Backed by the Federal Housing Administration, an FHA loan typically allows a lower down payment and more flexible credit requirements than a conventional mortgage, which makes it a common path for first-time buyers. Enter your home price, down payment, and rate, and this FHA loan calculator estimates your monthly payment, including mortgage insurance premiums that FHA loans require.
FHA Loan Calculator
Estimate total monthly housing payments including standard FHA upfront and annual mortgage insurance (MIP).
Monthly Payment Breakdown
That mortgage insurance is worth understanding upfront, since FHA loans include both an upfront premium and an ongoing monthly premium that adds to your payment beyond principal and interest. Depending on your down payment, this premium may last for the life of the loan rather than dropping off once you reach a certain equity threshold, unlike private mortgage insurance on a conventional loan.
If you’re not sure an FHA loan is the right fit, our home mortgage calculator and home loan calculator can help you compare against a conventional loan. Our home affordability calculator can also confirm the price range that fits your budget either way.