📖 Overview
Use this calculator to accurately estimate your FHA loan costs including mortgage insurance premiums.
🧪 Example Scenarios
Use these default and higher-pressure example inputs to explore how sensitive this calculator is before using your real numbers.
| Input | Base Case | Higher Pressure Case |
|---|---|---|
| Home Price ($) | 300,000 | 360,000 |
| Down Payment (%) | 3.5 | 4.2 |
| Interest Rate (%) | 6.5 | 7.8 |
| Loan Term (years) | 30 | 34.5 |
| Upfront MIP (%) | 1.75 | 2.1 |
⚙️ How It Works
Estimates your monthly FHA mortgage payment including the mandatory Upfront MIP (UFMIP) rolled into the loan and the estimated annual Mortgage Insurance Premium (MIP).
The Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] + (Loan × Annual MIP / 12)
💡This calculator is scenario-based. Better input quality leads to better decision quality.
Quick Reference
| Input | Example Value |
|---|---|
| Home Price ($) | 300000 |
| Down Payment (%) | 3.5 |
| Interest Rate (%) | 6.5 |
| Loan Term (years) | 30 |
| Upfront MIP (%) | 1.75 |
When To Use This
- Use this tool when you need a fast decision during active planning or execution.
- Use this before committing money, time, or tradeoffs that are hard to reverse.
- Use this to compare options using the same assumptions across scenarios.
Edge Cases To Watch
- Results can be misleading if key inputs are missing, stale, or unrealistic.
- Very small or very large values may amplify rounding effects and interpretation risk.
- If assumptions change mid-decision, recalculate before acting.
Practical Tips
💡 FHA UFMIP is currently 1.75% of the base loan and is almost always rolled into the loan.
💡 Annual MIP generally ranges from 0.50% to 0.75% depending on your LTV and loan size.
💡 FHA loans can be ideal if you have a lower credit score or smaller down payment.
Frequently Asked Questions
❓ Can I ever remove FHA MIP?
If your down payment was less than 10%, MIP lasts for the life of the loan. Put 10%+ down and MIP ends after 11 years.
❓ What is the minimum down payment for FHA?
Generally 3.5% for borrowers with a credit score of 580 or higher.