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FHA Loan Calculator 2026

Estimate your full FHA housing payment, including upfront and annual mortgage insurance, so you can compare homes with a clearer budget.

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Verify before you act: review these results with a licensed loan officer, real estate attorney or HUD-approved housing counselor before making any decision based on them.

What is an FHA loan calculator?

An FHA loan calculator estimates your monthly housing payment when you finance a home with an FHA mortgage. This FHA mortgage calculator includes principal and interest, annual mortgage insurance, property taxes, homeowners insurance and any HOA fee you enter.

FHA loans have two mortgage insurance premiums. The upfront MIP is 1.75% of the base loan and is usually added to the loan. Annual MIP is also charged, with the rate depending on loan details. For most 30-year loans, the annual rate is 0.55% with under 5% down and 0.50% otherwise, according to HUD Mortgagee Letter 2023-05.

Why use an FHA calculator?

A home’s price does not tell you the full monthly cost. FHA mortgage insurance, property taxes and homeowners insurance all affect the amount you need to budget. Including them can help you compare homes and decide whether a payment fits alongside your other expenses.

The calculator also shows how financing the upfront MIP increases your total loan. That can help you compare a smaller down payment with a larger one, or test a different interest rate or loan term before discussing options with a lender. Treat the result as an estimate, not a loan offer. Your lender can confirm your rate, mortgage insurance and other loan terms.

How to use this FHA loan calculator

  1. Enter the home price you are considering.
  2. Enter your down payment as a percentage. The example uses 3.5%. If you are comparing a larger down payment, update this field and review the revised loan and MIP estimates.
  3. Enter the interest rate and loan term you want to test. Use a rate and term from a lender quote when you have one.
  4. Enter your estimated property tax rate and annual homeowners insurance cost. Check local tax records or ask your insurance agent for estimates if you do not know these amounts.
  5. Add your monthly HOA fee if the home has one. Leave it at zero if there is no fee.
  6. Review the monthly total and the breakdown. Compare scenarios by changing one input at a time so you can see what affects the result.

FHA loan calculator example

Worked example

With a $350,000 home price, 3.5% down, a 6.25% interest rate, a 30-year term, a 1.1% property tax rate, $2,400 annual insurance and $0 HOA per month, the estimated FHA monthly payment is $2,791.61. The down payment is $12,250, leaving a $337,750 base loan. The calculator adds $5,911 in upfront MIP at 1.75%, for a total loan of $343,661. The payment breakdown is $2,115.98 for principal and interest, $154.80 for annual MIP, $320.83 for property tax and $200.00 for insurance.

How to read your FHA loan calculator results

The monthly total combines the listed payment components. Principal and interest repay the loan. Annual MIP is the ongoing FHA mortgage insurance cost shown in the estimate. Property tax and homeowners insurance are estimates based on the figures you entered; actual bills can differ.

The base loan is the home price minus your down payment. The upfront MIP is shown separately, then added to the total loan in this example because it is financed. Review both the monthly payment and total loan amount when comparing options. A payment that fits your monthly budget can still mean borrowing more overall.

How to lower or plan for your FHA payment

  1. 01

    Compare a larger down payment

    Try a higher down payment to see how it reduces the base loan and financed upfront MIP. For most 30-year loans, the supplied annual MIP rates are 0.55% with under 5% down and 0.50% otherwise. Check how the change affects both your available savings and estimated payment.

  2. 02

    Get a lender rate estimate

    Ask lenders for an interest rate and loan terms you may qualify for, then enter those figures. A rate change can affect principal and interest, so compare the full monthly total rather than looking at the rate alone.

  3. 03

    Verify taxes and insurance

    Use a property-specific tax estimate and an insurance quote instead of relying on a broad guess. If the estimate is too low, your monthly budget may not cover the actual housing cost.

  4. 04

    Compare loan terms carefully

    Test the terms available to you and weigh the monthly payment against how much you borrow and repay over time. A shorter term generally raises the monthly principal-and-interest payment. Ask a qualified mortgage professional to confirm your options and mortgage insurance details.

Common FHA loan calculator mistakes

  • Leaving out housing costs

    A calculation that omits property taxes, homeowners insurance or an HOA fee understates the monthly cost. Add each amount you expect to pay.

  • Treating estimates as a lender quote

    The calculator uses your entries. Your approved rate, loan terms, taxes and insurance may differ. Confirm the figures with your lender and relevant providers before making a purchase decision.

  • Forgetting the financed upfront MIP

    When upfront MIP is financed, it increases the total loan. Compare the base loan with the total loan so you understand what the estimate includes.

  • Assuming annual MIP lasts the same amount of time for everyone

    With 10% or more down, annual MIP ends after 11 years; with less down, it lasts for the life of the loan unless you refinance. Confirm how the rule applies to your loan with your lender.

The FHA loan formula

Upfront MIP is 1.75% of the base loan and is usually financed. Annual MIP for most 30-year loans is 0.55% with under 5% down and 0.50% otherwise (HUD Mortgagee Letter 2023-05).

Key terms

Base loan
The loan amount before adding financed upfront mortgage insurance. It is based on the home price and down payment.
Upfront MIP
The FHA upfront mortgage insurance premium. The supplied method uses 1.75% of the base loan and says it is usually financed.
Annual MIP
The ongoing FHA mortgage insurance premium, shown as a monthly amount in the payment estimate.
Principal and interest
The loan payment applied to repaying the amount borrowed and the interest charged on it.

FHA loan questions

Can I remove FHA mortgage insurance?

With 10% or more down, annual MIP ends after 11 years; otherwise it lasts the life of the loan unless you refinance.

Does this estimate include closing costs?

No. The payment breakdown covers the items shown in the calculator, not all cash you may need at closing. Ask your lender for a loan estimate that includes your expected closing costs.

Can I use the calculator before I have a lender quote?

Yes. Enter a rate and loan term you want to test to compare possible payments. Replace them with lender-provided figures when available.

Can I use it to compare different homes?

Yes. Enter each home’s price and your best estimates for taxes, insurance and HOA fees. Compare the full monthly totals, not just the loan payment.

Sources

Before you act on this result. Cordwell calculators and guides are educational estimates, not legal, tax, investment, lending or other professional advice. They rely on the numbers you enter and on simplified rules, and they can't see your full situation. Before you file, sign, borrow, invest, hire, change your withholding or form a business based on anything here, meet with a licensed loan officer, real estate attorney or HUD-approved housing counselor who can review your specific facts and confirm the numbers. Rules change, and official agency guidance always controls.

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