, taxes, insurance, and FHA MIP is applied to your principal balance.
- Interest: Interest is the percentage of your loan amount that accrues over time for the privilege of borrowing money. Interest is included in your house payment.
- FHA Interest Computation Example:
(Principal Balance x Annual Interest Rate / 365 x Days In Period) -> $300,000 x 3.0% / 365 x 30 days = $739.73 monthly interest
FHA Monthly Escrow: What’s Included?
FHA loans require escrow accounts to pay for:
- Property Taxes: Your mortgage servicer will collect and pay property taxes on your behalf. These taxes are included in your monthly FHA payment.
- Homeowners Insurance: Homeowners (hazard) insurance is also paid through your FHA loan, ensuring your property is protected.
These two components, property taxes and insurance, are often referred to as escrow or impounds.
FHA Mortgage Insurance: UFMIP & Annual MIP
Upfront Mortgage Insurance Premium (UFMIP)
FHA loans require an upfront insurance premium of 1.75% of the base loan amount. This is typically financed into your total loan.
Example:
- Home price: $300,000
- Down payment (3.5%): $10,500
- Base loan: $289,500
- UFMIP: $289,500 × 1.75% = $5,066
- Total FHA loan amount: $294,566
Annual Mortgage Insurance Premium (FHA MIP)
Paid monthly, this premium is calculated based on your average loan balance. The FHA loan calculator automatically includes this in your estimated monthly payment.
>> Related Article: Removing FHA Mortgage Insurance
FHA Down Payment Requirements
FHA loans require a minimum down payment of 3.5% of the purchase price.
Example: $300,000 home × 3.5% (0.035) = $10,500 minimum down payment
This lower down payment makes FHA loans ideal for first-time homebuyers or those with limited savings. On the other hand, conventional loans are permitted with as little as 3% down. With that said, FHA loans can be more forgiving from a qualifying standpoint.
>> Related Article: FHA vs. Conventional Loans
Can I Use Gift Funds for My FHA Down Payment?
Yes! FHA allows gift funds from approved sources (like family or close friends) to be used toward your down payment and closing costs. However, gifts must be true gifts: no repayment allowed, and they must come from non-interested parties (not your agent, builder, or seller).
Do I Qualify for an FHA Loan?
FHA loans are an option for first-time and experienced homebuyers. While credit standards and down payment requirements are not as stringent as a conventional loan, not everyone will qualify.
FHA guidelines are available via HUD's website. However, sifting through them to find your particular situation can be overwhelming. A lot of factors go into whether or not a homebuyer qualifies for an FHA loan. As with all mortgage alternatives, obtaining a pre-approval is recommended.
FHA Loan Limits
FHA loans are available in all 50 states, District of Columbia, and U.S. territories of Puerto Rico, Guam, U.S. Virgin Islands, American Samoa, and Northern Mariana Islands. FHA limits the amount you can borrow with an FHA loan, depending on location. These FHA loan limits are updated annually and generally increase from year to year.
Loan limits are established by county, and an FHA loan cannot exceed the predetermined amount. If a home is being purchased and a 3.5% down payment results in a base loan amount above the county loan limit, the homebuyer must make an additional down payment to bring the FHA loan within the limit.
The majority of the FHA eligible areas have the same loan limit. However, in areas where home prices are higher, FHA loan limits are adjusted upwards. It's important to know the county loan limit before you begin home shopping to avoid looking for homes that exceed your county's maximum loan amount.
>> Use our FHA Loan Limit Lookup Tool to check the limit in your area.
Why Use Our FHA Loan Calculator?
The FHA Loan Calculator on WhatsMyPayment.com is built to provide the most accurate mortgage estimates possible. It accounts for:
- UFMIP
- FHA MIP
- Loan term & interest rate
- Taxes & insurance
- Accurate escrow and monthly totals
It’s a reliable way to estimate your real monthly payment and plan your homebuying budget with confidence.
If you’re ready to move forward with an FHA loan or would like help deciding if FHA is right for you and your family, please use our mortgage selector to find an FHA-approved lender.
>> More: Today's FHA Mortgage Rates
Expert Insights
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