FHA Loan Calculator

Home Price 
Down Payment
Loan Termyears
Interest Rate%
Upfront FHA MIP%
Annual FHA MIP%
Annual FHA
MIP Duration

Property Taxes
Home Insurance/year
HOA Fee/year
Other Costs/year
Start Date

Monthly Pay:   $923.45

Mortgage Payment$923.45$332,443.43
Property Tax$200.00$72,000.00
Home Insurance$100.00$36,000.00
Annual MIP$136.71$49,215.00
Other Costs$250.00$90,000.00
Total Out-of-Pocket$1,610.16$579,658.43
House Price$200,000.00
Loan Amount with Upfront MIP$196,500.00
Down Payment$7,000.00
Upfront MIP$3,500.00
Total of 360 Mortgage Payments$332,443.43
Total Interest$135,943.43
Mortgage Payoff DateApr. 2047

*MIP: Mortgage Insurance Premium


Mortgage Amortization Graph

An FHA loan is a mortgage loan insured by Federal Housing Administration in the United States. The FHA insured loans help lower income U.S. residents to purchase home with lower down payment percentage and lower credit score requirements. Accordingly, the closing cost is normally also lower. To qualify, the FHA charges an upfront mortgage insurance premium and annual mortgage insurance premium. The upfront mortgage insurance premium is the same for all, which is 1.75% of the loan amount. The upfront mortgage insurance premium can be financed into the mortgage loan. The annual mortgage insurance premium varies based on the loan term, loan amount, and the loan-to-value (LTV) ratio. The annual mortgage insurance premium was normally collected every month throughout the entire loan term.

2016 and 2017 FHA Annual MIP Rates

Loan Term—Longer than 15 Years

Loan AmountLTV RatioAnnual MIP Ratio
$625,500 or Less95% or Less0.8%
$625,500 or Lessmore than 95%0.85%
More than $625,50095% or Less1%
More than $625,500more than 95%1.05%

Loan Term—15 Years or Less

Loan AmountLTV RatioAnnual MIP Ratio
$625,500 or Less90% or Less0.45%
$625,500 or Lessmore than 90%0.7%
More than $625,50078% or Less0.45%
More than $625,50078% - 90%0.7%
More than $625,500more than 90%0.95%