The loan amount you've calculated exceeds the 2018 FHA loan limit of $294,515 in most counties. That's okay if you buy in an area with higher limits.

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FHA Loan Breakdown

Purchase Price
Minimum Down Payment 3.5%
Your Down Payment
Down Payment Percentage
FHA Base Loan Amount
FHA Upfront MIP

FHA Loan Summary

FHA Mortgage Payment Calculator

FHA loans are mortgages backed by the Federal Housing Administration (FHA). They allow approved lenders to make mortgage loans with only 3.5% down payments.

NOTE: If you are buying in a rural area and meet certain income restrictions, you may be able to buy a home with no down payment. Also, VA benefits include no down payment mortgage financing.

FHA loan payments are complicated. Our FHA loan calculator is easy to use and mobile friendly. We've made it simple to budget for the purchase of your new home by creating a FHA loan calculator that accounts for all of FHA's payment quirks, including taxes, homeowner's insurance, monthly mortgage insurance, and the upfront FHA premium.

Beautiful home at dusk purchased with FHA loan

FHA loan limits & their impact on your FHA purchase price.

FHA loans are used by millions of Americans, including both first-time & experienced homebuyers, to purchase homes for their families in all 50 states. FHA loans carry competitive interest rates, low down payments (only 3.5%), and more flexible credit standards than traditional mortgage loans. For most homebuyers FHA is the mortgage option that keeps out of pocket money to a minimum.

FHA has a maximum loan amount that applies to every FHA loan. Your purchase price can be above the county loan limit, but you'll need to make up the difference with a larger down payment. In most counties the 2018 limit is $294,515. In areas with higher average home values, the FHA loan limit is adjusted to allow for utilization of an FHA loan for higher purchase prices. When calculating FHA payments be sure you're at or below the maximum FHA loan amount.

FHA down payment must be at least 3.5%.

Minimizing the amount of money needed to close on your new home is one of the top reasons FHA loans are so popular. While conventional loans typically require stronger credit scores and at least 5% down payments, FHA loans require only 3.5%. Additionally, FHA allows family members to gift the 3.5% down payment to the homebuyer.

While most FHA buyers take advantage of the 3.5% minimum down payment, putting 5% down or more reduces the amount of FHA PMI added to your monthly payment. The reduction is minimal (0.85% to 0.80% on a 30 year FHA loan), but it is worth considering if you're thinking about making a larger down payment.

FHA interest rates are very competitive.

FHA loans are insured by HUD, a federal agency. Without getting too technical, mortgage rates are determined by the amount of risk the lender is taking when issuing a new loan. The government backing of FHA loans means the lender's risk is reduced (The FHA insurance pool will pay the lender back should the homebuyer default). The result is very competitive interest rates on new FHA loans. FHA loan rates will typically be lower than a comparable conventional or other non-government backed loan.

FHA loan terms are 15 or 30 years.

Your new FHA loan term will either be 15 or 30 years. The 15 year term will result in a higher monthly payment, but the savings are substantial. If you can afford the higher payment, considering a 15 year FHA loan will save you thousands of dollars.

Our FHA mortgage payment calculator permits you to use virtually any term up to 30 years to help you plan ahead. For example, perhaps you want your home paid off by the time your kids leave for college. Choose the appropriate loan term to determine how much you would have to pay each month to meet your goal.

FHA mortgage insurance will always be part of your payment.

Our FHA loan payment calculator accounts for all of FHA's term and down payment variations, including upfront & annual mortgage insurance premiums.

Your FHA loan payment consists of two mortgage insurance premiums. The first is a flat rate called UFMIP (Upfront Mortgage Insurance Premium). UFMIP is included in your final FHA loan amount, so you essentially pay this premium over time as part of your FHA principal and interest payment.

The second is an annual premium that is paid monthly as part of your house payment. Our FHA loan calculator does the math for you, but if you're curious, FHA mortgage insurance rates are explained here. The annual premium is added to your regular principal and interest payment and will remain there for the life of your FHA loan, so accounting for it is critical when budgeting for your new house payment.

Tips for using our FHA Loan Calculator

What does a typical FHA loan look like?

Put simply, an FHA loan is a loan used to buy a family home by millions of Americans. FHA loans are typically 30 year mortgages (A mortgage is a fancy way of saying a loan with a house used as collateral) but can have 15 year terms. Most FHA loans have fixed interest rates, which means the interest rate will not change at any point throughout the loan term.

FHA loans are federally insured mortgage loans requiring only a 3.5% down payment and can by used by first-time & experienced homebuyers alike.

FHA Loan Features

  • Only 3.5% Down Payment
  • Low Interest Rates
  • More Flexible Credit Standards
  • Manufactured Homes
  • 203k Renovation Loans