FHA Loan Calculator

Calculate your FHA loan monthly payment including upfront and annual mortgage insurance premiums.

Loan Details

₹5L₹5Cr
5%20%
1 yr30 yrs

Monthly EMI

₹43,391

Principal

₹50,00,000

Total Interest

₹54,13,879

Total Payment

₹1,04,13,879

Interest Ratio

52%

Payment Breakdown

PrincipalInterest

FHA Loan Calculator Formula & How It Works

MIP Upfront = Loan Amount × 1.75% | Annual MIP = Loan Amount × MIP Rate (0.45–1.05%)
  • Upfront MIP = 1.75% of loan amount (can be financed)
  • Annual MIP rate depends on loan amount, term, and LTV
  • MIP required for life of loan if down payment < 10%
  • Monthly MIP = Annual MIP ÷ 12, added to payment

FHA loans require mortgage insurance premium (MIP) regardless of down payment, unlike conventional PMI which drops at 20% equity. The upfront MIP (1.75%) is paid at closing or rolled into the loan. Annual MIP is paid monthly and typically ranges from 0.45% to 1.05% of the loan balance.

FHA Loan Calculator FAQs

What are the benefits of an FHA loan?

FHA loans allow down payments as low as 3.5% (with 580+ credit score), have more lenient debt-to-income requirements, and are assumable. They're popular for first-time home buyers and those with less-than-perfect credit.

When does FHA MIP go away?

With a down payment below 10%, annual MIP lasts for the life of the loan. With 10%+ down, MIP ends after 11 years. To remove MIP earlier, refinance into a conventional loan once you have 20% equity.

What is the minimum credit score for an FHA loan?

580+ credit score qualifies for 3.5% down payment. 500–579 requires 10% down. Most FHA lenders add 'overlays' requiring 620–640+, so check with specific lenders.

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