FHA Loan calculator

How to use this FHA loan calculator

What this calculator does

This calculator estimates the core cash and financing amounts for a fixed-rate FHA home-purchase mortgage. From the purchase price, down-payment percentage, term, interest rate, and annual mortgage-insurance premium, it derives the down payment, FHA base loan, 1.75% upfront mortgage-insurance premium, total financed FHA loan, monthly principal-and-interest payment, monthly MIP, combined monthly payment, periodic interest rate, number of payments, and a simplified full-term cost. It is a planning tool, not an underwriting decision, eligibility test, APR disclosure, or lender quote. It does not add property taxes, homeowners insurance, HOA dues, discount points, lender fees, closing costs, escrow adjustments, or county-specific loan-limit checks.

Use it when you are comparing a few FHA offers, testing how a larger down payment affects cash needed and monthly cost, checking the effect of a different interest rate or term, or reconciling a lender's rough payment estimate before you receive formal disclosures. HUD explains that FHA insurance is provided on loans made by approved lenders and notes that qualifying borrowers can have a down payment as low as 3.5%; see HUD's overview of FHA home loans for program context.

How to calculate

1. The calculator opens with a complete demonstration: a $300,000 home price, 3.5% down payment, 30-year term, 6.5% annual interest rate, and 0.55% FHA Annual MIP. The example results and Excel workbook are available immediately.
2. Replace the demonstration values with the assumptions from the property and loan offer you are evaluating. Results update live; there is no separate Calculate button.
3. Read Total monthly payment first, then compare the financing components in the result cards and the full Loan breakdown table. The monthly figure here is principal and interest plus monthly MIP only.
4. Select Download Excel to create a fresh workbook from the current validated values. The workbook includes Summary, Inputs, and Breakdown sheets with typed numbers and spreadsheet number formats.
5. Select Reset when you want to clear the demonstration and all current loan data. Reset intentionally leaves the calculator empty, so Download Excel is disabled until you enter a complete valid state again.

Input guide

Home price is required and must be a positive U.S.-dollar amount. You may enter plain digits, decimals, or standard comma grouping, such as 300000, 300,000, or $300,000. Higher prices generally increase the down payment, financed balance, MIP, and monthly payment. Decimal-comma notation such as “300000,50” is rejected rather than silently reinterpreted.

Down payment percentage is required, entered as a percent from 0 to 99.99, and may include a trailing percent sign. The example uses 3.5%. A higher percentage raises cash paid up front but lowers the FHA base loan, upfront MIP, monthly MIP, and principal-and-interest payment. Do not enter a dollar down payment in this field.

Loan term is required as a whole number of years from 1 to 50; the example uses 30 years. Longer terms usually reduce the monthly principal-and-interest payment but increase the number of payments and often increase the full-term financing cost. Fractions, commas, and scientific notation are not accepted.

Interest rate is the annual nominal mortgage rate, required from 0% to 30%; the demonstration uses 6.5%. The calculator divides this rate by 12 for the periodic monthly rate. A higher rate raises the principal-and-interest payment and full-term cost. Enter the note rate, not the APR, because APR can include fees that this calculator does not model.

FHA Annual MIP is the annual mortgage-insurance rate used for the monthly MIP estimate, required from 0% to 5%; the example uses 0.55%. Higher MIP increases the monthly and full-term estimates but does not change the amortizing principal-and-interest payment. FHA premium rules can change, so compare your entered rate with the current FHA Single Family Housing Policy Handbook 4000.1 or your lender's case-specific quote.

Output guide

Your down payment is the home price multiplied by the entered percentage. FHA base loan amount is the price minus that down payment. FHA Upfront MIP is modeled at 1.75% of the base loan. Total FHA loan amount adds the financed upfront MIP to the base loan and is the principal used by the fixed-rate payment formula. These are dollar estimates; a zero value normally means an invalid or boundary input rather than a loan recommendation.

Monthly mortgage payment is the fixed principal-and-interest payment on the total FHA loan amount. Monthly MIP is the base loan multiplied by the annual MIP rate and divided by 12. Total monthly payment adds those two values. For budgeting, remember that CFPB's Loan Estimate explainer notes that taxes, insurance, and other charges can make the actual total monthly housing payment higher than principal and interest.

Total cost of loan in this calculator is the combined monthly estimate multiplied by the number of scheduled payments. It is a simplified comparison measure, not a statutory finance charge or cash-to-close amount. Periodic interest rate is the annual note rate divided by 12 and is shown as a monthly percentage. Number of payments is the loan term in years multiplied by 12. The Loan breakdown table repeats these canonical results with short interpretations so the table and Excel export stay consistent with the primary result cards.

Worked example

With the opening example, a $300,000 home and 3.5% down payment produce a $10,500.00 down payment and a $289,500.00 FHA base loan. A 1.75% upfront MIP is $5,066.25, so the financed FHA loan becomes $294,566.25. At 6.5% for 360 monthly payments, principal and interest are about $1,861.86 per month. A 0.55% annual MIP on the base loan is about $132.69 per month. Added together, the first-open Total monthly payment is $1,994.55. The full-term planning estimate is the monthly total multiplied by 360, or about $718,036.77.