FHA Loan Calculator 2026 — Free Monthly Payment Estimate
Calculate your FHA loan monthly payment including MIP, taxes, and insurance. See how a 3.5% down payment and competitive rates affect your home buying budget.
Free Mortgage Calculator with Full PITI — Taxes, Insurance & PMI Included
TruePITI — See the Real Monthly Cost. Accurate payment estimates including principal, interest, taxes, insurance & PMI. No signup, calculations run entirely in your browser. Supports Conventional, FHA, VA, and USDA loans with full amortization schedule.
Loan Parameters
Government-backed, 3.5% down. MIP required for life of loan.
Current FHA Loan avg: 6.46%
Debt-to-Income (DTI) Calculator
Lenders use DTI ratio to determine how much you can borrow. Most loans require DTI below 36-43%.
Scenario Presets
Estimated Monthly Payment
Based on the national 30-year average of 6.71% (Freddie Mac PMMS, 09/03/2026). Your rate may vary.
Includes $131/mo PMI
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Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $3,383 | $21,034 | $311,617 |
| Year 2 | $3,617 | $20,800 | $308,000 |
| Year 3 | $3,867 | $20,549 | $304,133 |
| Year 4 | $4,135 | $20,282 | $299,998 |
| Year 5 | $4,421 | $19,996 | $295,577 |
| Year 6 | $4,727 | $19,690 | $290,850 |
| Year 7 | $5,054 | $19,362 | $285,796 |
| Year 8 | $5,404 | $19,013 | $280,392 |
| Year 9 | $5,778 | $18,639 | $274,614 |
| Year 10 | $6,178 | $18,239 | $268,436 |
| Year 11 | $6,605 | $17,811 | $261,831 |
| Year 12 | $7,062 | $17,354 | $254,769 |
| Year 13 | $7,551 | $16,866 | $247,218 |
| Year 14 | $8,074 | $16,343 | $239,144 |
| Year 15 | $8,632 | $15,784 | $230,512 |
| Year 16 | $9,230 | $15,187 | $221,283 |
| Year 17 | $9,868 | $14,548 | $211,414 |
| Year 18 | $10,551 | $13,865 | $200,863 |
| Year 19 | $11,281 | $13,135 | $189,581 |
| Year 20 | $12,062 | $12,354 | $177,519 |
| Year 21 | $12,897 | $11,520 | $164,622 |
| Year 22 | $13,789 | $10,627 | $150,833 |
| Year 23 | $14,744 | $9,673 | $136,089 |
| Year 24 | $15,764 | $8,653 | $120,325 |
| Year 25 | $16,855 | $7,562 | $103,471 |
| Year 26 | $18,021 | $6,395 | $85,449 |
| Year 27 | $19,268 | $5,148 | $66,181 |
| Year 28 | $20,602 | $3,815 | $45,579 |
| Year 29 | $22,027 | $2,389 | $23,552 |
| Year 30 | $23,552 | $865 | $0 |
Your estimated payment is $2,607/mo. Principal & interest is $2,035/mo, property tax $321/mo and insurance $120/mo.
PMI adds $131/mo (~$1,575/yr) because your down payment is under 20%. That’s roughly $3,150 over the next two years — money that stops once you reach 20% equity (request removal, or refinance when rates justify it).
Over 30 years you’ll pay $417,498 in interest — 57% of the total $732K lifetime cost. At today’s 6.71% rate that interest share is typical; it is why rate matters more than any other input.
Rate sensitivity: a +1 point move (to 7.71%) adds ~$213/mo (≈$76,782 over 30 yrs); a −1 point move (to 5.71%) saves ~$204/mo.
Next steps to consider
📖 Learn more about mortgage calculations▼
Frequently Asked Questions
How do you calculate my monthly mortgage payment?+
We use the standard amortization formula to calculate your principal and interest, then add property taxes, homeowner's insurance, PMI (if applicable), and HOA fees to give you the true monthly cost. Our calculator supports both fixed-rate and decreasing payment methods.
What loan types do you support?+
Our calculator supports Conventional, FHA, VA, and USDA loan types. Each has different requirements for down payment, mortgage insurance, and eligibility. We also have dedicated rate pages for FHA, VA, and USDA loans with detailed eligibility information.
Why does the 'decreasing' payment option show lower total cost?+
With decreasing payments (also known as equal principal payments), you pay a fixed amount toward principal each month plus interest on the remaining balance. Early payments are higher, but you pay much less total interest over the life of the loan compared to fixed payments.
What is PMI and how is it calculated?+
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. Our calculator automatically estimates PMI based on your loan-to-value (LTV) ratio. PMI typically ranges from 0.5% to 1.5% of the loan amount annually, and can be removed once you reach 20% equity.
Are your calculators accurate for FHA/VA/USDA loans?+
Yes. Our dedicated rate pages for FHA, VA, and USDA loans include specific calculations for MIP (FHA), funding fees (VA), and guarantee fees (USDA). We also factor in FHA loan limits and eligibility requirements.
Do I need to sign up or provide personal information?+
No. All our calculators work entirely in your browser. We collect no personal data, require no email, and make no phone calls. Your privacy is our priority.
Why Trust TruePITI?
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Includes taxes, insurance, PMI, HOA — the costs other calculators hide.
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Current Rates vs National Average
Source: Freddie Mac PMMS (09/03/2026). Rates change weekly; see /mortgage-rates for the latest.
Formula Reference: Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1] where P = principal, r = monthly interest rate, n = number of payments.
Rate data sourced from Freddie Mac Primary Mortgage Market Survey® (PMMS) and Federal Reserve Economic Data (FRED). All calculations follow CFPB standard mortgage formulas.
⚠️ Disclaimer
The calculations and information provided on this website are for informational purposes only and should not be considered financial advice. Actual mortgage rates, payments, and terms may vary. Always consult with a qualified mortgage professional or financial advisor before making financial decisions. We are not a mortgage broker or lender.
📘 How this calculator works▼
Free Mortgage Calculator: How Your Monthly Payment Is Calculated
Understanding how your mortgage payment is calculated is the first step to making smart home buying decisions. Our free mortgage calculator gives you the complete picture — not just principal and interest, but the real monthly cost including property taxes, homeowner's insurance, PMI, and HOA fees.
What Makes Our Mortgage Calculator Different?
Most calculators only show you the principal and interest payment. But your actual monthly payment — often called PITI (Principal, Interest, Taxes, Insurance) — includes much more. Our calculator factors in:
- Property taxes — Varies by county and state, typically 0.5%–2.5% of home value annually
- Homeowner's insurance — Usually $80–$200/month depending on location and coverage
- PMI (Private Mortgage Insurance) — Required if down payment is less than 20%, typically 0.5%–1.5% of loan amount annually
- MIP (Mortgage Insurance Premium) — Required for FHA loans, upfront and annual premiums
- VA funding fee — One-time fee for VA loans, varies by down payment and service type
- USDA guarantee fee — Upfront and annual fees for USDA loans
Mortgage Calculator for Different Loan Types
Each loan type has different requirements and costs. Use our calculator to compare:
- Conventional mortgage calculator — 3% minimum down, PMI required under 20% down
- FHA loan calculator — 3.5% minimum down, MIP required for life of loan
- VA loan calculator — 0% down for eligible veterans, no PMI, funding fee applies
- USDA loan calculator — 0% down for rural properties, income limits apply
Fixed vs Decreasing Mortgage Payments
Our calculator supports both fixed-rate P&I payments (same amount every month) and decreasing payments (equal principal plus declining interest). Fixed payments are easier to budget, while decreasing payments save on total interest over the life of the loan.
How to Reduce Your Monthly Mortgage Payment
- Make a larger down payment (20%+ to eliminate PMI)
- Shop for lower mortgage rates — even 0.25% lower can save thousands
- Refinance when rates drop
- Make extra payments to reduce principal faster
- Appeal your property tax assessment if it's too high
- Shop for cheaper homeowner's insurance
Try our free mortgage calculator now to see your true monthly payment. No signup, no email, no phone calls — just accurate instant results.
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Methodology & Assumptions
How this calculator works, what it assumes, and where it falls short. Every calculator on TruePITI documents its math.
Formula
- P&I via standard amortization at the entered rate. MIP = 1.75% upfront (added to the loan) + 0.55% annual on the base loan amount, charged monthly. Loan limits checked against 2026 FHA limits.
Assumptions
- Minimum down payment 3.5% (credit 580+); 10% down required below 580.
- Upfront MIP financed into the loan (standard practice).
- Annual MIP 0.55% for loans >95% LTV; 0.50% for ≤95% with terms 15+ years.
Limitations
- Does not model state/local down-payment assistance combinations.
- Mortgage insurance premium reductions for short-term loans (<15 years) not shown at 30-year default.
- Credit-score-based pricing adjustments not modeled — your lender's rate will differ.
Worked Example
- $300,000 at 3.5% down = $289,500 loan. MIP = $289,500 × 0.0055 ÷ 12 = $133/mo. Upfront = $289,500 × 0.0175 = $5,066 financed.
Sources
- HUD 4000.1 Handbook
- FHA 2026 loan limits
FHA Loan Calculator FAQ
What is an FHA loan and how does it work?+
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration (FHA). It allows borrowers to purchase a home with as little as 3.5% down payment and a credit score as low as 580. FHA loans are popular among first-time homebuyers because of their flexible qualification requirements. However, they require both an upfront MIP (1.75% of loan amount) and annual MIP (0.55% of loan amount) for the life of the loan if you put less than 10% down.
What is the current FHA interest rate for 2026?+
FHA loan rates in 2026 typically range from 6.25% to 7.00% APR, depending on your credit score, loan term, and down payment. FHA rates are generally 0.25-0.5% lower than conventional loan rates because the government backing reduces lender risk. Use our FHA loan calculator above to estimate your monthly payment with current rates.
How is the FHA monthly payment calculated?+
Your FHA monthly payment includes four components — Principal & Interest (P&I), Mortgage Insurance Premium (MIP), property taxes, and homeowners insurance. The calculator above estimates your total monthly payment based on home price, down payment, interest rate, loan term, and estimated taxes and insurance. FHA MIP adds roughly 0.55% of the loan amount annually, divided into 12 monthly payments.
What credit score do I need for an FHA loan in 2026?+
The minimum credit score for an FHA loan is 500 with a 10% down payment, or 580 with a 3.5% down payment. However, most lenders require a score of 580-620 to qualify. Borrowers with scores above 700 typically get the best FHA rates. Unlike conventional loans, FHA allows for scores as low as 500, making it one of the most accessible home loan programs.
Does FHA have PMI? What is the difference between MIP and PMI?+
FHA loans have MIP (Mortgage Insurance Premium), not PMI (Private Mortgage Insurance). MIP includes an upfront premium of 1.75% of the loan amount (can be rolled into the loan) and an annual premium of 0.55% that is paid monthly. For loans with less than 10% down, MIP lasts the entire loan term. For 10%+ down, MIP lasts 11 years. PMI on conventional loans can be removed at 80% LTV and is generally cheaper than FHA MIP.