Quickly calculate your potential FHA loan payments, including principal, interest, mortgage insurance (MIP), and property taxes. Our free FHA loan calculator helps first-time homebuyers and others estimate monthly costs, down payment requirements, and overall loan affordability for FHA-insured mortgages. Plan your home purchase with confidence.
Formula:
The FHA loan calculation involves several components:
- Monthly Principal & Interest (P&I):
P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:P= Total Loan Amount (Base Loan + Financed UFMIP)i= Monthly Interest Rate (Annual Rate / 12)n= Total Number of Payments (Loan Term in Years * 12)
- Monthly FHA Annual MIP: (Base Loan Amount * Annual MIP Rate) / 12
- Monthly Property Tax: Annual Property Tax / 12
- Monthly Home Insurance: Annual Home Insurance / 12
Total Monthly Payment = P&I + Monthly FHA Annual MIP + Monthly Property Tax + Monthly Home Insurance