FHA Loan Calculator

Related: Do I qualify for an FHA loan?

The loan amount you've calculated exceeds the 2019 FHA loan limit of $314,827 in most counties. That's okay if you buy in an area with higher limits.

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Property Tax rate: 0 Homeowner's Insurance rate: 0

Estimated tax rates for demonstration purposes only.
Source: tax-rates.org

Principal & Interest
FHA MIP FHA MIP is determined by your down payment and loan term.

FHA MIP Explained
Monthly Escrow Escrow is a portion of your monthly payment that goes into an account with your mortgage holder that is used to pay your property taxes and annual homeowner's insurance.

FHA loans require escrow to be included in your mortgage payment.
FHA Loan Payment =

FHA Loan Breakdown

Purchase Price
Minimum Down Payment 3.5%
Your Down Payment
Down Payment Percentage
FHA Base Loan Amount
FHA Upfront MIP
Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details. View more mortgage rates.
Income Guide
31% Housing Ratio:
43% Debt/Income Ratio:

*Annual income needed to achieve respective ratios based on the payment you've calculated. Be sure to include tax and insurance in your calculations for best results.

FHA Mortgage Payment Calculator

FHA loans are used by millions of families, including both first-time & experienced homebuyers, in all 50 states. They carry competitive interest rates, low down payments (only 3.5%), and more flexible credit standards than traditional mortgage loans.

NOTE: If you meet certain income restrictions and are buying in a rural area, it's worth looking into USDA loans. They require no down payment and may result in a lower payment. You can use our USDA loan calculator to learn more.

Also, if you are a veteran, active duty, reservist, military spouse, or otherwise eligible, VA loans offer no down payment and no monthly mortgage insurance. The payment benefits of using a VA loan are significant.

2019 FHA Loan Limits

Each year HUD determines the maximum amount homebuyers can borrow with an FHA loan. 2019 conforming loan limits have increased substantially, and with that FHA loan limits will be higher in 2019. To view both 2019 conforming and FHA loan limits, use our look-up tool.

FHA loan payments are complicated. We've made it easier to budget for the purchase of your new home by accounting for all of FHA's payment quirks; including taxes, homeowner's insurance, MIPMortgage Insurance Premium, and upfront mortgage insurance. Additionally, because you don't visit open houses bearing a desktop computer, we've optimized our calculators for phones and tablets.

Loan limits & their impact on your purchase price.

There are maximum loan amounts that apply to FHA loans depending on the state and county in which you are buying. 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 loan limit is adjusted to allow for utilization of an FHA loan for higher purchase prices. You can peruse FHA loan limits, as well as conforming and VA, using our look-up tool.

Your 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 requires only 3.5%. Additionally, family members are permitted to gift the 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 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.

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 insurance pays the lender back should the homebuyer default. The result is very competitive interest rates that are typically lower than comparable conventional or non-government backed loans.

FHA loan terms are typically 15 or 30 years.

Your loan term will be either 15 or 30 years. While most homebuyers will choose a 30 year term, a 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 term will save you thousands of dollars.

Our FHA calculator permits you to use virtually any term up to 30 years to help you plan ahead. For example, if 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.

An FHA loan consists of two mortgage insurance premiums. The first is a flat rate called UFMIP (Upfront Mortgage Insurance Premium). UFMIP is included in your final loan amount (Purchase Price - Down Payment + UFMIP = FHA Loan Amount), so you essentially pay this premium over time as part of your principal and interest payment.

The second is an annual premium that is paid monthly as part of your house payment. Our 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.

*If you opt for the 30 year term, MIP will remain part of your payment for the life of the loan.

Tips for using our FHA Mortgage Calculator

FHA Loan Features

  • Minimum 3.5% Down Payment
  • Competitive Interest Rates
  • Flexible Credit Standards
  • Manufactured Homes
  • 203k Renovation Loans

The Federal Housing Administration is part of the Department of Housing and Urban Development (HUD). In addition to traditional purchase and refinance loans, there are multiple niche options available. hud.gov provides information on the various FHA loans.