FHA Loan Calculator
Estimate FHA mortgage payments, including the upfront and annual mortgage insurance premiums.
About the FHA Loan Calculator
FHA loans need as little as 3.5% down. Borrowers pay an upfront MIP of 1.75% of the base loan (usually financed) and an annual MIP, paid monthly: for terms over 15 years on loans up to $726,200, 0.55% with less than 5% down or 0.50% otherwise. With under 10% down, annual MIP lasts for the life of the loan; with 10% or more, it ends after 11 years.
The formula
Payment = P&I on (base loan + 1.75%) + base loan × annual MIP ÷ 12
Annual MIP (terms over 15 years, base loan ≤ $726,200)
| Down payment | Annual MIP | Duration |
|---|---|---|
| Under 5% | 0.55% | Life of loan |
| 5% to under 10% | 0.50% | Life of loan |
| 10% or more | 0.50% | 11 years |
Worked example
Example: Principal, interest and MIP = $2,683.34
- Inputs: Home price: $390,000; Down payment: 3.9%; Interest rate (yearly): 6.9%; Term: 30 years.
- Formula: Payment = P&I on (base loan + 1.75%) + base loan × annual MIP ÷ 12
- Result: Principal, interest and MIP = $2,683.34
- Principal and interest: $2,511.56
- Monthly MIP: $171.78
- Upfront MIP: $6,559
Things to keep in mind
- Property taxes and homeowners insurance aren't included.
- Confirm current premiums with HUD or your lender.
Questions people ask
Can I remove FHA MIP?
Only after 11 years with 10%+ down; otherwise refinance into a conventional loan.
What credit score do I need?
580 for 3.5% down; 500–579 needs 10% down.