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FHA Mortgage Insurance Calculator

Animated calculatorEasily calculate the FHA mortgage, funding Fee (UFMIP) & the monthly mortgage insurance fee (MIP) for a 30 and 15-year FHA home loan.

Line 1 - Enter the sales price
Line 2 - Choose the down payment percentage
Line 3 - Choose 15 or 30-years
Line 4 - Find the maximum FHA loan limit with this link >> FHA County Loan Limit..
A new window will open. Choose the state and click Send (you may have to scroll down (or up) to see the send button). The county name is located on the fourth column). After you find the maximum county loan amount for One-Family, Two-Family, Three-Family, or Four-Family home, enter the FHA limit on line/box 4.
5 - Click Calculate
You can enter the FHA interest rate (Line 8), annual real estate taxes (Line 9), homeowner's insurance (Line 10) and any other monthly cost (Line11) for the total monthly FHA loan payment. Detailed operation can be found at the bottom of this page.

  FHA Loan & Funding Fee Calculator
1. Sales Price
2. Down Payment % =
3. Term
4. FHA Maximum Mortgage Amount
5. Base Mortgage Amount  
6. FHA Funding Fee (UFMIP) +  
7. Mortgage Amount (Final) =  
  Monthly Mortgage Payment
8. Principal & Interest  
9. Annual Real Estate Taxes  
10. Annual homeowner's insurance  
11. Other  
12. FHA MIP =  
  Based on January 9, 2015 change  

The FHA monthly mortgage insurance premium is illustrated below. It may seem confusing, but if you follow along, you'll see that it's pretty simple. The base loan amount is the amount you will borrow. Column two is the down payment percentage. LTV is short for loan to value. In other words, how much is the loan amount when compared to the purchase price or appraised value. If you use the minimum down payment (3.5%) and the sales price is $100,000. The loan to value is 96.5% ($100,000 - 3.5%).

The Annual MIP is the cost percentage based on the down payment (or LTV). If the loan amount is less than or equal to $625,000 with a minimum down payment (3.5%), the Annual MIP cost is .85% (30-year loan). Here's the monthly FHA MIP calculation:

Loan Amount = $100,000
X .85%
= $850.00
divided by 12 months = $70.83 monthly cost

The FHA does not use the credit score as a factor with the monthly mortgage insurance cost.

  Monthly Mortgage Insurance (MIP) Calculation
Loan Term greater than 15-years (i.e 30-years)
  Base Loan Amount LTV Effective Annual MIP  
≤ $625,500 ≤ 95.00% 1/26/2015 0.80%  
≤ $625,500 > 95.00% 1/26/2015 0.85%  
> $625,500 ≤ 95.00% 1/26/2015 1.00%  
> $625,500 > 95.00% 1/26/2015 1.05%  
Loan term less than or equal to 15-years with loan to value above 78%
  Base Loan Amount LTV Effective Annual MIP  
Any loan amount < 78.00% 6/3/2013 0.45%  
≤ $625,500 78.01% - 90.00% 4/1/2013 0.45%  
≤ $625,500 > 90.00% 4/1/2013 0.70%  
> $625,500 78.01% - 90.00% 4/1/2013 0.70%  
> $625,500 > 90.00% 4/1/2013 0.95%  

► Why do I need to enter the maximum FHA loan amount?

There are over 30,000 US counties. Most counties have a maximum single-family loan amount of:
  • 1-unit home - $331,760
  • 2-units (duplex) - $424,800
  • 3-units - $513,450
  • 4-units - $638,100

However, there are some high-cost US counties that exceed the typical loan amounts. For this reason, it is important to enter the maximum loan amount for the county where the home is located. The FHA calculator will increase the maximum loan amount for those high-cost counties.

► How do I look up the FHA county loan limit?

When you click on the FHA County Loan Limit link above, a new window will open in your browser.

FHA county loan lookup

The window is the FHA loan limit lookup page. Choose the state and click “Send”. HUD/FHA will present the county FHA loan limits for the state chosen. The county is located on the fourth column (go figure). To the right of the county names are the loan limits for one, two, three, and four-unit homes. Enter the appropriate loan limit on line/box 4.

Fha county limits

How to qualify for an FHA loan

The FHA home loan is the easiest mortgage to obtain. The down payment is only 3.5% and the seller can pay a large percentage of the buyer's closing costs and the FHA permits co-signers to support the loan application. Read more about FHA qualifications

What are the differences between an FHA loan vs conventional?

There are at least 10 differences between the FHA and conventional loan. The maximum loan amounts are significantly different in most US counties, the monthly mortgage insurance costs are totally different and the seller paid closing costs are limited with conventional loans.
Read more

What are the FHA closing costs?

There are no additional closing costs associated with an FHA home loan, other than the mortgage insurance premium; although the mortgage insurance cost may be financed in the loan.

What are the FHA loan interest rates?

You might be surprised to know that the FHA interest rates can actually be lower than other mortgage programs. See FHA interest rates

What is the minimum credit score for an FHA loan?

The minimum credit score for an FHA mortgage is 500, however, even though the FHA will accept a 500 credit score doesn't mean that the lender will accept an applicant with a 500 credit score. Lenders can raise the credit bar over the minimum credit score set by the FHA. Read more