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See what you can afford with our free FHA mortgage calculator, which includes taxes, insurance, and MIP for a full monthly payment estimate.
| Principal & Interest | $2,640 |
| Property Tax | $833 |
| Home Insurance | $208 |
| FHA MIP 0.50% | $166 |
| 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 |
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.
An FHA loan is a mortgage insured by the Federal Housing Administration, designed to help more people qualify for homeownership, even with lower credit scores or smaller down payments.
Key Features:
Before deciding on an FHA loan, it’s important to weigh the benefits and limitations to see if this option is the right fit for your financial situation.
Our FHA Loan Calculator provides a detailed monthly payment estimate that includes:
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.
Your FHA mortgage payment is based on a mix of loan-specific and homeownership-related costs. The core components include your loan amount, interest rate, and loan term, but your actual monthly payment also reflects additional expenses like mortgage insurance, property taxes, and homeowners insurance.
Here’s what goes into the calculation:
This is the agreed purchase price of the home. A lower home price means a lower loan amount, and potentially a more affordable monthly payment. Enter your expected purchase price into our FHA calculator to start estimating.
With FHA loans, the minimum down payment is just 3.5% if your credit score is 580 or higher. This upfront payment reduces the total amount you need to borrow. A larger down payment also lowers your monthly cost by reducing your loan balance and potentially your mortgage insurance.
FHA loans offer both 15- and 30-year options. A 30-year term results in lower monthly payments but more interest over time. A 15-year loan has higher monthly payments but less interest overall.
This is the cost of borrowing money. Your rate depends on current market trends and your credit profile. Shorter-term loans typically come with lower interest rates than longer ones.
FHA loans require both an upfront and an annual mortgage insurance premium. The upfront MIP is 1.75% of the loan amount (usually rolled into the loan), while the annual MIP is split into monthly payments. These protect the lender and are required for most FHA borrowers.
This protects your home from damage, liability, or loss. Your lender will require proof of coverage. The cost is split across 12 months and added to your monthly payment.
Your lender will usually collect property taxes along with your monthly mortgage payment. These vary based on where you live and are held in escrow to be paid on your behalf.
If your home is part of a homeowners association, you’ll need to budget for monthly dues. These vary depending on your HOA and cover services like landscaping, maintenance, and shared utilities. (Note: HOA fees are not directly a part of your mortgage payment, but should be considered.)
To qualify for an FHA loan, you’ll generally need:
Loan limits vary by county and property type. Most areas have a standard limit, but high-cost markets (like parts of California and New York) have higher limits.
>>> Check out our FHA Loan Limit Lookup Tool
The FHA Loan Calculator on WhatsMyPayment.com is built to provide the most accurate mortgage estimates possible. It accounts for:
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.
Only if you refinance into a conventional loan. FHA loans require MIP for the life of the loan (unless you put down 10%, then it drops after 11 years).
Yes! FHA loans are assumable, meaning a future buyer may take over your low interest rate.
Yes, through the FHA 203(k) rehab loan program.
Yes! FHA allows gift funds from approved sources like family members, employers, and government programs. However, gifts must be properly documented and truly gifts, no loans in disguise.
TIP • Click a rate to use it on the appropriate calculator. We round it to the nearest eighth.
Stay up to date on home buying, ownership, and mortgage news.
Trying to decide between an FHA vs. conventional loan? Our guide breaks down the key differences, pros, and cons of each to help you choose the best mortgage for your financial needs in 2025.
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