FHA Loan Calculator
FHA loans let you buy with as little as 3.5% down and more flexible credit, in exchange for mortgage insurance premiums (MIP) — an upfront fee plus an annual premium. They're popular with first-time buyers. Use the calculator to estimate your FHA payment.
- Minimum down payment
- 3.5% (580+ credit score)
- Mortgage insurance
- Upfront MIP 1.75% + annual MIP
- Best for
- First-time buyers, lower credit/down payment
Payment breakdown
- Principal & interest$2,276.37
- Property tax$330.00
- Home insurance$105.00
- PMI$318.42
Balance over time
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,632 | $23,684 | $343,768 |
| 2 | $3,889 | $23,428 | $339,879 |
| 3 | $4,164 | $23,153 | $335,715 |
| 4 | $4,458 | $22,858 | $331,257 |
| 5 | $4,773 | $22,543 | $326,483 |
| 6 | $5,111 | $22,206 | $321,373 |
| 7 | $5,472 | $21,844 | $315,901 |
| 8 | $5,859 | $21,458 | $310,042 |
| 9 | $6,273 | $21,043 | $303,769 |
| 10 | $6,717 | $20,600 | $297,052 |
| 11 | $7,191 | $20,125 | $289,861 |
| 12 | $7,700 | $19,617 | $282,161 |
| 13 | $8,244 | $19,072 | $273,917 |
| 14 | $8,827 | $18,490 | $265,090 |
| 15 | $9,451 | $17,866 | $255,639 |
| 16 | $10,119 | $17,198 | $245,520 |
| 17 | $10,834 | $16,482 | $234,686 |
| 18 | $11,600 | $15,716 | $223,086 |
| 19 | $12,420 | $14,896 | $210,666 |
| 20 | $13,298 | $14,018 | $197,367 |
| 21 | $14,238 | $13,078 | $183,129 |
| 22 | $15,245 | $12,072 | $167,884 |
| 23 | $16,323 | $10,994 | $151,562 |
| 24 | $17,476 | $9,840 | $134,085 |
| 25 | $18,712 | $8,605 | $115,374 |
| 26 | $20,035 | $7,282 | $95,339 |
| 27 | $21,451 | $5,866 | $73,888 |
| 28 | $22,967 | $4,349 | $50,921 |
| 29 | $24,591 | $2,726 | $26,330 |
| 30 | $26,330 | $987 | $0 |
Frequently asked questions
How much is an FHA loan down payment?
FHA requires as little as 3.5% down with a credit score of 580 or higher (10% from 500–579). On a $360,000 home, 3.5% is $12,600 — far less than the 20% a conventional loan needs to avoid mortgage insurance.
What is FHA MIP?
FHA mortgage insurance premium has two parts: an upfront premium of 1.75% of the loan (often financed) and an annual premium paid monthly. Unlike conventional PMI, FHA MIP usually lasts the life of the loan unless you put 10%+ down or refinance.
Is an FHA loan a good idea?
FHA loans are great when you have limited savings or a lower credit score. The trade-off is mortgage insurance that's harder to remove than conventional PMI. Many buyers use FHA to get in, then refinance to a conventional loan once they have 20% equity.
Sources: U.S. Department of Housing and Urban Development (FHA); U.S. Department of Veterans Affairs (VA loans); Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.