FHA Loan Calculator: Estimate Your FHA Mortgage Payment
Determine your monthly payment on an FHA loan.
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FHA loans are government-backed mortgages with easier qualification requirements than conventional loans. The calculator below can help you estimate the monthly payments on an FHA loan, including mortgage insurance, property taxes and homeowners insurance.
How Your FHA Loan Breaks Down
- FHA Base Loan Amount
- $386,000
- FHA Upfront MIP (1.75%)
Most FHA loans require an upfront mortgage insurance premium (UFMIP), a one-time fee equal to 1.75% of your base loan amount. Most borrowers finance this cost into their loan rather than paying it at closing. - $6,755
- Total Loan Amount
- $392,755
Monthly Payment Breakdown
- Principal & Interest
- $2,482
- Property Taxes
- $400
- Home Insurance
- $125
- Monthly FHA MIP
Most FHA loans require an annual mortgage insurance premium (MIP), which is divided into monthly payments and included in your mortgage payment. Your MIP rate depends on your loan amount, down payment and loan term. - $177
Our FHA loan calculator provides a quick and easy way to find out your monthly FHA mortgage payment. Just plug in the following seven pieces of information:
- Property location. FHA loan limits vary by county. To get your most accurate estimate, enter the ZIP code for the neighborhood you’d like to buy a home in.
- Home price. If you’re under contract on a specific house, enter the price here. If you haven’t settled on a home yet, you can use a rough estimate.
- Down payment. The calculator automatically inputs a 3.5% down payment, which is the minimum required for an FHA loan. You can change the dollar amount or percentage field if you plan to put down more.
- Loan term. Choose a 30-year fixed-rate mortgage for the lowest payment, or a 15-year fixed-rate mortgage to pay off your mortgage faster.
- Mortgage rate. Check out average FHA loan rates, or if you’ve already shopped around, enter the best rate you were offered. Keep in mind: Rates change daily, so the rate you check today may go up or down tomorrow, leading to a jump or drop in your monthly payment.
- Property taxes. The calculator estimates property taxes as 1.20% of the home’s value, but your actual rate could be higher or lower depending on where you live. For a more precise payment estimate, check your local tax assessor’s website to find the exact rate in your area.
- Home insurance. Get a homeowners insurance estimate for a ballpark on your annual premium. The calculator automatically provides an $800 estimate per year.
The calculator uses the home price and down payment to determine your base loan amount. It then uses your mortgage rate and loan term to estimate monthly principal and interest.
The results also include upfront mortgage insurance, annual mortgage insurance divided into monthly payments, estimated property taxes and homeowners insurance.
Note: Upfront mortgage insurance can be added to the loan balance or paid in cash at closing, but our calculator assumes you’re adding it to the loan balance.
What costs make up an FHA mortgage payment?
The “monthly payment breakdown” itemizes what goes into your total FHA loan payment — also known as a PITI (principal, interest, taxes and insurance) payment. Here’s a detailed breakdown of each cost:
Principal and interest
This part of your monthly payment varies based on your FHA base loan amount, interest rate and loan term. For a fixed-rate loan, your total payment amount doesn’t ever change, but each month, you’ll pay more toward principal
Property taxes
FHA loans require you to pay a portion of your property taxes as part of your monthly payment. The lender divides your annual tax bill into 12 monthly installments and collects them in an escrow account until they’re due.
Monthly FHA mortgage insurance premium (MIP)
The annual mortgage insurance premium (MIP) is one of two types of FHA mortgage insurance you’re required to pay. This fee ranges from 0.15% to 0.75% of your loan amount, depending on the loan term, loan amount and down payment. MIP is charged annually, divided by 12 and added to your monthly payment.
Home insurance
Homeowners insurance pays for losses from unexpected damage to your home from a fire, theft or other covered event. Like your property taxes, the premium is divided by 12 and becomes part of your monthly mortgage payment. The lender pays the annual premium through your escrow account.
An FHA loan calculator estimates recurring monthly housing costs, but you should also estimate closing costs separately when deciding how much cash you’ll need. FHA closing costs may include lender origination charges, appraisal and credit report fees, title and settlement charges, prepaid property taxes, homeowners insurance and initial escrow deposits. The 1.75% upfront MIP is also due at closing unless you finance it into the loan.
Your loan estimate will provide the exact closing costs you must pay after you apply for a mortgage. If you want to reduce the cash you need to bring to closing, you may want to explore closing cost assistance, negotiate for seller-paid costs or consider lender credits.
How can you lower your FHA mortgage payment?
- Make a bigger down payment. The annual MIP premium is cheaper with a larger down payment, since you’re borrowing less.
- Boost your credit scores. FHA lenders offer rates based on your credit score, and a higher score gets you a lower rate and mortgage payment. In the months before you apply for a loan, pay your bills on time, keep your credit card balances low and avoid opening new credit accounts.
- Choose a streamline refinance if rates drop. The FHA streamline refinance allows you to lower your FHA loan rate without a home appraisal or proof of income. If rates fall, consider refinancing your mortgage to shrink your monthly payment.
FHA loan vs conventional loan: Monthly payment examples by down payment
The examples below compare the monthly payments on a $300,000 home using an FHA loan vs a conventional loan. All scenarios assume a 30-year loan at a 6.50% interest rate. The FHA loan examples assume the upfront MIP is financed into the loan.
| FHA loan | Conventional loan | |||||
|---|---|---|---|---|---|---|
| Down payment (as percentage of loan amount) | Down payment (dollar amount) | Total monthly payment
This is principal, interest, MIP, home insurance and property taxes combined
| Down payment (as percentage of loan amount) | Down payment (dollar amount) | Total monthly payment
This is principal, interest, private mortgage insurance, home insurance and property taxes combined
|
|
| 3.5% | $10,500 | $2,420 | 3.5% | $10,500 | $2,330 | |
| 5% | $15,000 | $2,389 | 5% | $15,000 | $2,300 | |
| 10% | $30,000 | $2,285 | 10% | $30,000 | $2,199 | |
| 20% | $60,000 | $2,079 | 20% | $60,000 | $1,911 | |
This year’s best FHA mortgage lenders
Lender | User ratings | Best for | Min. credit score (FHA loans) | Min. down payment (FHA loans) | Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2022. The higher the number, the more expensive the loan.
| Avg. loan costs
Average total loan costs include origination fees and are based on 2022 data from the Federal Financial Institutions Examination Council (FFIEC).
| |
|---|---|---|---|---|---|---|---|
 |
(625)
Ratings and reviews are from real consumers who have used the lending partner’s services.
| FHA loans overall | 580 | 3.5% | 0.27% | $8,230 | |
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(645)
Ratings and reviews are from real consumers who have used the lending partner’s services.
| Online experience | 580 | 3.5% | 0.74% | $6,514 | |
 |
(22049)
Ratings and reviews are from real consumers who have used the lending partner’s services.
| Online FHA loan rates | 600 | 3.5% | 0.34% | $9,067 | |
 |
(89)
Ratings and reviews are from real consumers who have used the lending partner’s services.
| Bad credit | 500 | 3.5% | 1.06% | $8,795 |
Learn more about how we chose our best FHA lenders.
How to get an FHA loan
Follow the five steps below to get an FHA loan:
- Shop with at least three lenders. Gather loan estimates from at least three FHA-approved lenders and compare costs. You can find a list of local FHA-approved lenders on the HUD website.
- Fill out an FHA loan application. You’ll need basic income, employment and asset information, as well as a rough idea of your monthly debt payments.
- Check your credit scores. The lender will pull a credit report to confirm you meet the minimum score requirements.
- Provide financial documents. A current month’s pay stubs, two years’ worth of W-2s and two months’ worth of bank statements should get you off to a good start. Your lender may request additional documents.
- Pay for a home appraisal. FHA guidelines require an FHA home appraisal to confirm the home’s value and that the property meets the FHA’s property standards.
| Loan Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed rate FHA mortgage | 6.91% | 7.57% |
| 30-year fixed rate FHA refinance | 6.59% | 7.28% |
Average rates disclaimer
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Frequently asked questions
If your credit score is below 620 or you have a high debt-to-income (DTI) ratio, an FHA loan may be your best option. Conventional loan requirements set a minimum 620 credit score, which is significantly higher than the 500 minimum score required for FHA loans.
The 2026 limit is $541,287 for a single-family home in most parts of the country but may be as high as $1,249,125 for single-family homes in higher-priced areas. Some special exception areas, like Hawaii, may have even higher limits.
The mortgage process for an FHA loan is similar to any other type of mortgage loan. You’ll fill out an application and provide financial documents like pay stubs, a W-2 and bank statements. Once you find a home, the lender orders an FHA appraisal. If the appraisal supports your sales price, the lender issues a closing disclosure three business days before your closing date. Once you review the figures, you can sign your final paperwork, get your loan funds and take ownership of your new home.
Yes, but you’ll still have to pay both types of mortgage insurance. However, the MIP will automatically drop off after 11 years.
You can ask for a gift or apply for closing cost assistance if you’re short on funds. FHA guidelines allow the home seller to pay up to 6% of your loan amount toward closing costs. You can also ask the lender for a no-closing-cost loan — the lender pays the costs on your behalf and increases your interest rate instead.
No. Anyone who meets FHA loan requirements can qualify for an FHA loan through an FHA-approved lender.
The minimum down payment is 3.5% for an FHA mortgage with a 580 credit score.
No, the FHA doesn’t set income restrictions. However, if you’re applying for down payment assistance (DPA), income limits may apply.