FHA Loan Calculator 2025
Calculate FHA loan payments, MIP costs, and compare with conventional loans
Loan Details
580+ = 3.5% down | 500-579 = 10% down | Below 500 = Not eligible
FHA Loan Summary
Monthly Payment Breakdown
Principal & Interest$1959.76
Mortgage Insurance (MIP) - 0.55%$132.69
Property Tax$250.00
Home Insurance$150.00
Total Monthly Payment$2492.44
Loan Details
Home Price$300,000
Down Payment (3.5%)$10,500
Base Loan Amount$289,500
Upfront MIP (1.75%, financed)$5,066.25
Total Loan Amount$294,566.25
LTV Ratio96.5%
MIP DurationLife of loan
Lifetime Costs
Total Principal + Interest$705,512.38
Total Interest Paid$410,946.13
Total MIP Paid (Life of loan)$47,767.5
Total Cost of Loan$897,279.88
Cash Needed at Closing
Down Payment$10,500
Estimated Closing Costs (3.5%)$10,132.5
Total Cash at Closing$20,632.5
Note: Upfront MIP is typically financed into the loan, not paid at closing
FHA vs Conventional Comparison
FHA Loan
Down: $10,500
Monthly: $2492.44
Cash at Closing: $20,632.5
Conventional (20% down)
Down: $60,000
Monthly: $1996.73
Cash at Closing: $67,200
FHA Advantage: Save $46,567.5 at closing
Trade-off: FHA monthly payment $495.72 higher due to MIP
💡 Key Insights
- •With 3.5% down, MIP lasts for life of loan. Consider putting 10% down to remove MIP after 11 years.
- •Seller can pay up to 6% in closing costs (vs 3% conventional), potentially saving you $8,685.
- •Your LTV is 96.5%. Consider refinancing to conventional once you reach 80% LTV to eliminate MIP.