15 Year FHA Mortgage Calculator

Use this 15-year FHA mortgage calculator to estimate your monthly payments, total interest, and loan costs for a Federal Housing Administration (FHA) loan. FHA loans are designed to help first-time homebuyers and those with lower credit scores access homeownership.

How to Use This Calculator

Enter your loan details in the calculator panel to get an estimate of your monthly payments and total loan costs. The calculator uses standard FHA loan formulas to provide accurate results.

This calculator provides estimates only. Actual loan terms may vary based on your specific situation and lender requirements.

What Is an FHA Loan?

An FHA loan is a mortgage insurance-backed loan program administered by the Federal Housing Administration. FHA loans are designed to make homeownership more accessible to:

First-time homebuyers
Buyers with lower credit scores
Buyers with smaller down payments

FHA loans typically require a minimum down payment of 3.5% and include mortgage insurance premiums (MIP) that are paid monthly.

15-Year FHA Loan Terms

A 15-year FHA loan offers several advantages over traditional 30-year loans:

Lower monthly payments due to shorter loan term
Potential for lower total interest paid
Opportunity to build equity faster

The standard FHA loan term is 30 years, but many borrowers choose the 15-year option for its financial benefits.

Monthly Payment = P * (r(1+r)^n) / ((1+r)^n - 1) Where: P = Principal loan amount r = Monthly interest rate (APR/12) n = Number of payments (loan term in months)

Calculator Example

Let's calculate a 15-year FHA loan with these assumptions:

Loan amount: $200,000
Interest rate: 6.5% APR
Down payment: 3.5% ($7,000)
Mortgage insurance premium: 1.05% of loan amount

The calculator would show:

Monthly payment: $1,523.45
Total interest: $36,733.50
Total cost: $236,733.50

Frequently Asked Questions

What is the minimum down payment for an FHA loan?

The minimum down payment for an FHA loan is typically 3.5% of the purchase price, with a minimum of $2,500.

How much does mortgage insurance cost on an FHA loan?

Mortgage insurance premiums (MIP) are calculated as 1% of the loan amount, with a minimum of $77 per month. The insurance lasts for the life of the loan.

Can I refinance an FHA loan?

Yes, you can refinance an FHA loan, but you must first pay off the mortgage insurance premiums and meet the lender's requirements.