FHA Loan Calculator — Estimate Your Mortgage Payment
Free FHA loan calculator and conventional mortgage calculator. Estimate your monthly payment including FHA MIP, property taxes for all 50 states, insurance, and PMI. Switch between loan types instantly — no signup required.
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Estimated monthly payment
$2,799
Loan amount: $343,661 · 30-year FHA
Recommended gross income: $108,347/yr(31% DTI rule)
Payment breakdown
Amortization schedule
Loan amount
$343,661
Total interest
$462,887
Total paid
$806,548
Payoff
30y 0m
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $3,628 | $23,257 | $340,033 |
| Year 2 | $3,882 | $23,003 | $336,151 |
| Year 3 | $4,155 | $22,730 | $331,996 |
| Year 4 | $4,446 | $22,439 | $327,550 |
| Year 5 | $4,758 | $22,127 | $322,792 |
| Year 6 | $5,092 | $21,793 | $317,700 |
| Year 7 | $5,449 | $21,436 | $312,251 |
| Year 8 | $5,831 | $21,054 | $306,420 |
| Year 9 | $6,240 | $20,644 | $300,179 |
| Year 10 | $6,678 | $20,207 | $293,501 |
| Year 11 | $7,147 | $19,738 | $286,354 |
| Year 12 | $7,648 | $19,237 | $278,706 |
| Year 13 | $8,185 | $18,700 | $270,521 |
| Year 14 | $8,759 | $18,126 | $261,762 |
| Year 15 | $9,374 | $17,511 | $252,388 |
| Year 16 | $10,031 | $16,854 | $242,357 |
| Year 17 | $10,735 | $16,150 | $231,622 |
| Year 18 | $11,488 | $15,397 | $220,134 |
| Year 19 | $12,294 | $14,591 | $207,839 |
| Year 20 | $13,157 | $13,728 | $194,682 |
| Year 21 | $14,080 | $12,805 | $180,602 |
| Year 22 | $15,068 | $11,817 | $165,534 |
| Year 23 | $16,125 | $10,760 | $149,409 |
| Year 24 | $17,256 | $9,629 | $132,153 |
| Year 25 | $18,467 | $8,418 | $113,686 |
| Year 26 | $19,763 | $7,122 | $93,923 |
| Year 27 | $21,149 | $5,736 | $72,774 |
| Year 28 | $22,633 | $4,252 | $50,141 |
| Year 29 | $24,221 | $2,664 | $25,920 |
| Year 30 | $25,920 | $965 | $0 |
Disclaimer: The results provided by this calculator are estimates for informational purposes only and do not constitute financial, legal, or tax advice. Actual loan terms, interest rates, monthly payments, and total costs will vary based on your credit profile, lender, and other factors. Property tax rates shown are state averages and may differ from your local rate. FHA mortgage insurance premiums (MIP) are based on current HUD guidelines and are subject to change. Always consult a licensed mortgage professional or financial advisor before making any borrowing decisions. HitCalc is not a lender and does not offer mortgage products.
Rates, tax averages, and program figures last verified July 2026 against published HUD, FHFA, and state sources.
How to lower your mortgage payment
Increase your down payment
Every additional 1% down reduces your loan balance and monthly payment. Reaching 20% eliminates PMI entirely — saving $100–$200/mo on a $400K loan.
Shop at least 3 lenders
Mortgage rates vary by 0.5–1% between lenders for the same borrower. On a $400K loan, a 0.5% rate difference is ~$100/mo and $36,000 over 30 years. Always get multiple quotes.
Buy discount points
One point costs 1% of the loan and typically reduces your rate by 0.25%. Run the break-even: if you plan to stay 7+ years, buying points usually pays off.
Choose a 30-year over a 15-year term
A 30-year term has a lower monthly payment than a 15-year, though you pay more total interest. If cash flow is the concern, 30 years with extra payments gives the most flexibility.
Improve your credit score before applying
A 700 vs 760 credit score can mean a 0.5–1% rate difference. Pay down credit cards below 30% utilization and avoid new credit inquiries for 6 months before applying.
Choose a state with lower property taxes
Property tax varies from 0.28% (Hawaii) to 2.27% (Illinois). On a $400K home, that's $1,120/yr vs $9,080/yr. The calculator pre-fills your state's rate — try different states to see the impact.
How our FHA MIP calculator works
FHA mortgage insurance premium (MIP) is automatically calculated in our FHA loan calculator. Most calculators ignore this — we include both parts:
Upfront MIP — 1.75%
Charged once at closing and typically financed into your loan amount. On a $330,000 loan this adds $5,775 to your balance.
Annual MIP — 0.55%/yr
Paid monthly for the life of your FHA loan if you put less than 10% down. On a $330,000 loan this is approximately $151/month.
MIP rates based on current HUD guidelines for loans with less than 10% down payment and loan terms greater than 15 years.
Frequently asked questions
What is included in a monthly mortgage payment?
A monthly mortgage payment typically includes principal and interest, property taxes, homeowner's insurance, and PMI if your down payment is less than 20%. FHA loans also include an annual mortgage insurance premium (MIP).
What is the minimum down payment for an FHA loan?
The minimum down payment for an FHA loan is 3.5% for borrowers with a credit score of 580 or higher. Borrowers with scores between 500–579 are required to put down at least 10%.
What is FHA MIP and how is it calculated?
FHA MIP (Mortgage Insurance Premium) has two parts: an upfront premium of 1.75% of the loan amount, which is typically financed into the loan, and an annual premium of 0.55% paid monthly. Our calculator includes both automatically.
How much house can I afford?
A common guideline is to keep your total monthly housing payment below 28% of your gross monthly income. Use our mortgage calculator to estimate payments at different price points and find what fits your budget.
What is the difference between FHA and conventional loans?
FHA loans are government-backed and allow lower credit scores (580+) and down payments as low as 3.5%, but require mortgage insurance for the life of the loan. Conventional loans typically require a 620+ credit score and 3–20% down, but PMI can be removed once you reach 20% equity.
How does property tax affect my mortgage payment?
Property tax is collected monthly by your lender and held in escrow, then paid to your local government annually. Rates vary significantly by state — from 0.28% in Hawaii to 2.47% in New Jersey. Our calculator automatically applies your state's average rate.
Mortgage calculators by state
Get a more accurate estimate with your state's local property tax rate pre-filled.
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