What Is an FHA Loan?

An FHA loan is a government-backed mortgage loan, insured by the Federal Housing Administration, that helps people with lower incomes and lower credit scores buy a home.

FHA loans are a popular choice for first-time homebuyers and are offered by FHA-approved lenders like Freedom Mortgage. Learn more about FHA loans.

How to Use an FHA Loan Calculator

Curious what your FHA loan payment would look like each month? Get an estimate with our calculator. You'll provide some basic information, including:

• The home’s estimated purchase price
• An estimated down payment (as a percentage of the purchase price)
• The loan term (typically, 15 or 30 years)
• A estimated interest rate
• The home’s annual property taxes
• The annual homeowners insurance costs

In addition to predicting your monthly mortgage payment, you can use our FHA loan calculator to see how different loan terms, interest rates, and other factors can impact what you might pay.

Benefits of Using an FHA Mortgage Payment Calculator

When you use a mortgage calculator to estimate your monthly payment for an FHA loan, you can:

• Better understand which purchase prices fit with your monthly mortgage payment budget
• See how factors, such as interest rates and down payments, can impact your monthly payment
• Understand how your property taxes, homeowners insurance, and FHA mortgage insurance affect your monthly payment
• Budget effectively for the money you’d like to spend on a down payment

Keep in mind that our calculator provides an estimate, based on the information you provide, and may not include all the costs associated with your loan.

For example, if you roll your closing costs into the mortgage, these costs will likely increase the amount of your monthly payment.

The calculator breaks down your estimated monthly payment by principal and interest, mortgage insurance premium (MIP), property taxes, and homeowners insurance.