FHA Home Loan Calculator
Estimate your FHA loan monthly payment with as little as 3.5% down. This calculator includes the upfront FHA mortgage insurance premium (UFMIP) and annual MIP, popular with first-time home buyers.
Quick Answer
On a $350,000 home with 3.5% down ($12,250), a 30-year FHA loan at 6.2% interest, your estimated monthly payment (principal, interest & MIP) is about $2,325, plus a one-time upfront MIP of $5,916.
Loan Details
FHA loans require a minimum of 3.5% down with a 580+ credit score.
Estimated Monthly Payment
$2,325
Principal & Interest
$2,072
Property Tax
$350
Insurance
$117
Annual MIP
$155
Upfront MIP (1.75%)
$5,916
Total Loan Amount
$343,666
Amortization Schedule
Yearly view| Year | Principal | Interest | Balance |
|---|
What Is an FHA Home Loan Calculator?
An FHA home loan calculator estimates your monthly payment on a loan insured by the Federal Housing Administration. FHA loans are popular among first-time home buyers because they allow a down payment as low as 3.5% with a credit score of 580 or higher. In exchange, FHA financing requires mortgage insurance premiums (MIP): an upfront premium paid at closing and an annual premium built into your monthly payment.
FHA Mortgage Rates & MIP (2026)
Current FHA mortgage rates and mortgage insurance premiums below are illustrative averages; your actual FHA interest rate depends on your credit score and lender.
| Item | Rate |
|---|---|
| 30-Year FHA Rate | 6.20% |
| 15-Year FHA Rate | 5.65% |
| Upfront MIP (UFMIP) | 1.75% of loan amount |
| Annual MIP (LTV > 95%) | 0.55% per year |
| Annual MIP (LTV ≤ 95%) | 0.50% per year |
Confirm current FHA mortgage rates and MIP terms with an FHA-approved lender before applying.
How to Use This Calculator
- Enter the home price and your planned down payment (minimum 3.5%).
- Set your expected FHA interest rate and loan term.
- Choose whether to finance the upfront MIP or pay it at closing.
- Add property tax and insurance for a complete monthly estimate.
- Review your payment breakdown, including annual MIP.
Frequently Asked Questions
What credit score do I need for an FHA loan?
Most FHA lenders require a minimum credit score of 580 for 3.5% down, or 500-579 with 10% down, though individual lender requirements vary.
Can I remove FHA MIP later?
If your down payment was 10% or more, annual MIP is removed after 11 years. Below 10% down, MIP typically stays for the life of the loan unless you refinance.
Is an FHA loan good for first-time home buyers?
Yes. FHA loans are widely used by first-time home buyers because of the low 3.5% down payment and more flexible credit requirements compared to conventional loans.