FHA Loan APR Calculator | True Cost of FHA Mortgage with MIP

FHA Loan APR Calculator

Calculate the true cost of your FHA loan including mortgage insurance premiums and closing costs. Estimate your monthly payment and APR.

🏠 Property Details

% (Min 3.5%)

📊 Loan Details

🔍 FHA Specific Costs

% (Standard)
% of loan

FHA Loan Analysis

Monthly Payment (PITI + MIP)

$2,156
Principal, Interest, Taxes, Insurance & Mortgage Insurance

Annual Percentage Rate (APR)

6.58%
+0.33% higher than interest rate
True cost of your FHA loan including all fees

Loan Cost Breakdown

Base Loan Amount
$337,750
Upfront MIP (1.75%)
$5,911
Closing Costs
$6,000
Total Loan Amount
$349,661

Monthly Payment Breakdown

Principal & Interest
$1,853
Annual MIP (0.85%)
$239
Property Tax
$292
Home Insurance
$100
Total Monthly Payment
$2,156

30-Year Cost Breakdown

Principal 58%
Interest 39%
Fees & Insurance 3%

Understanding FHA Loans

FHA loans are government-backed mortgages insured by the Federal Housing Administration. They’re popular with first-time homebuyers because they allow lower down payments (as low as 3.5%) and are more lenient with credit score requirements than conventional loans.

FHA Loan FAQs

What is FHA Mortgage Insurance Premium (MIP)?

All FHA loans require mortgage insurance. There are two types: Upfront MIP (1.75% of the loan amount paid at closing or rolled into the loan) and Annual MIP (0.45-1.05% of the loan amount paid monthly).

How long do I pay FHA MIP?

For loans with less than 10% down payment, MIP lasts for the life of the loan. For loans with 10% or more down, MIP is removed after 11 years.

What credit score do I need for an FHA loan?

FHA loans require a minimum credit score of 580 to qualify for the 3.5% down payment. Borrowers with scores between 500-579 may qualify with 10% down.

Note: This calculator provides estimates only. Actual loan terms may vary based on your creditworthiness, lender policies, and other factors. FHA loan limits apply and vary by county.