FHA Mortgage Loan Calculator


The FHA loan calculator helps you estimate the costs and monthly payments, including property tax, mortgage, and homeowner's insurance. It Estimates Your Monthly Mortgage Payment

What is an FHA Loan?

FHA (Federal Housing Administration) loan is a home mortgage insured by the government and issued by a bank or other lender the agency approves. Federal Housing Administration loans require a down payment lower minimum than many conventional loans, and applicants may have lower credit scores than are usually needed. The FHA loan has designed to help low- to moderate-income families attain homeownership. They are particularly popular with first-time homebuyers.

What is the FHA loan limit to increase in 2023?

Low-cost county FHA loan limits for 2023 are $472,030, while high-cost limits are $1,089,300 for one-unit homes. Higher limits are available for buyers of two to four-unit homes.

How to use the FHA loan calculator?

The following inputs go into the FHA loan calculator. The more information you can put in, the more accurate the estimate could be.

To use this FHA (Federal Housing Administration) calculator, We should know how much we can afford to put down on a home and the minimum down payment expects to make based on our credit score and the term of the loan.

  • Cost of the home.
  • Down payment.
  • Loan amount.
  • Estimated interest rate.
  • Life of the loan.
  • Property taxes.
  • Homeowners Insurance.
  • HOA (homeowners association) fees.

How can the FHA calculator help us?

There are two significant ways an FHA calculator may help us

Determining your DTI (debt-to-income) ratio:

Lenders will divide your gross income by the total amount of debt you have, including your new FHA mortgage payment, and the cap is usually 43%. Using the calculator can help you avoid buying more homes than lenders allow.

Experimenting with different property taxes, interest rates, and terms:

If we are on a tight budget, entering the actual property tax bill and homeowners insurance quotes on homes we are interested in may help you decide if the new mortgage payment is cheap.


What is an FHA calculator?

The FHA Loan calculator helps you estimate the monthly payments and total cost of financing your home with an FHA loan. The FHA home loan calculator also provides the numbers you need to make the best decision in choosing the right FHA-approved lender for your mortgage loan.

What is the minimum down payment for an FHA mortgage?

It is 3.5% for an FHA mortgage with a 580 credit score.

What is the FHA calculator formula?

Instead, you multiply the base loan amount by the mortgage insurance rate and divide by 12. For example, an FHA loan of $482,500 with a 3.5 percent down payment comes with a mortgage insurance rate of 85 basis points 85 %. The calculation for the annual premium is as follows: $482,500 *.

What includes in an FHA loan payment?

A typical FHA loan payment includes the loan balance's principal and interest, mortgage insurance premiums, monthly homeowners insurance fees, and monthly property taxes. FHA homeowners who live in a condo or PUD must also pay monthly homeowners association (HOA) dues.