FHA Mortgage Calculator
FHA loans include two layers of mortgage insurance: an upfront premium rolled into the loan and an annual premium paid monthly. This calculator factors both into the payment so you can compare an FHA purchase against other options before you apply. All figures are estimates. Actual payments depend on lender, credit, and program. Get a real quote →
FHA Loan Calculator
Includes upfront MIP (1.75%) and annual MIP. All figures are estimates for educational purposes.
Fill in the fields and click Calculate to see your FHA payment breakdown.
All calculations are estimates for educational purposes only and do not constitute a loan commitment or guarantee of any rate or terms. Actual payments will depend on credit score, loan program, property type, and market conditions. NMLS #1277693. Get a real rate quote →
How the FHA Mortgage Calculator Works
FHA loans carry two types of mortgage insurance that conventional loans do not. The first is an upfront mortgage insurance premium of 1.75% of the base loan amount, which gets rolled into your financed balance on day one. The second is the annual MIP, charged monthly, which ranges from 0.50% to 0.85% depending on your loan term and loan-to-value ratio. This calculator shows both so your estimated payment reflects the full cost of an FHA loan, not just principal and interest.
In California, FHA loan limits vary significantly by county. Los Angeles County, Orange County, and San Francisco have higher FHA limits than inland counties, which affects how much you can borrow before needing to look at a conventional or jumbo path. The FHA floor limit for most standard counties is lower; the ceiling for high-cost counties like San Francisco can be considerably higher. Current county limits are confirmed during the application process.
One common use for this calculator is the 3.5% versus 10% down payment comparison. FHA borrowers who put down 10% or more can have MIP removed at year 11. Borrowers who put down less than 10% carry MIP for the life of the loan, which can only be removed by refinancing into a conventional loan once equity and credit support it. Running both scenarios through the calculator shows the monthly and long-term difference.
FHA Mortgage Calculator FAQ
What is MIP on an FHA loan?
MIP stands for mortgage insurance premium. FHA loans require two types: an upfront MIP of 1.75% of the base loan amount (rolled into the loan balance) and an annual MIP paid monthly, which ranges from 0.50% to 0.85% depending on term and LTV. Unlike conventional PMI, FHA MIP is set by HUD and does not automatically drop off for borrowers who put down less than 10%.
How much down payment does an FHA loan require in California?
FHA down payment requirements depend on the borrower's credit score and are set by HUD and the funding lender. The minimum is lower than most conventional loans, which is why FHA is common among first-time buyers. Specific down payment tiers are confirmed during the application process.
When does FHA mortgage insurance go away?
For borrowers who put down less than 10%, FHA MIP stays for the life of the loan. The only way to remove it is to refinance into a conventional loan once your equity, credit score, and income support conventional qualification. Borrowers who put down 10% or more can have MIP removed at year 11. Specific rules are set by HUD and the funding lender.
Can I compare FHA versus conventional using this calculator?
Yes. Run your scenario in this FHA calculator, then run the same numbers in the conventional mortgage calculator using PMI in place of MIP. The key difference is that FHA MIP is a set rate from HUD, while conventional PMI is priced by your lender based on your credit score and LTV. On many scenarios, a borrower with strong credit pays less with conventional even at the same rate.
Is this FHA calculator accurate for Los Angeles and Orange County?
The calculator uses the inputs you provide, including purchase price, down payment, and interest rate. It does not automatically apply county-level FHA loan limits, but you can enter any purchase price and down payment to model your scenario. For a specific loan amount eligibility check against your county's current FHA limit, contact Advanced Funding Solutions.