GlenCalc

FHA loan calculator

FHA loans allow small down payments but charge mortgage insurance twice: an upfront premium added to the loan and an annual premium paid monthly. Both are included here; the premium rates are editable because HUD changes them from time to time.

FHA allows 3.5% down with a credit score of 580 or more.

Added to the loan. Check HUD’s current rate.

Paid monthly. Check HUD’s current rate for your loan.

Your answer

Monthly payment$2,724.95$2,115.98 principal and interest
Loan with upfront premium$343,660.63
Upfront premium$5,910.63
Monthly mortgage insurance$154.80
Property tax$320.83
Insurance$133.33

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How we worked it out

Updated as you change the numbers.

  1. Base loan = $350,000.00 − 3.5% = $337,750.00. Upfront premium 1.75% brings it to $343,660.63.
  2. Principal and interest = $2,115.98. Annual premium 0.55% of $337,750.00 ÷ 12 = $154.80.
  3. Total with tax and insurance = $2,724.95.

Method and assumptions

The upfront mortgage insurance premium is a percentage of the base loan, normally financed into it. The annual premium is a percentage of the loan, charged monthly; HUD sets both rates and they depend on the loan size, term and down payment. This calculator uses the base loan for the annual premium as an approximation.

Questions

How long do you pay FHA mortgage insurance?

With less than 10% down, the annual premium usually lasts for the life of the loan; with 10% or more, for 11 years. Check current HUD rules.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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