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.

Advanced FHA Mortgage Calculator

Loan Information

$.00
$
%
%
This value represents the latest 30-year fixed mortgage rate from the Optimal Blue Mortgage Market Indices (OBMMI), a widely recognized benchmark for real-time mortgage rates
years

Taxes & Insurance & Dues

$.00
If your property belongs to an HOA, you can enter the annual dues here.
$.00
Default value set to 1% of home value, but may be different for your property.
$.00
Default value set to .6% of home value, but may be different for your provider and property
%
MIP percentage is calculated based on LTV and loan amount.

Financial Analysis

$

$

$

$

$

%

$

$
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