FHA Loan Calculator
| Component | Amount |
|---|---|
| Principal & Interest | ₹0 |
| MIP (Monthly) | ₹0 |
| Property Taxes | ₹0 |
| Home Insurance | ₹0 |
| Total Monthly Payment | ₹0 |
| Loan Amount | ₹0 |
| Total Interest Paid | ₹0 |
| Total MIP Paid | ₹0 |
| Total Payment (Principal + Interest + MIP) | ₹0 |
| Payoff Date | — |
| Year | Payment | Interest | MIP | Balance |
|---|
What Is an FHA Loan Calculator?
An FHA Loan Calculator estimates your monthly mortgage payment for a loan insured by the Federal Housing Administration. It includes not only principal and interest but also the mandatory Mortgage Insurance Premium (MIP), property taxes, and homeowners insurance. This tool helps you understand the true cost of an FHA loan and compare it with conventional financing.
How to Use This FHA Loan Calculator
- Enter the Home Price — the total purchase price of the property.
- Enter the Down Payment Percentage — FHA loans typically require 3.5% down (minimum).
- Enter the Interest Rate and Loan Term (usually 15 or 30 years).
- Enter Annual Property Taxes and Home Insurance — these are often escrowed with the mortgage.
- Enter the Annual MIP Rate — for most FHA loans, this is around 0.85% of the loan amount, paid monthly.
- Click Calculate to see your total monthly payment, breakdown, and full amortization schedule.
Adjust any input to see how changes affect your payment — for example, a larger down payment reduces both the loan amount and the MIP.
How the Calculation Works
- Loan Amount = Home Price × (1 − Down Payment %).
- Principal & Interest are computed using the standard mortgage payment formula.
- MIP = (Loan Amount × MIP Rate) / 12, added to the monthly payment.
- Property Taxes = Annual Taxes / 12.
- Home Insurance = Annual Insurance / 12.
- Total Monthly Payment = P&I + MIP + Taxes + Insurance.
- The amortization schedule shows how much of each payment goes to interest, principal, and MIP over the life of the loan.
How to Print or Save This Calculation as a PDF
- Enter your numbers and click Calculate.
- Click the Print link at the top of the page.
- In the print dialog, choose "Save as PDF" as the destination.
- Ensure "Background graphics" is enabled so charts and colours print correctly.
- Click Save — the full amortization schedule and summary will be included.
Frequently Asked Questions
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, designed for low-to-moderate income borrowers who may have lower credit scores and can make a down payment as low as 3.5%.
What is MIP on an FHA loan?
Mortgage Insurance Premium (MIP) is required on all FHA loans. It includes an upfront premium (UFMIP) and an annual premium that is paid monthly. This calculator includes the annual MIP in the monthly payment.
How much down payment is needed for an FHA loan?
FHA loans require a minimum down payment of 3.5% of the purchase price for borrowers with a credit score of 580 or higher. With a lower credit score, a 10% down payment may be required.
Is this FHA loan calculator free?
Yes, this calculator is completely free, requires no sign-up, and can be used as many times as you need to explore different scenarios.