FHA Loan Calculator
Estimate your FHA loan payment with upfront and monthly mortgage insurance premiums included. Free and based on documented 2024 MIP rates.
Independently verified for accuracy
Calculator by Toolsloft ↗- Base loan
- 289500
- Upfront MIP (financed)
- 5066.25
- Total financed loan
- 294566.25
- Principal & interest
- 1861.86
- Monthly MIP
- 132.69
- Total monthly payment
- 1994.55
This calculator estimates the monthly payment on an FHA loan, including the upfront mortgage insurance premium financed into the loan and the monthly mortgage insurance premium. It assumes a 1.75% upfront MIP and a 0.55% annual MIP, the 2024 figures for a typical 30-year FHA loan above 95% loan-to-value. This is an estimate; your actual rate, MIP, and FHA limits vary by lender, term, and loan-to-value.
How this is calculated
The base loan is the home price minus the down payment. The upfront MIP is 1.75% of the base loan and is added to the financed total, per HUD's 2024 FHA mortgage insurance schedule. Principal and interest use the standard amortization formula on that total at your rate over the term. The monthly MIP is 0.55% of the base loan divided by 12, the 2024 annual rate for a typical 30-year loan above 95% LTV. These rates are 2024 assumptions; HUD updates them periodically, so treat the result as an estimate.
How to use
- Enter the home price and your down payment.
- Enter the annual interest rate and the loan term in years.
- Read the base loan, financed upfront MIP, monthly MIP, and total monthly payment.
Examples
- $300,000 home, $10,500 down at 6.5% / 30 yr:
payment $1,994.55/mo - $250,000 home, $25,000 down at 7% / 30 yr:
payment $1,626.25/mo
FAQ
- What mortgage insurance does FHA charge?
- FHA charges an upfront MIP of 1.75% of the base loan, usually financed into the loan, plus an annual MIP paid monthly. This calculator uses 0.55%, the 2024 annual rate for a typical 30-year loan above 95% loan-to-value.
- Is the upfront MIP added to my loan?
- Yes. Most borrowers finance the 1.75% upfront MIP into the loan rather than paying it at closing, so the calculator amortizes it as part of the total financed amount.
- Are these rates exact?
- They are documented 2024 assumptions. HUD revises FHA MIP rates periodically and your actual interest rate, term, and loan-to-value affect the result, so treat the output as an estimate.