FHA Loan Calculator
Includes the 1.75% upfront MIP and 0.55% annual MIP.
FHA Loan Details
FHA minimum is 3.5%
Total Monthly Payment
How FHA insurance works
FHA loans charge two insurance premiums:
- Upfront MIP (1.75%) — paid once, usually added to your loan balance, so the total loan is slightly larger than the home price minus down payment.
- Annual MIP (about 0.55%) — paid monthly as part of your payment, and unlike private PMI, it typically lasts for the life of the loan.
FHA Loan FAQ
FHA Loan Calculator — low down-payment home buying
FHA loans let buyers in with just 3.5% down and credit scores as low as 580. But they carry upfront and annual mortgage insurance premiums (MIP). This calculator shows your true FHA monthly payment with MIP included, plus the full amortization schedule.
FHA loan basics
FHA loans are insured by the Federal Housing Administration, letting lenders offer 3.5% down with lower credit requirements — ideal for first-time buyers.
Upfront MIP (UFMIP) = 1.75% of the loan, financed into the balance. Annual MIP = 0.15–0.75% of the balance, paid monthly.
MIP stays for the life of the loan on most new FHA loans with <10% down — a significant cost vs conventional PMI that drops off.
FHA vs conventional
FHA: 3.5% down, credit-friendly, but permanent MIP and stricter loan limits.
Conventional: 3–5% down options with private mortgage insurance that falls off at 20% equity; better for strong credit.
Compare total costs — a conventional loan with a slightly higher down payment often becomes cheaper in year 5–8.
How to use this calculator
- Enter the home purchase price.
- Enter your down payment amount (3.5% minimum).
- Input the FHA interest rate.
- Add the annual MIP rate (0.55% is typical).
- Read the true monthly payment including MIP and the schedule below.
Pro tips
- Your credit score decides the MIP: 580–639 pays ~0.75%; 640+ pays ~0.55%.
- A 10% down payment removes the 11-year MIP cancellation restriction on some loans.
- FHA 203(k) loans can finance renovation into the same mortgage.