FHA Loan Calculator
Estimate monthly payments including FHA MIP, taxes, insurance, and HOA.
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Enter Loan Details
Your Results
Monthly Payment
$3,114.09
| Item | Monthly | Total |
|---|---|---|
| Mortgage Payment | $3,114.09 | $1,121,070.84 |
| Property Tax | $500.00 | $180,000.00 |
| Home Insurance | $208.33 | $75,000.00 |
| Annual MIP | $221.15 | $79,612.50 |
| Other Costs | $416.67 | $150,000.00 |
| Total Out-of-Pocket | $4,460.23 / $1,605,683.34 | |
House Price: $500,000.00
Loan Amount with Upfront MIP: $491,250.00
Down Payment: $17,500.00
Upfront MIP: $8,750.00
Total of 360 Mortgage Payments: $1,121,070.84
Total Interest: $629,820.84
Mortgage Payoff Date: Aug. 2054
Understanding FHA Mortgage Insurance
What is FHA MIP?
FHA loans require Mortgage Insurance Premiums (MIP): an upfront fee that’s usually financed into the loan, and an annual fee paid monthly. MIP protects lenders and enables lower down payments.
When does MIP end?
Depending on your down payment and term, the annual MIP may last the entire loan term or drop off after 11 years. Use the duration selector to see its impact.
Key Formulas
Monthly Mortgage Payment:
M = P · r / (1 − (1 + r)−n)
Monthly Annual MIP:
MIPm = P × amip / 12