FHA Loan Examples With Payment Calculations
Review three FHA loan examples showing 3.5% down, 10% down with 11-year MIP, a 15-year term, payments, cash to close, and mortgage insurance.
How should you use these FHA Loan Calculator examples?
These examples turn the FHA Loan Calculator inputs into complete scenarios with stated values, calculation steps, and interpreted results. Use them to check how the calculator behaves, compare your own situation with realistic cases, and identify which inputs have the greatest effect before relying on an estimate.
Three FHA Loan Examples
These examples are generated by the tested FHA Loan Calculator. They isolate how down payment and term affect the financed balance, monthly payment, annual MIP rate and MIP duration.
All three use a $400,000 purchase, financed upfront MIP, $4,800 annual property tax, $1,800 annual homeowners insurance, no HOA and $10,000 closing costs unless the scenario says otherwise.
Example 1: 3.5% Down on a 30-Year FHA Loan
The buyer enters a $14,000 down payment and 6.25% fixed rate for 30 years. The resulting original LTV is 96.50%.
Loan amounts
| Base loan | $386,000.00 |
|---|---|
| Upfront MIP | $6,755.00 |
| Financed balance | $392,755.00 |
| Cash to close | $24,000.00 |
Initial payment
| Principal and interest | $2,418.26 |
|---|---|
| FHA MIP | $175.98 |
| Tax and insurance | $550.00 |
| Total payment | $3,144.24 |
The modeled annual MIP rate is 0.55% for the mortgage term. Financing upfront MIP keeps the premium out of the cash estimate but raises the balance used for principal and interest.
Example 2: 10% Down and an 11-Year MIP Period
The down payment increases to $40,000. The price, 6.25% rate and 30-year term remain unchanged, producing an original LTV of 90.00%.
| Base loan | $360,000.00 |
|---|---|
| Financed balance | $366,300.00 |
| Initial principal and interest | $2,255.37 |
| Initial total payment | $2,954.57 |
| Annual MIP rate | 0.50% |
| MIP duration | 11 years |
| Total modeled annual MIP | $18,238.20 |
| Cash to close | $50,000.00 |
The larger down payment reduces the base and financed loan. Under the modeled standard rule, annual MIP stops after 132 assessed months, so later schedule years show no FHA MIP.
Example 3: 15-Year FHA Loan at 5.75%
The buyer returns to $14,000 down but selects a 15-year term and a 5.75% fixed rate. Original LTV remains 96.50%.
| Financed balance | $392,755.00 |
|---|---|
| Principal and interest | $3,261.48 |
| Initial total payment | $3,937.62 |
| Annual MIP rate | 0.40% |
| MIP duration | Mortgage term |
| Total interest | $194,310.41 |
| Total modeled annual MIP | $13,284.96 |
The shorter term raises the required monthly principal-and-interest payment but reduces modeled lifetime interest. The annual MIP rate is lower than in the 30-year, 96.50% LTV scenario.
Compare the Three FHA Scenarios
| Scenario | Financed loan | Initial payment | MIP rate | MIP duration | Total interest |
|---|---|---|---|---|---|
| 3.5% down, 30 years | $392,755.00 | $3,144.24 | 0.55% | Mortgage term | $477,818.56 |
| 10% down, 30 years | $366,300.00 | $2,954.57 | 0.50% | 11 years | $445,635.26 |
| 3.5% down, 15 years | $392,755.00 | $3,937.62 | 0.40% | Mortgage term | $194,310.41 |
The examples are not loan recommendations. A larger down payment uses more cash, while a shorter term requires a higher monthly payment. Compare the complete cost and retain adequate reserves.
Reproduce the Results
- Open the FHA Loan Calculator and select Reset.
- Enter the purchase price, down payment, rate, term and ownership costs shown for a scenario.
- Keep Finance the 1.75% upfront MIP selected.
- Enter the correct local FHA loan limit. The example base loans are below the displayed 2026 national one-unit floor.
- Select Calculate.
- Review the loan and insurance section, payment details, charts and annual schedule.
Use the page links above to move directly between the 3.5% down, 10% down and 15-year scenarios.
Corrections and Review
Report an issue or error in the calculator using the Contact Us page.