What does an FHA loan cost each month?
FHA payment with the published upfront and annual mortgage insurance premiums.
01Home & loan
02Monthly extras
±Trade-offs to weigh
FHA
- Lower down payment and credit-score minimums
- Rates can be competitive for lower scores
- Assumable by a qualified buyer
Conventional
- PMI can be removed (FHA MIP often lasts the life of the loan)
- No upfront mortgage insurance premium
- Higher loan limits
Neither option is right for everyone. It depends on your timeline, cash and comfort with risk.
≡Amortization schedule
360 payments · total interest $418,091
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $21,365 | $4,027 | $339,634 |
| 2 | $21,106 | $4,286 | $335,348 |
| 3 | $20,830 | $4,562 | $330,786 |
| 4 | $20,537 | $4,855 | $325,931 |
| 5 | $20,224 | $5,167 | $320,763 |
| 6 | $19,892 | $5,500 | $315,264 |
| 7 | $19,538 | $5,854 | $309,410 |
| 8 | $19,162 | $6,230 | $303,180 |
| 9 | $18,761 | $6,631 | $296,549 |
| 10 | $18,334 | $7,057 | $289,492 |
| 11 | $17,880 | $7,511 | $281,981 |
| 12 | $17,397 | $7,994 | $273,986 |
| 13 | $16,883 | $8,509 | $265,478 |
| 14 | $16,336 | $9,056 | $256,422 |
| 15 | $15,753 | $9,638 | $246,783 |
| 16 | $15,133 | $10,258 | $236,525 |
| 17 | $14,474 | $10,918 | $225,607 |
| 18 | $13,771 | $11,620 | $213,987 |
| 19 | $13,024 | $12,368 | $201,619 |
| 20 | $12,228 | $13,163 | $188,455 |
| 21 | $11,382 | $14,010 | $174,445 |
| 22 | $10,480 | $14,911 | $159,534 |
| 23 | $9,521 | $15,870 | $143,664 |
| 24 | $8,501 | $16,891 | $126,772 |
| 25 | $7,414 | $17,978 | $108,795 |
| 26 | $6,258 | $19,134 | $89,661 |
| 27 | $5,027 | $20,365 | $69,296 |
| 28 | $3,717 | $21,675 | $47,621 |
| 29 | $2,323 | $23,069 | $24,553 |
| 30 | $839 | $24,553 | $0 |
ƒHow this is calculated
- Upfront MIP = 1.75% of the base loan. Annual MIP rates follow HUD Mortgagee Letter 2023-05 and depend on term, loan size and LTV.
- Annual MIP is charged on the average outstanding balance, so it drops slightly each year. The first-year amount is shown.
- Minimum down is 3.5% with a 580+ credit score, or 10% for scores of 500–579. FHA loan limits vary by county.
Estimates for illustration only. This is not a loan offer, rate quote, or commitment to lend. Results come only from the numbers entered above. Interest rates are examples you supply, not advertised rates, so check current rates before deciding. Fee schedules and limits shown are published figures that can change.
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
Austin Gerimonte, NMLS #2277430 · CrossCountry Mortgage, LLC NMLS #3029 · Equal Housing Lender · NMLSConsumerAccess.org