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FHA Mortgage Calculator Excel




FHA Mortgage Calculator Excel with PMI and taxes is a tool to calculate your FHA mortgage payment.FHA home loan calculator has options to calculate property tax, home insurance, payment frequency (monthly and bi-weekly), monthly HOA fees, and extra payments. The FHA amortization calculator will show a summary of the mortgage and a breakdown of each monthly payment.

FHA Loan Calculator
Home Value
 $
Down Payment
Base Mortgage Amount
 $
Loan Terms
Interest Rate
One time Up Front MIP
 %
Annual MIP
 %
Final Mortgage Amount
 $
Property Tax (Yearly)
Home Insurance (Yearly)
HOA Fees (Monthly)
Payment Frequency
First Payment Date

Amortization schedule
Extra Payments
One Time
$ On Date
Monthly or Biweekly
$ Starting Date
Quarterly
$ Starting Date
Yearly
$ Starting Date


FHA Mortgage Calculator Results
Home Value: $300,000.00
Mortgage Amount: $294,566.00
Monthly Principal & Interest: $1,581.29
Monthly Extra Payment: $0.00
Monthly Property Tax: $191.67
Monthly Home Insurance: $57.50
Monthly MIP: $205.06
Monthly HOA Fees: $0.00
Total Monthly Payment:
$2,035.52
Total # Of Payments: 360
Start Date: Oct, 2022
Payoff Date: Sep, 2052
Down Payment: $10,500.00
Principal (includes UFMIP): $294,566.00
Total Extra Payment: $0.00
Total Interest Paid: $274,699.83
Total Tax, Insurance, MIP and Fees: $163,522.50
Total of all Payments:
$743,288.33

Mortgage Amortization Schedule
Payment Date Payment # Interest Principal Tax, Insurance, MIP & Fees Total Payment Balance
Oct, 2022 1 $1,227.36 $353.94 $454.23 $2,035.52 $294,212.06
Nov, 2022 2 $1,225.88 $355.41 $454.23 $2,035.52 $293,856.65
Dec, 2022 3 $1,224.40 $356.89 $454.23 $2,035.52 $293,499.76
Jan, 2023 4 $1,222.92 $358.38 $454.23 $2,035.52 $293,141.38
Feb, 2023 5 $1,221.42 $359.87 $454.23 $2,035.52 $292,781.51
Mar, 2023 6 $1,219.92 $361.37 $454.23 $2,035.52 $292,420.14
Apr, 2023 7 $1,218.42 $362.88 $454.23 $2,035.52 $292,057.27
May, 2023 8 $1,216.91 $364.39 $454.23 $2,035.52 $291,692.88
Jun, 2023 9 $1,215.39 $365.91 $454.23 $2,035.52 $291,326.97
Jul, 2023 10 $1,213.86 $367.43 $454.23 $2,035.52 $290,959.54
Aug, 2023 11 $1,212.33 $368.96 $454.23 $2,035.52 $290,590.58
Sep, 2023 12 $1,210.79 $370.50 $454.23 $2,035.52 $290,220.08
Oct, 2023 13 $1,209.25 $372.04 $454.23 $2,035.52 $289,848.03
Nov, 2023 14 $1,207.70 $373.59 $454.23 $2,035.52 $289,474.44
Dec, 2023 15 $1,206.14 $375.15 $454.23 $2,035.52 $289,099.29
Jan, 2024 16 $1,204.58 $376.71 $454.23 $2,035.52 $288,722.57
Feb, 2024 17 $1,203.01 $378.28 $454.23 $2,035.52 $288,344.29
Mar, 2024 18 $1,201.43 $379.86 $454.23 $2,035.52 $287,964.43
Apr, 2024 19 $1,199.85 $381.44 $454.23 $2,035.52 $287,582.99
May, 2024 20 $1,198.26 $383.03 $454.23 $2,035.52 $287,199.96
Jun, 2024 21 $1,196.67 $384.63 $454.23 $2,035.52 $286,815.33
Jul, 2024 22 $1,195.06 $386.23 $454.23 $2,035.52 $286,429.10
Aug, 2024 23 $1,193.45 $387.84 $454.23 $2,035.52 $286,041.26
Sep, 2024 24 $1,191.84 $389.46 $454.23 $2,035.52 $285,651.80
Oct, 2024 25 $1,190.22 $391.08 $454.23 $2,035.52 $285,260.73
Nov, 2024 26 $1,188.59 $392.71 $454.23 $2,035.52 $284,868.02
Dec, 2024 27 $1,186.95 $394.34 $454.23 $2,035.52 $284,473.68
Jan, 2025 28 $1,185.31 $395.99 $454.23 $2,035.52 $284,077.69
Feb, 2025 29 $1,183.66 $397.64 $454.23 $2,035.52 $283,680.05
Mar, 2025 30 $1,182.00 $399.29 $454.23 $2,035.52 $283,280.76
Apr, 2025 31 $1,180.34 $400.96 $454.23 $2,035.52 $282,879.80
May, 2025 32 $1,178.67 $402.63 $454.23 $2,035.52 $282,477.17
Jun, 2025 33 $1,176.99 $404.31 $454.23 $2,035.52 $282,072.87
Jul, 2025 34 $1,175.30 $405.99 $454.23 $2,035.52 $281,666.88
Aug, 2025 35 $1,173.61 $407.68 $454.23 $2,035.52 $281,259.19
Sep, 2025 36 $1,171.91 $409.38 $454.23 $2,035.52 $280,849.81
Oct, 2025 37 $1,170.21 $411.09 $454.23 $2,035.52 $280,438.73
Nov, 2025 38 $1,168.49 $412.80 $454.23 $2,035.52 $280,025.93
Dec, 2025 39 $1,166.77 $414.52 $454.23 $2,035.52 $279,611.41
Jan, 2026 40 $1,165.05 $416.25 $454.23 $2,035.52 $279,195.16
Feb, 2026 41 $1,163.31 $417.98 $454.23 $2,035.52 $278,777.18
Mar, 2026 42 $1,161.57 $419.72 $454.23 $2,035.52 $278,357.46
Apr, 2026 43 $1,159.82 $421.47 $454.23 $2,035.52 $277,935.99
May, 2026 44 $1,158.07 $423.23 $454.23 $2,035.52 $277,512.76
Jun, 2026 45 $1,156.30 $424.99 $454.23 $2,035.52 $277,087.77
Jul, 2026 46 $1,154.53 $426.76 $454.23 $2,035.52 $276,661.01
Aug, 2026 47 $1,152.75 $428.54 $454.23 $2,035.52 $276,232.47
Sep, 2026 48 $1,150.97 $430.33 $454.23 $2,035.52 $275,802.14
Oct, 2026 49 $1,149.18 $432.12 $454.23 $2,035.52 $275,370.02
Nov, 2026 50 $1,147.38 $433.92 $454.23 $2,035.52 $274,936.10
Dec, 2026 51 $1,145.57 $435.73 $454.23 $2,035.52 $274,500.38
Jan, 2027 52 $1,143.75 $437.54 $454.23 $2,035.52 $274,062.84
Feb, 2027 53 $1,141.93 $439.37 $454.23 $2,035.52 $273,623.47
Mar, 2027 54 $1,140.10 $441.20 $454.23 $2,035.52 $273,182.27
Apr, 2027 55 $1,138.26 $443.03 $454.23 $2,035.52 $272,739.24
May, 2027 56 $1,136.41 $444.88 $454.23 $2,035.52 $272,294.36
Jun, 2027 57 $1,134.56 $446.73 $454.23 $2,035.52 $271,847.62
Jul, 2027 58 $1,132.70 $448.60 $454.23 $2,035.52 $271,399.03
Aug, 2027 59 $1,130.83 $450.46 $454.23 $2,035.52 $270,948.56
Sep, 2027 60 $1,128.95 $452.34 $454.23 $2,035.52 $270,496.22
Oct, 2027 61 $1,127.07 $454.23 $454.23 $2,035.52 $270,042.00
Nov, 2027 62 $1,125.17 $456.12 $454.23 $2,035.52 $269,585.88
Dec, 2027 63 $1,123.27 $458.02 $454.23 $2,035.52 $269,127.86
Jan, 2028 64 $1,121.37 $459.93 $454.23 $2,035.52 $268,667.93
Feb, 2028 65 $1,119.45 $461.84 $454.23 $2,035.52 $268,206.09
Mar, 2028 66 $1,117.53 $463.77 $454.23 $2,035.52 $267,742.32
Apr, 2028 67 $1,115.59 $465.70 $454.23 $2,035.52 $267,276.62
May, 2028 68 $1,113.65 $467.64 $454.23 $2,035.52 $266,808.97
Jun, 2028 69 $1,111.70 $469.59 $454.23 $2,035.52 $266,339.38
Jul, 2028 70 $1,109.75 $471.55 $454.23 $2,035.52 $265,867.84
Aug, 2028 71 $1,107.78 $473.51 $454.23 $2,035.52 $265,394.33
Sep, 2028 72 $1,105.81 $475.48 $454.23 $2,035.52 $264,918.84
Oct, 2028 73 $1,103.83 $477.47 $454.23 $2,035.52 $264,441.38
Nov, 2028 74 $1,101.84 $479.45 $454.23 $2,035.52 $263,961.92
Dec, 2028 75 $1,099.84 $481.45 $454.23 $2,035.52 $263,480.47
Jan, 2029 76 $1,097.84 $483.46 $454.23 $2,035.52 $262,997.01
Feb, 2029 77 $1,095.82 $485.47 $454.23 $2,035.52 $262,511.54
Mar, 2029 78 $1,093.80 $487.50 $454.23 $2,035.52 $262,024.04
Apr, 2029 79 $1,091.77 $489.53 $454.23 $2,035.52 $261,534.51
May, 2029 80 $1,089.73 $491.57 $454.23 $2,035.52 $261,042.95
Jun, 2029 81 $1,087.68 $493.62 $454.23 $2,035.52 $260,549.33
Jul, 2029 82 $1,085.62 $495.67 $454.23 $2,035.52 $260,053.66
Aug, 2029 83 $1,083.56 $497.74 $454.23 $2,035.52 $259,555.92
Sep, 2029 84 $1,081.48 $499.81 $454.23 $2,035.52 $259,056.11
Oct, 2029 85 $1,079.40 $501.89 $454.23 $2,035.52 $258,554.22
Nov, 2029 86 $1,077.31 $503.98 $454.23 $2,035.52 $258,050.24
Dec, 2029 87 $1,075.21 $506.08 $454.23 $2,035.52 $257,544.15
Jan, 2030 88 $1,073.10 $508.19 $454.23 $2,035.52 $257,035.96
Feb, 2030 89 $1,070.98 $510.31 $454.23 $2,035.52 $256,525.65
Mar, 2030 90 $1,068.86 $512.44 $454.23 $2,035.52 $256,013.21
Apr, 2030 91 $1,066.72 $514.57 $454.23 $2,035.52 $255,498.64
May, 2030 92 $1,064.58 $516.72 $454.23 $2,035.52 $254,981.92
Jun, 2030 93 $1,062.42 $518.87 $454.23 $2,035.52 $254,463.05
Jul, 2030 94 $1,060.26 $521.03 $454.23 $2,035.52 $253,942.02
Aug, 2030 95 $1,058.09 $523.20 $454.23 $2,035.52 $253,418.82
Sep, 2030 96 $1,055.91 $525.38 $454.23 $2,035.52 $252,893.44
Oct, 2030 97 $1,053.72 $527.57 $454.23 $2,035.52 $252,365.86
Nov, 2030 98 $1,051.52 $529.77 $454.23 $2,035.52 $251,836.09
Dec, 2030 99 $1,049.32 $531.98 $454.23 $2,035.52 $251,304.12
Jan, 2031 100 $1,047.10 $534.19 $454.23 $2,035.52 $250,769.92
Feb, 2031 101 $1,044.87 $536.42 $454.23 $2,035.52 $250,233.50
Mar, 2031 102 $1,042.64 $538.65 $454.23 $2,035.52 $249,694.85
Apr, 2031 103 $1,040.40 $540.90 $454.23 $2,035.52 $249,153.95
May, 2031 104 $1,038.14 $543.15 $454.23 $2,035.52 $248,610.80
Jun, 2031 105 $1,035.88 $545.42 $454.23 $2,035.52 $248,065.38
Jul, 2031 106 $1,033.61 $547.69 $454.23 $2,035.52 $247,517.70
Aug, 2031 107 $1,031.32 $549.97 $454.23 $2,035.52 $246,967.73
Sep, 2031 108 $1,029.03 $552.26 $454.23 $2,035.52 $246,415.46
Oct, 2031 109 $1,026.73 $554.56 $454.23 $2,035.52 $245,860.90
Nov, 2031 110 $1,024.42 $556.87 $454.23 $2,035.52 $245,304.03
Dec, 2031 111 $1,022.10 $559.19 $454.23 $2,035.52 $244,744.83
Jan, 2032 112 $1,019.77 $561.52 $454.23 $2,035.52 $244,183.31
Feb, 2032 113 $1,017.43 $563.86 $454.23 $2,035.52 $243,619.45
Mar, 2032 114 $1,015.08 $566.21 $454.23 $2,035.52 $243,053.23
Apr, 2032 115 $1,012.72 $568.57 $454.23 $2,035.52 $242,484.66
May, 2032 116 $1,010.35 $570.94 $454.23 $2,035.52 $241,913.72
Jun, 2032 117 $1,007.97 $573.32 $454.23 $2,035.52 $241,340.40
Jul, 2032 118 $1,005.58 $575.71 $454.23 $2,035.52 $240,764.69
Aug, 2032 119 $1,003.19 $578.11 $454.23 $2,035.52 $240,186.58
Sep, 2032 120 $1,000.78 $580.52 $454.23 $2,035.52 $239,606.07
Oct, 2032 121 $998.36 $582.94 $454.23 $2,035.52 $239,023.13
Nov, 2032 122 $995.93 $585.36 $454.23 $2,035.52 $238,437.77
Dec, 2032 123 $993.49 $587.80 $454.23 $2,035.52 $237,849.96
Jan, 2033 124 $991.04 $590.25 $454.23 $2,035.52 $237,259.71
Feb, 2033 125 $988.58 $592.71 $454.23 $2,035.52 $236,667.00
Mar, 2033 126 $986.11 $595.18 $454.23 $2,035.52 $236,071.82
Apr, 2033 127 $983.63 $597.66 $454.23 $2,035.52 $235,474.16
May, 2033 128 $981.14 $600.15 $454.23 $2,035.52 $234,874.00
Jun, 2033 129 $978.64 $602.65 $454.23 $2,035.52 $234,271.35
Jul, 2033 130 $976.13 $605.16 $454.23 $2,035.52 $233,666.19
Aug, 2033 131 $973.61 $607.68 $454.23 $2,035.52 $233,058.50
Sep, 2033 132 $971.08 $610.22 $454.23 $2,035.52 $232,448.29
Oct, 2033 133 $968.53 $612.76 $454.23 $2,035.52 $231,835.53
Nov, 2033 134 $965.98 $615.31 $454.23 $2,035.52 $231,220.21
Dec, 2033 135 $963.42 $617.88 $454.23 $2,035.52 $230,602.34
Jan, 2034 136 $960.84 $620.45 $454.23 $2,035.52 $229,981.89
Feb, 2034 137 $958.26 $623.04 $454.23 $2,035.52 $229,358.85
Mar, 2034 138 $955.66 $625.63 $454.23 $2,035.52 $228,733.22
Apr, 2034 139 $953.06 $628.24 $454.23 $2,035.52 $228,104.98
May, 2034 140 $950.44 $630.86 $454.23 $2,035.52 $227,474.12
Jun, 2034 141 $947.81 $633.49 $454.23 $2,035.52 $226,840.64
Jul, 2034 142 $945.17 $636.12 $454.23 $2,035.52 $226,204.51
Aug, 2034 143 $942.52 $638.78 $454.23 $2,035.52 $225,565.74
Sep, 2034 144 $939.86 $641.44 $454.23 $2,035.52 $224,924.30
Oct, 2034 145 $937.18 $644.11 $454.23 $2,035.52 $224,280.19
Nov, 2034 146 $934.50 $646.79 $454.23 $2,035.52 $223,633.40
Dec, 2034 147 $931.81 $649.49 $454.23 $2,035.52 $222,983.91
Jan, 2035 148 $929.10 $652.19 $454.23 $2,035.52 $222,331.72
Feb, 2035 149 $926.38 $654.91 $454.23 $2,035.52 $221,676.80
Mar, 2035 150 $923.65 $657.64 $454.23 $2,035.52 $221,019.16
Apr, 2035 151 $920.91 $660.38 $454.23 $2,035.52 $220,358.78
May, 2035 152 $918.16 $663.13 $454.23 $2,035.52 $219,695.65
Jun, 2035 153 $915.40 $665.90 $454.23 $2,035.52 $219,029.76
Jul, 2035 154 $912.62 $668.67 $454.23 $2,035.52 $218,361.09
Aug, 2035 155 $909.84 $671.46 $454.23 $2,035.52 $217,689.63
Sep, 2035 156 $907.04 $674.25 $454.23 $2,035.52 $217,015.38
Oct, 2035 157 $904.23 $677.06 $454.23 $2,035.52 $216,338.31
Nov, 2035 158 $901.41 $679.88 $454.23 $2,035.52 $215,658.43
Dec, 2035 159 $898.58 $682.72 $454.23 $2,035.52 $214,975.71
Jan, 2036 160 $895.73 $685.56 $454.23 $2,035.52 $214,290.15
Feb, 2036 161 $892.88 $688.42 $454.23 $2,035.52 $213,601.73
Mar, 2036 162 $890.01 $691.29 $454.23 $2,035.52 $212,910.44
Apr, 2036 163 $887.13 $694.17 $454.23 $2,035.52 $212,216.28
May, 2036 164 $884.23 $697.06 $454.23 $2,035.52 $211,519.22
Jun, 2036 165 $881.33 $699.96 $454.23 $2,035.52 $210,819.25
Jul, 2036 166 $878.41 $702.88 $454.23 $2,035.52 $210,116.37
Aug, 2036 167 $875.48 $705.81 $454.23 $2,035.52 $209,410.56
Sep, 2036 168 $872.54 $708.75 $454.23 $2,035.52 $208,701.81
Oct, 2036 169 $869.59 $711.70 $454.23 $2,035.52 $207,990.11
Nov, 2036 170 $866.63 $714.67 $454.23 $2,035.52 $207,275.44
Dec, 2036 171 $863.65 $717.65 $454.23 $2,035.52 $206,557.80
Jan, 2037 172 $860.66 $720.64 $454.23 $2,035.52 $205,837.16
Feb, 2037 173 $857.65 $723.64 $454.23 $2,035.52 $205,113.52
Mar, 2037 174 $854.64 $726.65 $454.23 $2,035.52 $204,386.87
Apr, 2037 175 $851.61 $729.68 $454.23 $2,035.52 $203,657.18
May, 2037 176 $848.57 $732.72 $454.23 $2,035.52 $202,924.46
Jun, 2037 177 $845.52 $735.78 $454.23 $2,035.52 $202,188.69
Jul, 2037 178 $842.45 $738.84 $454.23 $2,035.52 $201,449.84
Aug, 2037 179 $839.37 $741.92 $454.23 $2,035.52 $200,707.93
Sep, 2037 180 $836.28 $745.01 $454.23 $2,035.52 $199,962.91
Oct, 2037 181 $833.18 $748.12 $454.23 $2,035.52 $199,214.80
Nov, 2037 182 $830.06 $751.23 $454.23 $2,035.52 $198,463.57
Dec, 2037 183 $826.93 $754.36 $454.23 $2,035.52 $197,709.20
Jan, 2038 184 $823.79 $757.51 $454.23 $2,035.52 $196,951.70
Feb, 2038 185 $820.63 $760.66 $454.23 $2,035.52 $196,191.04
Mar, 2038 186 $817.46 $763.83 $454.23 $2,035.52 $195,427.21
Apr, 2038 187 $814.28 $767.01 $454.23 $2,035.52 $194,660.19
May, 2038 188 $811.08 $770.21 $454.23 $2,035.52 $193,889.98
Jun, 2038 189 $807.87 $773.42 $454.23 $2,035.52 $193,116.56
Jul, 2038 190 $804.65 $776.64 $454.23 $2,035.52 $192,339.92
Aug, 2038 191 $801.42 $779.88 $454.23 $2,035.52 $191,560.04
Sep, 2038 192 $798.17 $783.13 $454.23 $2,035.52 $190,776.92
Oct, 2038 193 $794.90 $786.39 $454.23 $2,035.52 $189,990.53
Nov, 2038 194 $791.63 $789.67 $454.23 $2,035.52 $189,200.86
Dec, 2038 195 $788.34 $792.96 $454.23 $2,035.52 $188,407.90
Jan, 2039 196 $785.03 $796.26 $454.23 $2,035.52 $187,611.64
Feb, 2039 197 $781.72 $799.58 $454.23 $2,035.52 $186,812.06
Mar, 2039 198 $778.38 $802.91 $454.23 $2,035.52 $186,009.15
Apr, 2039 199 $775.04 $806.26 $454.23 $2,035.52 $185,202.90
May, 2039 200 $771.68 $809.62 $454.23 $2,035.52 $184,393.28
Jun, 2039 201 $768.31 $812.99 $454.23 $2,035.52 $183,580.29
Jul, 2039 202 $764.92 $816.38 $454.23 $2,035.52 $182,763.92
Aug, 2039 203 $761.52 $819.78 $454.23 $2,035.52 $181,944.14
Sep, 2039 204 $758.10 $823.19 $454.23 $2,035.52 $181,120.95
Oct, 2039 205 $754.67 $826.62 $454.23 $2,035.52 $180,294.32
Nov, 2039 206 $751.23 $830.07 $454.23 $2,035.52 $179,464.25
Dec, 2039 207 $747.77 $833.53 $454.23 $2,035.52 $178,630.73
Jan, 2040 208 $744.29 $837.00 $454.23 $2,035.52 $177,793.73
Feb, 2040 209 $740.81 $840.49 $454.23 $2,035.52 $176,953.24
Mar, 2040 210 $737.31 $843.99 $454.23 $2,035.52 $176,109.25
Apr, 2040 211 $733.79 $847.51 $454.23 $2,035.52 $175,261.75
May, 2040 212 $730.26 $851.04 $454.23 $2,035.52 $174,410.71
Jun, 2040 213 $726.71 $854.58 $454.23 $2,035.52 $173,556.13
Jul, 2040 214 $723.15 $858.14 $454.23 $2,035.52 $172,697.98
Aug, 2040 215 $719.57 $861.72 $454.23 $2,035.52 $171,836.27
Sep, 2040 216 $715.98 $865.31 $454.23 $2,035.52 $170,970.96
Oct, 2040 217 $712.38 $868.91 $454.23 $2,035.52 $170,102.04
Nov, 2040 218 $708.76 $872.54 $454.23 $2,035.52 $169,229.51
Dec, 2040 219 $705.12 $876.17 $454.23 $2,035.52 $168,353.33
Jan, 2041 220 $701.47 $879.82 $454.23 $2,035.52 $167,473.51
Feb, 2041 221 $697.81 $883.49 $454.23 $2,035.52 $166,590.03
Mar, 2041 222 $694.13 $887.17 $454.23 $2,035.52 $165,702.86
Apr, 2041 223 $690.43 $890.87 $454.23 $2,035.52 $164,811.99
May, 2041 224 $686.72 $894.58 $454.23 $2,035.52 $163,917.41
Jun, 2041 225 $682.99 $898.30 $454.23 $2,035.52 $163,019.11
Jul, 2041 226 $679.25 $902.05 $454.23 $2,035.52 $162,117.06
Aug, 2041 227 $675.49 $905.81 $454.23 $2,035.52 $161,211.25
Sep, 2041 228 $671.71 $909.58 $454.23 $2,035.52 $160,301.67
Oct, 2041 229 $667.92 $913.37 $454.23 $2,035.52 $159,388.30
Nov, 2041 230 $664.12 $917.18 $454.23 $2,035.52 $158,471.13
Dec, 2041 231 $660.30 $921.00 $454.23 $2,035.52 $157,550.13
Jan, 2042 232 $656.46 $924.84 $454.23 $2,035.52 $156,625.30
Feb, 2042 233 $652.61 $928.69 $454.23 $2,035.52 $155,696.61
Mar, 2042 234 $648.74 $932.56 $454.23 $2,035.52 $154,764.05
Apr, 2042 235 $644.85 $936.44 $454.23 $2,035.52 $153,827.60
May, 2042 236 $640.95 $940.35 $454.23 $2,035.52 $152,887.26
Jun, 2042 237 $637.03 $944.26 $454.23 $2,035.52 $151,943.00
Jul, 2042 238 $633.10 $948.20 $454.23 $2,035.52 $150,994.80
Aug, 2042 239 $629.14 $952.15 $454.23 $2,035.52 $150,042.65
Sep, 2042 240 $625.18 $956.12 $454.23 $2,035.52 $149,086.53
Oct, 2042 241 $621.19 $960.10 $454.23 $2,035.52 $148,126.43
Nov, 2042 242 $617.19 $964.10 $454.23 $2,035.52 $147,162.33
Dec, 2042 243 $613.18 $968.12 $454.23 $2,035.52 $146,194.21
Jan, 2043 244 $609.14 $972.15 $454.23 $2,035.52 $145,222.06
Feb, 2043 245 $605.09 $976.20 $454.23 $2,035.52 $144,245.86
Mar, 2043 246 $601.02 $980.27 $454.23 $2,035.52 $143,265.59
Apr, 2043 247 $596.94 $984.35 $454.23 $2,035.52 $142,281.24
May, 2043 248 $592.84 $988.46 $454.23 $2,035.52 $141,292.78
Jun, 2043 249 $588.72 $992.57 $454.23 $2,035.52 $140,300.21
Jul, 2043 250 $584.58 $996.71 $454.23 $2,035.52 $139,303.50
Aug, 2043 251 $580.43 $1,000.86 $454.23 $2,035.52 $138,302.63
Sep, 2043 252 $576.26 $1,005.03 $454.23 $2,035.52 $137,297.60
Oct, 2043 253 $572.07 $1,009.22 $454.23 $2,035.52 $136,288.38
Nov, 2043 254 $567.87 $1,013.43 $454.23 $2,035.52 $135,274.96
Dec, 2043 255 $563.65 $1,017.65 $454.23 $2,035.52 $134,257.31
Jan, 2044 256 $559.41 $1,021.89 $454.23 $2,035.52 $133,235.42
Feb, 2044 257 $555.15 $1,026.15 $454.23 $2,035.52 $132,209.27
Mar, 2044 258 $550.87 $1,030.42 $454.23 $2,035.52 $131,178.85
Apr, 2044 259 $546.58 $1,034.72 $454.23 $2,035.52 $130,144.13
May, 2044 260 $542.27 $1,039.03 $454.23 $2,035.52 $129,105.11
Jun, 2044 261 $537.94 $1,043.36 $454.23 $2,035.52 $128,061.75
Jul, 2044 262 $533.59 $1,047.70 $454.23 $2,035.52 $127,014.05
Aug, 2044 263 $529.23 $1,052.07 $454.23 $2,035.52 $125,961.98
Sep, 2044 264 $524.84 $1,056.45 $454.23 $2,035.52 $124,905.53
Oct, 2044 265 $520.44 $1,060.85 $454.23 $2,035.52 $123,844.67
Nov, 2044 266 $516.02 $1,065.27 $454.23 $2,035.52 $122,779.40
Dec, 2044 267 $511.58 $1,069.71 $454.23 $2,035.52 $121,709.69
Jan, 2045 268 $507.12 $1,074.17 $454.23 $2,035.52 $120,635.51
Feb, 2045 269 $502.65 $1,078.65 $454.23 $2,035.52 $119,556.87
Mar, 2045 270 $498.15 $1,083.14 $454.23 $2,035.52 $118,473.73
Apr, 2045 271 $493.64 $1,087.65 $454.23 $2,035.52 $117,386.08
May, 2045 272 $489.11 $1,092.19 $454.23 $2,035.52 $116,293.89
Jun, 2045 273 $484.56 $1,096.74 $454.23 $2,035.52 $115,197.15
Jul, 2045 274 $479.99 $1,101.31 $454.23 $2,035.52 $114,095.85
Aug, 2045 275 $475.40 $1,105.89 $454.23 $2,035.52 $112,989.95
Sep, 2045 276 $470.79 $1,110.50 $454.23 $2,035.52 $111,879.45
Oct, 2045 277 $466.16 $1,115.13 $454.23 $2,035.52 $110,764.32
Nov, 2045 278 $461.52 $1,119.78 $454.23 $2,035.52 $109,644.55
Dec, 2045 279 $456.85 $1,124.44 $454.23 $2,035.52 $108,520.10
Jan, 2046 280 $452.17 $1,129.13 $454.23 $2,035.52 $107,390.98
Feb, 2046 281 $447.46 $1,133.83 $454.23 $2,035.52 $106,257.14
Mar, 2046 282 $442.74 $1,138.56 $454.23 $2,035.52 $105,118.59
Apr, 2046 283 $437.99 $1,143.30 $454.23 $2,035.52 $103,975.29
May, 2046 284 $433.23 $1,148.06 $454.23 $2,035.52 $102,827.23
Jun, 2046 285 $428.45 $1,152.85 $454.23 $2,035.52 $101,674.38
Jul, 2046 286 $423.64 $1,157.65 $454.23 $2,035.52 $100,516.73
Aug, 2046 287 $418.82 $1,162.47 $454.23 $2,035.52 $99,354.25
Sep, 2046 288 $413.98 $1,167.32 $454.23 $2,035.52 $98,186.94
Oct, 2046 289 $409.11 $1,172.18 $454.23 $2,035.52 $97,014.75
Nov, 2046 290 $404.23 $1,177.07 $454.23 $2,035.52 $95,837.69
Dec, 2046 291 $399.32 $1,181.97 $454.23 $2,035.52 $94,655.72
Jan, 2047 292 $394.40 $1,186.90 $454.23 $2,035.52 $93,468.82
Feb, 2047 293 $389.45 $1,191.84 $454.23 $2,035.52 $92,276.98
Mar, 2047 294 $384.49 $1,196.81 $454.23 $2,035.52 $91,080.18
Apr, 2047 295 $379.50 $1,201.79 $454.23 $2,035.52 $89,878.38
May, 2047 296 $374.49 $1,206.80 $454.23 $2,035.52 $88,671.58
Jun, 2047 297 $369.46 $1,211.83 $454.23 $2,035.52 $87,459.75
Jul, 2047 298 $364.42 $1,216.88 $454.23 $2,035.52 $86,242.87
Aug, 2047 299 $359.35 $1,221.95 $454.23 $2,035.52 $85,020.93
Sep, 2047 300 $354.25 $1,227.04 $454.23 $2,035.52 $83,793.89
Oct, 2047 301 $349.14 $1,232.15 $454.23 $2,035.52 $82,561.73
Nov, 2047 302 $344.01 $1,237.29 $454.23 $2,035.52 $81,324.45
Dec, 2047 303 $338.85 $1,242.44 $454.23 $2,035.52 $80,082.00
Jan, 2048 304 $333.68 $1,247.62 $454.23 $2,035.52 $78,834.38
Feb, 2048 305 $328.48 $1,252.82 $454.23 $2,035.52 $77,581.57
Mar, 2048 306 $323.26 $1,258.04 $454.23 $2,035.52 $76,323.53
Apr, 2048 307 $318.01 $1,263.28 $454.23 $2,035.52 $75,060.25
May, 2048 308 $312.75 $1,268.54 $454.23 $2,035.52 $73,791.71
Jun, 2048 309 $307.47 $1,273.83 $454.23 $2,035.52 $72,517.88
Jul, 2048 310 $302.16 $1,279.14 $454.23 $2,035.52 $71,238.74
Aug, 2048 311 $296.83 $1,284.47 $454.23 $2,035.52 $69,954.28
Sep, 2048 312 $291.48 $1,289.82 $454.23 $2,035.52 $68,664.46
Oct, 2048 313 $286.10 $1,295.19 $454.23 $2,035.52 $67,369.27
Nov, 2048 314 $280.71 $1,300.59 $454.23 $2,035.52 $66,068.68
Dec, 2048 315 $275.29 $1,306.01 $454.23 $2,035.52 $64,762.67
Jan, 2049 316 $269.84 $1,311.45 $454.23 $2,035.52 $63,451.22
Feb, 2049 317 $264.38 $1,316.91 $454.23 $2,035.52 $62,134.31
Mar, 2049 318 $258.89 $1,322.40 $454.23 $2,035.52 $60,811.91
Apr, 2049 319 $253.38 $1,327.91 $454.23 $2,035.52 $59,483.99
May, 2049 320 $247.85 $1,333.44 $454.23 $2,035.52 $58,150.55
Jun, 2049 321 $242.29 $1,339.00 $454.23 $2,035.52 $56,811.55
Jul, 2049 322 $236.71 $1,344.58 $454.23 $2,035.52 $55,466.97
Aug, 2049 323 $231.11 $1,350.18 $454.23 $2,035.52 $54,116.79
Sep, 2049 324 $225.49 $1,355.81 $454.23 $2,035.52 $52,760.98
Oct, 2049 325 $219.84 $1,361.46 $454.23 $2,035.52 $51,399.53
Nov, 2049 326 $214.16 $1,367.13 $454.23 $2,035.52 $50,032.40
Dec, 2049 327 $208.47 $1,372.83 $454.23 $2,035.52 $48,659.57
Jan, 2050 328 $202.75 $1,378.55 $454.23 $2,035.52 $47,281.03
Feb, 2050 329 $197.00 $1,384.29 $454.23 $2,035.52 $45,896.74
Mar, 2050 330 $191.24 $1,390.06 $454.23 $2,035.52 $44,506.68
Apr, 2050 331 $185.44 $1,395.85 $454.23 $2,035.52 $43,110.83
May, 2050 332 $179.63 $1,401.67 $454.23 $2,035.52 $41,709.16
Jun, 2050 333 $173.79 $1,407.51 $454.23 $2,035.52 $40,301.66
Jul, 2050 334 $167.92 $1,413.37 $454.23 $2,035.52 $38,888.29
Aug, 2050 335 $162.03 $1,419.26 $454.23 $2,035.52 $37,469.03
Sep, 2050 336 $156.12 $1,425.17 $454.23 $2,035.52 $36,043.85
Oct, 2050 337 $150.18 $1,431.11 $454.23 $2,035.52 $34,612.74
Nov, 2050 338 $144.22 $1,437.07 $454.23 $2,035.52 $33,175.67
Dec, 2050 339 $138.23 $1,443.06 $454.23 $2,035.52 $31,732.61
Jan, 2051 340 $132.22 $1,449.07 $454.23 $2,035.52 $30,283.53
Feb, 2051 341 $126.18 $1,455.11 $454.23 $2,035.52 $28,828.42
Mar, 2051 342 $120.12 $1,461.18 $454.23 $2,035.52 $27,367.24
Apr, 2051 343 $114.03 $1,467.26 $454.23 $2,035.52 $25,899.98
May, 2051 344 $107.92 $1,473.38 $454.23 $2,035.52 $24,426.60
Jun, 2051 345 $101.78 $1,479.52 $454.23 $2,035.52 $22,947.09
Jul, 2051 346 $95.61 $1,485.68 $454.23 $2,035.52 $21,461.41
Aug, 2051 347 $89.42 $1,491.87 $454.23 $2,035.52 $19,969.53
Sep, 2051 348 $83.21 $1,498.09 $454.23 $2,035.52 $18,471.45
Oct, 2051 349 $76.96 $1,504.33 $454.23 $2,035.52 $16,967.12
Nov, 2051 350 $70.70 $1,510.60 $454.23 $2,035.52 $15,456.52
Dec, 2051 351 $64.40 $1,516.89 $454.23 $2,035.52 $13,939.63
Jan, 2052 352 $58.08 $1,523.21 $454.23 $2,035.52 $12,416.41
Feb, 2052 353 $51.74 $1,529.56 $454.23 $2,035.52 $10,886.86
Mar, 2052 354 $45.36 $1,535.93 $454.23 $2,035.52 $9,350.92
Apr, 2052 355 $38.96 $1,542.33 $454.23 $2,035.52 $7,808.59
May, 2052 356 $32.54 $1,548.76 $454.23 $2,035.52 $6,259.83
Jun, 2052 357 $26.08 $1,555.21 $454.23 $2,035.52 $4,704.62
Jul, 2052 358 $19.60 $1,561.69 $454.23 $2,035.52 $3,142.93
Aug, 2052 359 $13.10 $1,568.20 $454.23 $2,035.52 $1,574.73
Sep, 2052 360 $6.56 $1,574.73 $454.23 $2,035.52 $0.00

Compare Monthly vs. Bi-weekly
Payment Frequency Monthly Bi-weekly
Payments / Year 12 26
Each Payment $2,035.52 $1,000.29
Total Extra Payments $0.00 $0.00
Total Interest $274,699.83 $224,140.62
Total Tax, Insurance, MIP & Fees $163,522.50 $137,316.97
Total Payment $743,288.33 $666,523.59
Total Savings $0 $76,764.74
Payoff Date Sep, 2052 Nov, 2047

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FHA Loan Calculator with PMI and Taxes

The FHA Loan Calculator with PMI and taxes is easy to use with breakdowns of every payment showing in the mortgage amortization schedule with monthly and biweekly payment options. The FHA amortization calculator also offers extra payment options that show you how much faster you can pay off the mortgage if you are making regular extra payments. The extra payment can be a one time payment, yearly, quarterly, or every payment (monthly or biweekly).


FHA Home Loan Calculator

The FHA mortgage calculator with taxes and insurance includes options for upfront and annual MIP. For conventional loans, there is an insurance called private mortgage insurance or PMI when your down payment is less than 20%. For FHA mortgages, there is something similar to PMI called the one time upfront MIP and Annual MIP. The one time upfront MIP is currently 1.75% of your base mortgage amount, and your final mortgage amount is equal to the base mortgage amount plus the one time upfront MIP. The rules on how to calculate Annual MIP is based on the base loan amount and loan-to-value or LTV ratio. The calculation changes over the years and is very complex. To keep the FHA loan mortgage calculator easier to use and understand, the calculator will simply ask you for an annual MIP and the cost will show up on every payment in the mortgage amortization schedule. Currently, the annual MIP rate is 0.85% for a 30 year mortgage and 0.45% for 15 year mortgage. The calculator should really be called the FHA mortgage payment calculator with MIP and taxes instead of PMI.


What is an FHA loan?

FHA loans are Federal Housing Administration mortgages backed by the government. It was created by the government to help first-time buyers with lower credit scores and down payments who can't afford conventional mortgages. FHA loans are popular especially for first-time buyers because they are designed for low to mid-income borrowers and the requirements are lower compared to conventional loans. Although FHA loans are insured by the government, they are actually offered by lenders who were approved by the Federal Housing Administration.


How do FHA loans work?

FHA loans are fixed interest rate mortgages with 15 and 30-year terms. While conventional mortgages require a large down payment and a good credit score, FHA loans have much lower requirements, anyone with a credit score of 580 may be qualified and it only requires a 3.5% down payment. In other words, you can borrow up to 96.5% of the value of your house with an FHA loan. However, there is one downside to FHA loans. That is FHA loans require borrowers to pay FHA mortgage insurance. The mortgage insurance to protect the lender to recoup losses in case the borrower defaults.


Whereas conventional mortgages require borrowers to pay a PMI, or private mortgage insurance when borrowers make a down payment that is less than 20%, the FHA loan requires borrowers to pay two mortgage insurance premiums.

  • Upfront mortgage insurance - also known as MIP, is a one-time payment that borrowers need to pay when they get the loan. The MIP is 1.75% of the loan amount and the borrowers have the option to roll this fee into their mortgage.

  • Annual mortgage insurance - is a premium with an annual rate of 0.45% to 1.05% of the loan amount depending on the mortgage terms, down payment, and how much you are borrowing. Borrowers will pay this annual mortgage insurance monthly.

For example, if you are getting a mortgage of $100,000, your MIP fee will be $1,750, and the annual mortgage insurance will be in the range of $450 to $1,050 each year. Since you are paying monthly for the annual mortgage insurance, it will cost you about  $37.50 to $87.50 each month. Borrowers will pay off the annual mortgage insurance in 11 years if their down payment is at least 10% where their LTV is less than 90%, those who put down less than 10% will continue to pay the annual mortgage insurance for the life of the loan.


Types of FHA loans

There are 5 types of FHA loans.

  • Traditional Mortgage - a mortgage for a primary residency.

  • Home Equity Conversion Mortgage (HECM) - a reverse mortgage for homeowners age 62+ with significant equity in their home to exchange equity for cash.

  • 203(k) Mortgage - helps borrowers to buy a house and make home improvements all within the same mortgage program.

  • Energy Efficient Mortgage (EEM) - helps borrowers to buy a house with extra funds to install energy efficient equipment intended to lower their utility bills.

  • Section 245(a) Loan - is a Graduated Payment Mortgage (GPM) intended for borrowers who pay lower initial monthly payments and increase gradually as they expect their income to rise over time.

Pros and cons of FHA loans

Following are the pros and cons of FHA loans compared to conventional loans.

Pros

  • Lower Down Payment - Down payment as little as 3.5% if your credit score is at least 580.

  • Lower Credit Score - If your credit score is below 580, you can still get an FHA loan if you put in at least a 10% down payment. Most conventional mortgage lenders required a minimum credit score of 620.

  • Higher DTI - Debt to income ratio as high as 50%. Most convention lenders do not accept borrowers with DTI over 43%.

Cons

  • Higher mortgage insurance - The one-time mortgage insurance or MIP of 1.75% is required regardless of your down payment whereas conventional mortgage doesn't require mortgage insurance if your down payment is at least 20%. For FHA loans, the annual mortgage insurance lasts 11 years if your down payment is at least 10%, and the whole loan term if your down payment is less than 10%. For a conventional mortgage, borrowers stop paying for private mortgage insurance once their equity in the house exceeds 20%, or LTV less than 80%.

  • Houses must meet higher safety requirements - Strict government rules for FHA housing where the house must meet health and safety standards.

  • Primary residence only - home purchase for primary residence only, you can't use FHA loans for investment purposes.


Should I get an FHA loan?

While FHA loans have a lower standard than conventional mortgages and are easier to get, most people end up paying more on interest and mortgage insurance. Whether you should get an FHA loan depends on a few factors.

  • Is your credit score good? - If you have a credit score above 620 and can afford the down payment for a conventional mortgage, you may not want to get an FHA loan. Some conventional lenders accept a minimum 3% down payment if your credit score is in the high 600's. If your credit score is around 580, you can consider an FHA loan, but then you will probably need to pay a higher interest rate. If your credit score is below 580, you will need to put down at least 10% for FHA loans.

  • Can you afford the 10% down payment? - If you can afford a 10% down payment with a decent credit score, you may try to get a conventional mortgage. With a conventional mortgage, you only have to pay the PMI or private mortgage insurance until your equity exceeds 20%, whereas an FHA loan requires you to pay the mortgage insurance for at least 11 years. If you put down less than 10% for an FHA loan, then you will have to pay the mortgage insurance for the life of the loan.

  • DTI - Is your debt to income ratio above 43%? Most conventional mortgage lenders don't approve borrowers with a DTI ratio above 43%. The DTI standard for FHA loans is 50%. If your DTI ratio is above 43%, but below 50%, you can qualify for an FHA loan.

The bottom line is that the interest rate is usually lower for conventional mortgages, if you qualify for a conventional mortgage, go for it.




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