FHA Loan Payment Calculator (Without MIP)

Our FHA loan calculator can help you determine what your monthly mortgage payment might be, based on the loan amount, interest rate, and repayment term. Note: This calculator does not include mortgage insurance premiums (MIP) for the reasons stated below.

About This FHA Loan Calculator

Our FHA loan calculator is designed to give you a ballpark estimate of what your monthly payments might be, based on three factors: (1) the principal loan amount, (2) the interest rate, and (3) the length of the repayment term.

This tool is not designed to give you a precise payment amount. Your actual payments will vary based on several factors that can’t be determined until you lock in your interest rate.

Why It Doesn’t Include Mortgage Insurance Premium (MIP)

Our FHA loan calculator does not include mortgage insurance premiums (MIP). You’ll find this to be true for most FHA payment calculators available online. There are two reasons for this. The first reason is that HUD changes their MIP formula from time to time. In fact, they’ve changed it four times in the last five years. So it’s difficult to create a calculator that includes the MIP.

Also, the premium amount will vary based on the loan-to-value ratio and the repayment term. These factors make it difficult to include MIP in a simple FHA payment calculator like the one above.

General Disclaimers About This FHA Calculator

This mortgage calculator is not meant to be used as a financial planning tool. It is only meant to give you a ballpark estimate of how much your monthly payment might be, excluding MIP.

This tool was designed by third parties not affiliated with our company. The results provide by this FHA loan calculator are deemed reliable but are not guaranteed to be accurate. To find out exactly what your payments will be, you’ll have to get a quote from a mortgage lender.

The Importance of Budgeting When Buying a Home

It’s wise to have a monthly housing budget in mind before you start talking to mortgage lenders. That’s one of the reasons we’ve provided this FHA calculator. It is designed to make you think about the monthly cost of a mortgage loan, as well as the total cost over time.

Inexperienced home buyers sometimes look to their lenders for budgeting advice and guidance. But this is not the lender’s job or responsibility — it’s yours. A bank or mortgage company can only tell you how much they are willing to lend you. They cannot (and should not) tell you how much you can comfortably afford to pay each month. You have to determine this for yourself.