Calculator Documentation
FHA Loan Calculator
Calculate FHA loan payments with upfront and annual MIP
Schema version 1.0.0 · Category: mortgage
Inputs
Property Details
Home purchase information
| Field | Type | Default | Notes |
|---|---|---|---|
| Purchase Price | currency | $350,000 | Home purchase price |
| Down Payment | percentage | 3.50% | Minimum 3.5% for FHA loans (580+ credit score) |
Loan Details
FHA loan terms
| Field | Type | Default | Notes |
|---|---|---|---|
| Interest Rate | percentage | 6.50% | Annual interest rate |
| Loan Term | select | 30 | Loan term in years |
| Finance UFMIP | select | 1 | Finance upfront MIP into loan amount? |
Monthly Expenses
Property taxes and insurance
| Field | Type | Default | Notes |
|---|---|---|---|
| Property Taxes | currency | $350 | Monthly property tax amount |
| Homeowners Insurance | currency | $150 | Monthly insurance premium |
| HOA Dues | currency | $0 | Monthly HOA fees (if applicable) |
Adjustable Parameters
| Parameter | Default | Range | Purpose |
|---|---|---|---|
| Upfront MIP Rate | 0.0175 | 0.01 - 0.03 | UFMIP rate (currently 1.75%) |
| Annual MIP (High LTV) | 0.0055 | 0.003 - 0.015 | Annual MIP for term >15yr, LTV >95% (currently 0.55%) |
| Annual MIP (Mid LTV) | 0.005 | 0.003 - 0.015 | Annual MIP for term >15yr, LTV ≤95% (currently 0.50%) |
| Annual MIP (Low LTV, 15yr) | 0.0015 | 0.001 - 0.01 | Annual MIP for 15yr loan, LTV ≤90% (currently 0.15%) |
Calculations
Every figure this calculator produces, in evaluation order. Formulas reference input ids, parameters, and earlier calculations.
downPaymentDown payment amount
purchasePrice * downPaymentPercent
baseLoanAmountBase loan amount before UFMIP
purchasePrice - downPayment
ltvLoan-to-value ratio
if(purchasePrice > 0, (baseLoanAmount / purchasePrice) * 100, 0)
ufmipAmountUpfront MIP amount (1.75% of base loan)
baseLoanAmount * ufmipRate
financedUFMIPUFMIP added to loan if financed
if(financeUFMIP == 1, ufmipAmount, 0)
ufmipAtClosingUFMIP paid at closing if not financed
if(financeUFMIP == 0, ufmipAmount, 0)
totalLoanAmountTotal loan amount including financed UFMIP
baseLoanAmount + financedUFMIP
annualMipRateAnnual MIP rate based on LTV and term (post-March-2023 HUD schedule; 0.40% for 15yr LTV>90%)
if(loanTerm <= 15, if(ltv <= 90, annualMipLowLTV15yr, 0.0040), if(ltv > 95, annualMipHighLTV, annualMipMidLTV))
monthlyMIPMonthly MIP payment
(baseLoanAmount * annualMipRate) / 12
mipDurationYearsYears MIP is required (life of loan if LTV >90%)
if(ltv > 90, loanTerm, 11)
loanTermMonthsLoan term in months
loanTerm * 12
monthlyRateMonthly interest rate
interestRate / 12
monthlyPIMonthly principal and interest
if(monthlyRate == 0, totalLoanAmount / loanTermMonths, (totalLoanAmount * monthlyRate * pow(1 + monthlyRate, loanTermMonths)) / (pow(1 + monthlyRate, loanTermMonths) - 1))
monthlyTaxesInsuranceMonthly taxes, insurance, and HOA
propertyTaxes + homeInsurance + hoaDues
totalMonthlyPaymentTotal monthly PITI + MIP payment
monthlyPI + monthlyMIP + monthlyTaxesInsurance
paymentAfterMIPDropsMonthly payment after MIP ends
monthlyPI + monthlyTaxesInsurance
totalMIPCostTotal MIP cost over loan life
ufmipAmount + (monthlyMIP * mipDurationYears * 12)
estimatedClosingCostsCash needed at closing (down payment + UFMIP if not financed)
downPayment + ufmipAtClosing
annualPaymentAnnual payment amount
totalMonthlyPayment * 12
annualMIPAmountAnnual MIP amount
monthlyMIP * 12
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