FHA loan calculator that computes your monthly payment with MIP, upfront premium, taxes, and insurance included. Free, runs in your browser, no signup.
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$350k home, 3.5% down
What this means for your numbers: Upfront MIP adds $6,108 to the worked example's loan and the monthly MIP adds $217/month. Conventional PMI would be ~$140/month but requires 5% down instead of 3.5%.
Illustrative breakdown using the worked example above. The calculator computes your own numbers with the same formula.
Worked example: $300,000 at 6.5 percent with 0.55 percent MIP
Take a $300,000 loan at 6.5 percent APR over 360 months with the standard 0.55 percent annual MIP. The monthly rate is 6.5 divided by 12, or 0.541667 percent. The payment formula is P times r divided by (1 minus (1+r) to the power of -360). Here that is 300,000 times 0.00541667, which is $1,625.00, divided by (1 minus 1.00541667 to the -360). The discount factor works out to 0.856985, so principal and interest equal $1,625.00 divided by 0.856985, or $1,896.20 per month.
MIP is simpler: 300,000 times 0.0055 divided by 12 gives $137.50 per month. Total FHA payment: $2,033.70. The amortization table shows why MIP matters: in year 1 you pay $19,401.27 in interest but only $3,353.18 in principal, leaving the balance at $296,646.82. Over 11 years (the usual MIP duration when you put less than 10 percent down) that $137.50 adds up to $18,150, which is why the calculator displays it as a separate line rather than burying it in the total.
What the FHA payment leaves out
The $2,033.70 figure is not your full monthly housing cost. FHA underwriting also requires an upfront mortgage insurance premium of 1.75 percent of the loan, which is $5,250 on this example; most borrowers finance it, which would raise the loan to $305,250 and the P and I payment to about $1,929.85. Property tax and homeowner's insurance escrow are separate too, often $300 to $600 per month depending on the state.
The MIP rate itself is not fixed by this calculator. The 0.55 percent annual rate applies to loans over 95 percent loan-to-value; at or below 90 percent LTV it is 0.45 percent, which would be $112.50 per month here and a $2,008.70 total. Loans of 15 years or less carry lower rates, from 0.15 to 0.45 percent. Also note the tool uses the APR field as the note rate; if your quoted APR includes the financed upfront MIP and other costs, entering it directly will overstate the payment. For comparison, a conventional loan with 20 percent down ($240,000 at 6.0 percent) runs about $1,438.92 with no mortgage insurance at all.
