Government-Backed Mortgage
FHA Loan Calculator
Updated May 4, 2026 · Estimate your FHA monthly payment with upfront & annual MIP.
Total Monthly Payment
PITI + MIP
For a $350,000 home with 3.5% down at 6.5% interest, your estimated FHA monthly payment is $2,550/month (PITI + MIP).
Typical scenario — enter your details above for your personalized FHA estimate.
Not a Loan Offer or Commitment: This calculator provides estimates based on the information you enter. Actual loan terms, rates, and payments will vary based on your creditworthiness, lender requirements, and current market conditions. This is not a commitment to lend, pre-qualification, or pre-approval. Rate information shown is for illustration only and may not reflect rates currently available to you. Contact a lender directly for personalized rate quotes and official loan disclosures.
Consider refinancing to a conventional loan once you reach 20% equity to eliminate mortgage insurance entirely.
UFMIP is financed into the loan
Understanding FHA Loans and MIP
What is an FHA Loan?
FHA loans are government-backed mortgages designed to help first-time homebuyers and those with lower credit scores achieve homeownership. They require only 3.5% down payment (with 580+ credit) and have more flexible qualification requirements than conventional loans.
What is FHA MIP?
FHA Mortgage Insurance Premium (MIP) has two components: Upfront MIP at 1.75% of the base loan (usually financed) and Annual MIP at 0.15–0.75% of the loan, paid monthly. Unlike conventional PMI, FHA MIP is required regardless of down payment size.
FHA vs Conventional PMI
Unlike conventional PMI which can be removed at 20% equity: less than 10% down means MIP for the life of the loan; 10%+ down means MIP can be removed after 11 years. The only earlier exit is to refinance into a conventional loan.
Credit Score Requirements
FHA loans are more flexible than conventional: 500–579 needs 10% down minimum, 580+ needs only 3.5% down. Higher scores may qualify for better rates and lender-specific programs.
Frequently Asked Questions
FHA MIP is insurance that protects the lender if you default. It has two parts: Upfront MIP (1.75% of the loan, usually financed) and Annual MIP (0.15–0.75% of the loan, paid monthly). Unlike conventional PMI, FHA MIP is required regardless of down payment amount.
If your down payment is less than 10%, you pay MIP for the life of the loan. If your down payment is 10% or more, MIP can be removed after 11 years of payments. The only way to eliminate FHA MIP earlier is to refinance to a conventional loan once you have enough equity.
FHA loans accept credit scores as low as 500. With a score of 580 or higher, you need only 3.5% down. With a score of 500–579, you need 10% down. Some lenders may have higher minimum score requirements (often 580–620), so shop around.
For 2026, the FHA loan limit floor (low-cost areas) is $541,287 and the ceiling (high-cost areas) is $1,249,125. Actual limits vary by county — check HUD's website for your specific county limit.
Most borrowers finance the 1.75% upfront MIP into their loan to reduce cash needed at closing. However, this increases your loan balance and total interest paid. If you have the cash, paying it upfront saves money long-term. Consider your cash reserves and long-term plans before deciding.
Related Guides
Related Mortgage Calculators
Official Sources
- HUD FHA Loan Limits 2026 (opens in new tab) — Official FHA loan limit information by county.
- HUD FHA Lender Resources and MIP Information (opens in new tab) — Official MIP rates and guidelines.
- CFPB: Understanding Mortgage Insurance (opens in new tab) — Consumer guide to mortgage insurance.
Last updated: