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FHA Loan Calculator

How much might you pay on an FHA mortgage loan? Input your information and use our free FHA Loan Calculator to estimate your total monthly payment.

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Estimate your monthly FHA payment

Our FHA loan calculator estimates how much you might pay each month for principal and interest, taxes and insurance, and mortgage insurance premiums (MIP). Change the default values to personalize your estimate!

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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of how much your monthly FHA loan payment might be, speak with a loan advisor at Freedom Mortgage.

Based on the values you entered, your monthly payment is estimated to be
$*

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*This calculator is made available as a self-help tool for your personal use and the results are based on values you entered. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

A Loan Advisor from Freedom Mortgage will reach out to you to review your results and discuss the various home financing options that may be available to you.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Based on the values you entered, your monthly payment is estimated to be
$*

Principle & Interest
$000.00
Taxes & Insurance
$000.00
MIP
$000.00

The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

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Talk to Freedom Mortgage about FHA loans today

About Our FHA Mortgage Calculator

When you want to buy a home with an FHA loan, a good first step is to estimate your monthly mortgage payment. That’s why we’ve provided this free FHA loan mortgage calculator!

Our calculator uses the purchase price of a house as its starting point and then considers things like your down payment and interest rate. The results show your total mortgage payment and a breakdown of your FHA mortgage bill. Change the default values in the calculator to get a more personalized estimate. Also, check out our FHA loan calculator FAQs for even more useful information:

Our calculator shows your estimated total monthly FHA loan payment and a breakdown of what you’ll pay with your monthly mortgage bill. You will see three main parts to your monthly payment:

  • Principal and interest

    Principal is the amount of money you’ll borrow to buy your home. Interest is the cost you’ll pay your lender to borrow this money. In the early years of your loan, most of your payment will go toward paying interest. In the later years of your loan, most of the payment will go toward paying down your principal. These costs are typically the largest part of your FHA mortgage payment.

  • MIP (Mortgage Insurance Premiums)

    All FHA loans require you to pay mortgage insurance premiums (MIP) as part of your monthly bill. The cost of MIP is affected by your loan amount, term, and other factors. Learn more about mortgage insurance premiums for FHA loans.

  • Property taxes and homeowners insurance

    You’ll also be required to make payments each month toward the yearly cost of your property taxes and homeowners insurance when you buy a home with an FHA loan. These are sometimes called escrow payments because the money is kept in an escrow account until the taxes and insurance come due and are paid by the lender from this account.

Change the values for purchase price, down payment, term, and interest rate to see how they can affect our FHA calculator’s payment estimate. Keep in mind that FHA loans have a minimum down payment of 3.5%, and changing the loan’s term can significantly alter your estimated monthly payment.

The purchase price of the home is the biggest single factor that affects the calculator’s estimate. Buying a house at an affordable price can keep your monthly payments affordable. Making a larger down payment can also lower the cost of your monthly payments because you are borrowing less money to buy a house. Shopping for the right homeowners insurance can help lower your payments. Finally, researching the cost of property taxes in communities where you want to buy a home, and choosing communities where the tax rate is lower, might help make your FHA payment more affordable.

The interest rate you pay is influenced by market trends and other factors. Having a high credit score and a low debt-to-income ratio (DTI) might help you earn a lower rate from lenders.

You can also use our FHA loan calculator to help you estimate the price of houses you can afford. To do this, you’ll need to look at the cost of your estimated monthly mortgage bill, plus other payments you might have for things like car loans, student loans, or credit cards.

When you buy a home with an FHA loan, you’ll want to make sure that you can afford all your monthly bills, including your mortgage payment. Lenders like Freedom Mortgage will consider your total monthly debt payments before we approve your application for an FHA loan.

We typically do this by calculating your debt-to-income ratio (DTI). Let’s look at a sample calculation. Let’s say you want to get an FHA loan with a monthly payment of $1,500. Let’s also imagine that you have car loan and student loan payments that cost another $1,000 a month. This will make your total monthly debt payments $2,500.

Let’s pretend that your monthly gross income is $6,250. which works out to $75,000 a year. To get your debt-to-income ratio, divide your $2,500 monthly debt payments by your $6,250 monthly income, and you’ll get 40% DTI. (That is $2,500 ÷ $6,250 = 0.40 or 40%.)

This percentage is important to know because FHA loans often have a maximum DTI of 43%. This means that your debt-to-income ratio have to be 43% or lower to get your FHA loan approved. Debt-to-income ratio can also help you make sure that your FHA loan payments are affordable with your overall monthly budget.

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