Contact Us FAQs

Advanced FHA Mortgage Calculator

The Advanced FHA Mortgage Calculator provides a detailed breakdown of your potential mortgage payment, factoring in principal, interest, taxes, insurance, and Mortgage Insurance Premium (MIP). Unlike basic calculators, we use real-time OBMMI FHA rates to ensure realistic estimates while allowing flexibility for manual rate adjustments. This tool is ideal for homebuyers exploring FHA loans and loan officers providing affordability estimates.

Site_Advanced FHA Mortgage Calculator

Loan Information

$.00
Enter the agreed home price before closing costs. Need your county limit?
$
Cash you’ll bring to closing. FHA typically allows 3.5% down with 580+ credit; some borrowers may need 10%. Dollars only—percent is synced next door.
%
Your down payment as a percent of purchase price. Entering a percent auto-fills the dollar amount.
%
Pre-filled with today’s market rate (OBMMI). Replace with an FHA rate if your lender has quoted one.
years
How long you’ll repay the loan (years). 30 years is most common for FHA.
Your current middle FICO® score (or best estimate). Used for eligibility/rate modeling.

Taxes & Insurance & Dues

$.00
Yearly homeowners association dues (if any). Enter $0 if none—we’ll divide by 12.
$.00
Estimated yearly property taxes. 1.0% of price is a common starting point; adjust for your area. We’ll divide by 12.
$.00
Estimated yearly homeowners insurance premium (hazard). 0.6% of price is a typical estimate. We’ll divide by 12.
%
Auto-calculated from FHA tables using base loan amount, term, and LTV. Only change this if your lender quoted a different annual MIP factor (e.g., 0.55). We convert it to a monthly MIP automatically.


Mortgage Breakdown

Estimated Monthly Payment$0.00
Estimated Due at Signing$0.00

Base Loan Amount $0.00
Up-Front MIP $0.00
Total Loan Amount $0.00
Loan to Value 0.00%

    Is a Conventional Mortgage Right for You?

    Given your Loan-to-Value (LTV) ratio and Credit Score, a Conventional mortgage could be a smart choice. See how this option stacks up and explore potential benefits:

    Step-by-Step Guide

    1. Enter Your Home Value – The purchase price of the home.
    2. Input Down Payment – Either a percentage or dollar amount (the other auto-calculates).
    3. Interest Rate – Default to real-time FHA OBMMI rates, but adjustable.
    4. Loan Term – Fixed at 30 years (Read-Only).
    5. Credit Score – Helps determine MIP factors.
    6. Annual Taxes & Insurance – Defaults to 1% (taxes) and 0.6% (insurance) of the home value, but can be adjusted.

    After entering this information, the calculator will display: Base Loan Amount (Home Price – Down Payment), Upfront MIP (1.75% of Loan Amount), Total Loan Amount (Base Loan + Upfront MIP), Monthly Principal & Interest, Monthly Insurance & Taxes, Monthly MIP (Based on LTV & Loan Amount Cutoffs), LTV & Total Monthly Payment

    Mortgage Payment Breakdown (What’s Calculated?)

    • Base Loan Amount = Home Price – Down Payment
    • Upfront MIP = 1.75% of the Base Loan Amount
    • Total Loan Amount = Base Loan Amount + Upfront MIP
    • Monthly Principal & Interest = Amortized Loan Payment
    • Monthly Insurance & Taxes = Based on user inputs
    • Monthly MIP = Based on LTV and loan amount tiers:
      • ≤ $726,200 Loan Amount: 0.50% MIP for LTV ≤ 95%, 0.55% MIP for LTV > 95%.
      • > $726,200 Loan Amount: 0.70% MIP for LTV ≤ 95%, 0.75% MIP for LTV > 95%.
    • LTV Calculation = Loan Amount / Home Value
    • Total Monthly Payment = Principal + Interest + Taxes + Insurance + MIP

    For a detailed breakdown of your loan payments over time, check out our Amortization Calculator.

    Understanding the Mortgage Formula

    Our calculator applies a precise mathematical formula to provide accurate estimates:

    M = P × r ( 1 + r n ) ( 1 + r n ) - 1

    Where:

    • M = Monthly mortgage payment
    • P = Loan amount (Base Loan Amount + Upfront MIP)
    • r = Monthly interest rate (Annual Rate / 12)
    • n = Total number of payments (Loan Term × 12 months)

    MIP is automatically calculated based on LTV and loan amount tiers.

    Why This Calculator Stands Out

    Unlike basic FHA calculators, ours: Uses real-time FHA OBMMI rates for more accurate estimates, Includes all costs (MIP, taxes, insurance) so you avoid surprises, Recommends Conventional Loans if LTV ≤ 90% and Credit Score ≥ 680 (links to Conventional Calculator), More precise than lender calculators (which often exclude MIP)

    Read More: Beginner’s Guide to FHA Mortgages

    Understanding MIP & Credit Score Impact

    What to Do Next

    Refine Your Loan Options: Explore Loan Compass for a detailed loan analysis.
    Learn More: Check our Knowledge Hub articles to understand different loan types.
    Compare with Conventional, VA, USDA Loans.

    Final Thoughts

    Our Advanced FHA Mortgage Calculator provides a realistic FHA loan estimate, factoring in real-time interest rates, upfront & monthly MIP, and all monthly expenses. Designed for transparency and accuracy, this tool helps homebuyers and loan officers make informed mortgage decisions.

    Start Planning Your FHA Mortgage Today!

    © Copyright 2025 by loaninsights.com