FHA Mortgage Loan Calculator
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FHA Mortgage Loan Calculator
This calculator provides an estimate. Consult with an FHA-approved lender for precise figures.
Estimated FHA Loan Costs
Upfront Mortgage Insurance Premium (UFMIP): $0.00
Annual Mortgage Insurance Premium (MIP) per year: $0.00
Monthly Mortgage Insurance Premium (MIP): $0.00
Estimated Monthly Principal & Interest (P&I): $0.00
Total Estimated Monthly Payment (P&I + MIP): $0.00
Understanding the FHA Mortgage Loan Calculator
The Federal Housing Administration (FHA) mortgage program is designed to make homeownership more accessible, particularly for borrowers with lower credit scores or smaller down payments. This FHA mortgage loan calculator helps you estimate key costs associated with an FHA-insured loan, including the Upfront Mortgage Insurance Premium (UFMIP) and the Annual Mortgage Insurance Premium (MIP).
How FHA Insurance Works
FHA loans require borrowers to pay for mortgage insurance, which protects the lender in case of default. This insurance comes in two parts:
- Upfront Mortgage Insurance Premium (UFMIP): This is a one-time premium paid at closing. It's typically financed into the loan amount. The standard UFMIP rate is 1.75% of the loan amount for most FHA loans.
- Annual Mortgage Insurance Premium (MIP): This is paid annually, usually divided into monthly installments and included in your total mortgage payment. The rate for the annual MIP depends on the loan term, loan-to-value (LTV) ratio, and the borrower's credit score. For loans originated after June 3, 2013, with a down payment of less than 10%, the annual MIP is paid for the life of the loan. For those with a down payment of 10% or more, it's paid for 11 years.
Calculator Inputs Explained:
- FHA Loan Amount: This is the total amount you are borrowing for the home. It does NOT include the down payment.
- Estimated Credit Score: Your credit score is a significant factor in determining the specific MIP rates. Higher scores generally lead to lower MIP costs.
- Down Payment: The amount of money you contribute upfront from your own funds. A larger down payment can impact the LTV and potentially the MIP duration.
- Annual Interest Rate: The yearly interest rate for your mortgage loan.
- Loan Term: The number of years over which you will repay the loan (e.g., 15, 20, 30 years).
Calculator Calculations:
The calculator estimates the following:
- Upfront Mortgage Insurance Premium (UFMIP): Calculated as 1.75% of the FHA Loan Amount. This premium is often added to the loan principal. For this calculator's output, we show the cost value, assuming it's added to the loan.
- Annual Mortgage Insurance Premium (MIP): The rate is determined based on the loan term and credit score, using FHA guidelines. For simplicity in this calculator, we've used representative annual MIP rates based on credit score and common loan terms. For example, for a 30-year term and a credit score of 740+, the annual MIP rate is typically 0.55% of the loan amount. For lower scores, it can be higher.
- Monthly Mortgage Insurance Premium (MIP): Calculated by dividing the Annual MIP by 12.
- Estimated Monthly Principal & Interest (P&I): Calculated using the standard mortgage payment formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where:
- M = Monthly Payment
- P = Principal Loan Amount (FHA Loan Amount + financed UFMIP)
- i = Monthly Interest Rate (Annual Interest Rate / 12 / 100)
- n = Total Number of Payments (Loan Term in Years * 12)
- Total Estimated Monthly Payment: The sum of the Estimated Monthly P&I and the Monthly MIP.
FHA Loan Limits and Eligibility
FHA loan limits vary by county and state. Generally, FHA loans are designed for borrowers who might not qualify for conventional loans. Key eligibility factors include:
- A minimum credit score of 580 with a 3.5% down payment. Borrowers with scores between 500-579 may still qualify but typically require a 10% down payment.
- A debt-to-income ratio that meets FHA guidelines.
- Property must meet FHA minimum standards.
Disclaimer: This calculator provides an estimation tool. Actual FHA loan costs can vary based on lender fees, specific FHA guidelines at the time of application, and individual borrower circumstances. Always consult with an FHA-approved lender for accurate loan quotes and information.
function getAnnualMIPRate(creditScore, loanTerm) {
var baseRate = 0.0055; // Default for 740+ and 30-year term
if (loanTerm === 15) {
if (creditScore >= 740) baseRate = 0.0045; // Example: lower for shorter term
else if (creditScore >= 700) baseRate = 0.0065;
else if (creditScore >= 680) baseRate = 0.0070;
else if (creditScore >= 660) baseRate = 0.0075;
else if (creditScore >= 640) baseRate = 0.0080;
else if (creditScore >= 620) baseRate = 0.0085;
else baseRate = 0.0100; // For scores below 620
} else { // 30-year term or other terms not explicitly defined, default to common rates
if (creditScore >= 740) baseRate = 0.0055; // Standard for 740+ and 30yr
else if (creditScore >= 720) baseRate = 0.0055;
else if (creditScore >= 700) baseRate = 0.0070;
else if (creditScore >= 680) baseRate = 0.0080;
else if (creditScore >= 660) baseRate = 0.0090;
else if (creditScore >= 640) baseRate = 0.0100;
else if (creditScore >= 620) baseRate = 0.0115;
else if (creditScore >= 580) baseRate = 0.0125;
else baseRate = 0.0130; // For scores 500-579
}
return baseRate;
}
function calculateFhaLoan() {
var loanAmountInput = document.getElementById("loanAmount");
var creditScoreInput = document.getElementById("creditScore");
var downPaymentInput = document.getElementById("downPayment");
var interestRateInput = document.getElementById("interestRate");
var loanTermInput = document.getElementById("loanTerm");
var loanAmount = parseFloat(loanAmountInput.value);
var creditScore = parseInt(creditScoreInput.value);
var downPayment = parseFloat(downPaymentInput.value);
var annualInterestRate = parseFloat(interestRateInput.value);
var loanTerm = parseInt(loanTermInput.value);
var ufmipRate = 0.0175; // Standard UFMIP rate
// Input validation
if (isNaN(loanAmount) || isNaN(downPayment) || isNaN(annualInterestRate) || isNaN(loanTerm)) {
document.getElementById("result").innerHTML = "
Please enter valid numbers for all fields.
";
return;
}
// Calculate UFMIP
var ufmipAmount = loanAmount * ufmipRate;
// Calculate the actual principal loan amount including financed UFMIP
var actualPrincipal = loanAmount + ufmipAmount;
// Calculate Annual MIP Rate based on credit score and loan term
var annualMIPRate = getAnnualMIPRate(creditScore, loanTerm);
var annualMIPAmount = actualPrincipal * annualMIPRate;
var monthlyMIPAmount = annualMIPAmount / 12;
// Calculate Monthly Principal & Interest (P&I)
var monthlyInterestRate = annualInterestRate / 100 / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPIAmount = 0;
if (monthlyInterestRate > 0 && numberOfPayments > 0) {
monthlyPIAmount = actualPrincipal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else if (actualPrincipal > 0) { // Handle case of 0% interest rate
monthlyPIAmount = actualPrincipal / numberOfPayments;
}
// Calculate Total Estimated Monthly Payment
var totalMonthlyPayment = monthlyPIAmount + monthlyMIPAmount;
// Format currency and display results
var formatter = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD' });
document.getElementById("ufmipAmount").innerText = formatter.format(ufmipAmount);
document.getElementById("annualMIPAmount").innerText = formatter.format(annualMIPAmount);
document.getElementById("monthlyMIPAmount").innerText = formatter.format(monthlyMIPAmount);
document.getElementById("monthlyPIAmount").innerText = formatter.format(monthlyPIAmount);
document.getElementById("totalMonthlyPayment").innerText = formatter.format(totalMonthlyPayment);
// Update result section header if needed
if (isNaN(monthlyPIAmount) || isNaN(monthlyMIPAmount) || isNaN(totalMonthlyPayment)) {
document.getElementById("result").innerHTML = "
Could not calculate. Please check inputs.
";
} else {
document.getElementById("result").innerHTML = `
Estimated FHA Loan Costs
Upfront Mortgage Insurance Premium (UFMIP):
${formatter.format(ufmipAmount)}
Annual Mortgage Insurance Premium (MIP) per year:
${formatter.format(annualMIPAmount)}
Monthly Mortgage Insurance Premium (MIP):
${formatter.format(monthlyMIPAmount)}
Estimated Monthly Principal & Interest (P&I):
${formatter.format(monthlyPIAmount)}
Total Estimated Monthly Payment (P&I + MIP): ${formatter.format(totalMonthlyPayment)}
`;
}
}
// Initial calculation on load if fields are pre-filled
document.addEventListener('DOMContentLoaded', (event) => {
calculateFhaLoan();
});