🏠 FHA Loan Calculator: Monthly Payment, MIP and Down Payment
By Shihab Mia · Reviewed by ToolNimba Review Team, mortgage and home-financing content · Updated 2026-07-14
This FHA loan calculator gives an estimate for general information only and is not financial or lending advice. Your actual payment depends on the rate you are offered, your exact MIP rate, county loan limits, property taxes, insurance and HOA dues. Confirm figures with an FHA-approved lender before you rely on them.
This FHA loan calculator shows the real monthly payment on an FHA mortgage, including the two costs people most often forget: the upfront mortgage insurance premium (UFMIP) of 1.75% that is added to your loan, and the annual MIP you pay every month. Enter the home price, your down payment (as little as 3.5%), the interest rate, the term and your MIP rate, and it returns your base loan, total financed loan, monthly principal and interest, monthly MIP and the full monthly payment with taxes and insurance. On a $300,000 home with 3.5% down at 6.5% over 30 years, the FHA payment works out to about $1,994.55 in principal, interest and MIP, or roughly $2,419.55 once typical taxes and insurance are added. Adjust any input to compare down payments, terms and rates side by side.
What is the FHA Loan Calculator?
An FHA loan is a mortgage insured by the Federal Housing Administration, which lets buyers qualify with a down payment as low as 3.5% and more flexible credit than a conventional loan. In exchange for that low barrier, FHA charges mortgage insurance in two parts, and an honest FHA loan calculator has to include both or the payment it shows is too low. The first part is the upfront mortgage insurance premium, equal to 1.75% of your base loan amount. Almost every borrower finances this rather than paying it in cash, so it is added on top of the loan you actually repay. On a $289,500 base loan that upfront premium is $5,066.25, which makes the total financed loan $294,566.25.
The second part is the annual MIP, charged as a percentage of the base loan and split into twelve monthly pieces that ride alongside your principal and interest. For most 30-year FHA loans with the minimum down payment the annual MIP rate is 0.55%, so on a $289,500 base loan you pay $289,500 x 0.55% / 12, which is about $132.69 every month. This FHA mortgage calculator keeps the annual MIP rate editable because it varies with your loan term, loan size and how much you put down, and FHA has changed the published rates more than once. The monthly principal and interest is the standard amortization payment on the total financed loan: at 6.5% over 30 years that is about $1,861.86, and adding the $132.69 of MIP gives the $1,994.55 FHA payment before taxes and insurance.
A full FHA payment is usually quoted as PITI plus MIP: principal, interest, property taxes, homeowners insurance and the mortgage insurance premium. This FHA payment calculator lets you add an annual property tax figure and an annual insurance figure, divides each by twelve and folds them into the total so the number you see matches what would actually leave your bank account each month. With $3,600 a year in property tax and $1,500 a year in insurance, the same $300,000 example rises from $1,994.55 to about $2,419.55 a month. That gap is exactly why estimating an FHA loan on principal and interest alone is misleading, and why a good FHA loan calculator asks for taxes and insurance too.
The size of your down payment changes more than the down payment line. Putting down 10% instead of the 3.5% minimum shrinks the base loan, which shrinks both the upfront MIP and the monthly MIP, and on loans with 10% or more down FHA also drops mortgage insurance after eleven years instead of keeping it for the life of the loan. Use the FHA down payment calculator inputs here to compare 3.5%, 5% and 10% down side by side: on the $300,000 example, moving from 3.5% to 10% down cuts the monthly principal-plus-MIP from about $1,994.55 to about $1,860.20 and removes thousands of dollars of financed insurance over the life of the loan.
What you can borrow is capped by the FHA county loan limit. For 2026 the single-family FHA limit runs from about $541,287 in most lower-cost counties (the national floor) up to about $1,249,125 in the highest-cost counties (the ceiling), with many metro areas falling somewhere in between. Before you rely on any FHA loan calculator, check the limit for the exact county you are buying in, because a price above the local cap either needs a larger down payment or pushes you toward a conventional or jumbo loan. Eligibility also has floors of its own: a 580 credit score unlocks the 3.5% minimum, scores of 500 to 579 require 10% down, and lenders generally want a debt-to-income ratio at or below about 43%, though strong compensating factors can stretch that.
FHA is not automatically cheaper than the alternative, and the calculator is most useful when you run both paths. For buyers with lower credit or thin savings, FHA usually wins on approval odds and rate. For buyers with strong credit and 5% to 20% to put down, a conventional loan can cost less over time because its private mortgage insurance cancels at 20% equity while FHA MIP on a minimum-down loan lasts the life of the loan. A common strategy is to buy with FHA now, build equity, then refinance into a conventional loan to shed MIP once you cross 20% equity. Model that plan by comparing the FHA payment here against a conventional quote before you commit.
When to use it
- Estimating the true monthly cost of an FHA mortgage before you make an offer, including both upfront and annual MIP.
- Comparing a 3.5% down FHA loan against a larger down payment to see how much MIP and interest you save.
- Checking whether an FHA payment fits your budget once property taxes and homeowners insurance are included.
- Working out how much of your loan is mortgage insurance versus principal and interest.
- Comparing a 15-year and a 30-year FHA term to see the trade-off between monthly payment and total interest.
- Sanity-checking a lender quote so you can spot a number that has left MIP out.
- Deciding whether to buy now with FHA and refinance to conventional later to drop mortgage insurance.
How to use the FHA Loan Calculator
- Enter the home price and your down payment percentage (3.5% is the FHA minimum for most borrowers).
- Enter the interest rate your lender quoted and choose the loan term, usually 30 years.
- Enter the annual MIP rate (0.55% is typical for a 30-year loan with minimum down; your lender confirms yours).
- Add your estimated annual property tax and homeowners insurance to see the full monthly payment.
- Read off the total monthly payment, the monthly MIP, the base loan and the total financed loan, then use Copy summary to save the result.
Formula & method
Worked examples
A $300,000 home with the FHA minimum 3.5% down, a 6.5% rate over 30 years, 0.55% annual MIP, $3,600/yr tax and $1,500/yr insurance.
- Down payment = 300,000 x 3.5% = 10,500, so base loan = 300,000 - 10,500 = 289,500
- Upfront MIP = 289,500 x 1.75% = 5,066.25, financed, so total loan = 289,500 + 5,066.25 = 294,566.25
- Monthly rate r = 6.5 / 100 / 12 = 0.00541667, n = 30 x 12 = 360 months
- P&I = 294,566.25 x r x (1 + r)^360 / ((1 + r)^360 - 1) = 1,861.86
- Monthly MIP = 289,500 x 0.55% / 12 = 132.69; tax = 3,600 / 12 = 300; insurance = 1,500 / 12 = 125
Result: Total monthly payment = 1,861.86 + 132.69 + 300 + 125 = $2,419.55 (P&I plus MIP alone is $1,994.55).
A $250,000 home with 3.5% down, a 6.75% rate over 30 years and 0.55% annual MIP, with taxes and insurance left out.
- Down payment = 250,000 x 3.5% = 8,750, so base loan = 250,000 - 8,750 = 241,250
- Upfront MIP = 241,250 x 1.75% = 4,221.88, financed, so total loan = 241,250 + 4,221.88 = 245,471.88
- r = 6.75 / 100 / 12 = 0.005625, n = 360
- P&I = 245,471.88 x r x (1 + r)^360 / ((1 + r)^360 - 1) = 1,592.13
- Monthly MIP = 241,250 x 0.55% / 12 = 110.57
Result: Monthly payment (P&I + MIP) = 1,592.13 + 110.57 = $1,702.70 before property tax and insurance.
A $400,000 home with 10% down on a 30-year FHA loan at 6.5%, 0.50% annual MIP, showing how a larger down payment lowers MIP and lets it drop off after 11 years.
- Down payment = 400,000 x 10% = 40,000, so base loan = 400,000 - 40,000 = 360,000
- Upfront MIP = 360,000 x 1.75% = 6,300, financed, so total loan = 360,000 + 6,300 = 366,300
- r = 6.5 / 100 / 12 = 0.00541667, n = 360
- P&I = 366,300 x r x (1 + r)^360 / ((1 + r)^360 - 1) = 2,315.15
- Monthly MIP = 360,000 x 0.50% / 12 = 150.00 (annual MIP is lower at 90% LTV, and it ends after 11 years)
Result: Monthly payment (P&I + MIP) = 2,315.15 + 150.00 = $2,465.15, and the $150 MIP stops after year 11 because the down payment was 10%.
FHA monthly P&I plus MIP on a $300,000 home, 3.5% down, 30-year term, 0.55% annual MIP (taxes and insurance not included)
| Interest rate | Monthly P&I | Monthly MIP | P&I + MIP |
|---|---|---|---|
| 5.5% | $1,672.51 | $132.69 | $1,805.20 |
| 6.0% | $1,766.07 | $132.69 | $1,898.76 |
| 6.5% | $1,861.86 | $132.69 | $1,994.55 |
| 7.0% | $1,959.76 | $132.69 | $2,092.44 |
| 7.5% | $2,059.65 | $132.69 | $2,192.34 |
How the down payment changes an FHA loan on a $300,000 home at 6.5% over 30 years, 0.55% annual MIP
| Down payment | Base loan | Total financed loan | Monthly P&I + MIP |
|---|---|---|---|
| 3.5% ($10,500) | $289,500 | $294,566 | $1,994.55 |
| 5% ($15,000) | $285,000 | $289,988 | $1,963.54 |
| 10% ($30,000) | $270,000 | $274,725 | $1,860.20 |
| 20% ($60,000) | $240,000 | $244,200 | $1,653.51 |
Typical annual MIP rates by term, loan-to-value and base loan size (FHA case numbers on or after March 20, 2023). Confirm your exact rate with your lender.
| Loan term | Down payment / LTV | Base loan | Annual MIP | How long MIP lasts |
|---|---|---|---|---|
| 30 years | 3.5% down (LTV 96.5%) | $726,200 or less | 0.55% | Life of loan |
| 30 years | 5% to under 10% (LTV 90 to 95%) | $726,200 or less | 0.50% | Life of loan |
| 30 years | 10% or more (LTV 90% or less) | $726,200 or less | 0.50% | 11 years |
| 15 years | 10% or less down (LTV over 90%) | $726,200 or less | 0.40% | Life of loan |
| 15 years | 10% or more down (LTV 90% or less) | $726,200 or less | 0.15% | 11 years |
FHA versus conventional loan at a glance for a first-time buyer
| Feature | FHA loan | Conventional loan |
|---|---|---|
| Minimum down payment | 3.5% (580+ score) | 3% to 5% |
| Minimum credit score | 580 (or 500 with 10% down) | Usually 620+ |
| Mortgage insurance | UFMIP 1.75% + annual MIP | PMI, no upfront fee |
| Can insurance be cancelled? | Only if 10%+ down (after 11 yr), else refinance | Yes, at 20% equity |
| Best for | Lower credit or small down payment | Strong credit, larger down payment |
Common mistakes to avoid
- Forgetting the upfront MIP. FHA adds 1.75% of the base loan as an upfront mortgage insurance premium, which is almost always financed into the loan. Leaving it out understates both your loan size and your monthly payment. On a $289,500 base loan that is an extra $5,066.25 added to what you repay.
- Ignoring the monthly MIP. Annual MIP, usually 0.55% of the base loan split over twelve months, is charged on top of principal and interest. On the $300,000 example it adds about $132.69 every month, so a payment quote that shows only P&I is too low.
- Assuming MIP always drops off. On most FHA loans with the minimum 3.5% down, mortgage insurance lasts the life of the loan. Only loans with 10% or more down remove MIP after eleven years. Putting down more or refinancing later are the usual ways to stop paying it.
- Leaving out property taxes and insurance. A real monthly payment is principal, interest, taxes, insurance and MIP. Taxes and insurance alone added about $425 a month in our example. Always include them so the figure matches what actually leaves your account.
- Ignoring the county loan limit. FHA will not insure a loan above the limit for your county, which in 2026 ranges from about $541,287 in most areas up to about $1,249,125 in the priciest ones. If the home price pushes the loan over the local cap you either need a bigger down payment or a different loan type.
- Forgetting closing costs and cash to close. The 3.5% down payment is not the only cash you need. FHA closing costs typically run 2% to 5% of the loan and cover appraisal, title, origination and prepaid taxes and insurance. Budget for those on top of the down payment this FHA loan calculator estimates.
Glossary
- FHA loan
- A mortgage insured by the Federal Housing Administration that allows down payments as low as 3.5% and more flexible credit requirements.
- Base loan amount
- The home price minus your down payment, before the upfront mortgage insurance premium is added on.
- Upfront MIP (UFMIP)
- A one-time premium of 1.75% of the base loan, usually financed into the loan rather than paid in cash at closing.
- Annual MIP
- Ongoing FHA mortgage insurance charged as a percentage of the base loan, typically 0.55% a year, paid in equal monthly amounts.
- Principal and interest (P&I)
- The core mortgage payment that repays the amount borrowed plus the interest, calculated by amortization over the loan term.
- PITI
- Principal, interest, taxes and insurance, the four parts of a typical mortgage payment, to which FHA adds the monthly MIP.
- Loan-to-value (LTV)
- The loan amount as a percentage of the home value. A 3.5% down payment means a 96.5% LTV, which sets your annual MIP rate and whether MIP ever drops off.
- FHA loan limit
- The most FHA will insure in a given county, set each year by HUD. For 2026 it runs from roughly $541,287 in low-cost areas to about $1,249,125 in high-cost areas for a single-family home.
Frequently asked questions
How is an FHA loan payment calculated?
Start with the base loan, which is the home price minus your down payment. Add the 1.75% upfront mortgage insurance premium to get the financed loan, then amortize that at your rate over the term to find principal and interest. Add the monthly MIP (the annual MIP rate times the base loan, divided by 12) plus one-twelfth of your yearly property tax and insurance. The sum is your total monthly FHA payment.
What is the minimum down payment on an FHA loan?
The minimum FHA down payment is 3.5% of the purchase price for borrowers with a qualifying credit score, typically 580 or higher. On a $300,000 home that is $10,500. Borrowers with scores of 500 to 579 must put down 10%. A larger down payment lowers your base loan, your mortgage insurance and your monthly payment.
How much is FHA mortgage insurance?
FHA charges two premiums. The upfront premium is 1.75% of the base loan and is usually financed into the loan. The annual premium is a percentage of the base loan, commonly 0.55% for a 30-year loan with the minimum down payment, billed monthly. On a $289,500 base loan that is about $132.69 a month plus $5,066.25 added upfront.
Does FHA mortgage insurance ever go away?
It depends on your down payment. If you put down less than 10%, MIP lasts the full life of the loan and only ends when you pay off or refinance into a non-FHA loan. If you put down 10% or more, MIP is removed after 11 years. This is different from conventional loans, where private mortgage insurance can drop off once you reach 20% equity.
Is the upfront MIP added to my loan or paid at closing?
You can do either, but almost all borrowers finance the upfront MIP by rolling it into the loan rather than paying 1.75% of the base loan in cash at closing. Financing it raises your loan balance and slightly increases your monthly principal and interest, which is why this calculator adds it to the loan before working out the payment.
Is an FHA loan cheaper than a conventional loan?
It depends on your credit and down payment. FHA usually wins for buyers with lower credit scores or only 3.5% to put down, because it offers competitive rates and easier approval. Conventional loans often cost less over time for buyers with strong credit and at least 5% to 20% down, because their mortgage insurance can be cancelled at 20% equity while FHA MIP often lasts the life of the loan.
What credit score do I need for an FHA loan in 2026?
You need a FICO score of at least 580 to qualify for the 3.5% minimum down payment. Scores of 500 to 579 can still qualify but require a 10% down payment. Many lenders set their own overlays and prefer 620 or higher for the best rates and smoother approval, so a stronger score usually means a lower interest rate.
What are the 2026 FHA loan limits?
For 2026 the FHA single-family loan limit ranges from about $541,287 in most lower-cost counties (the national floor) up to about $1,249,125 in the highest-cost counties (the ceiling). Your limit depends on the county you buy in and the number of units. Check the specific county limit before assuming a home price qualifies for FHA financing.
What is the debt-to-income limit for an FHA loan?
FHA generally wants a debt-to-income (DTI) ratio at or below about 43%, meaning your total monthly debts including the new mortgage should not exceed 43% of your gross monthly income. Borrowers with strong compensating factors such as cash reserves or a high credit score can sometimes be approved with a higher DTI, but 43% is the common benchmark.
Can I remove FHA MIP by refinancing?
Yes. The most common way to stop paying FHA mortgage insurance on a minimum-down loan is to refinance into a conventional loan once you have at least 20% equity. Many buyers use FHA to get in with a low down payment, build equity through payments and appreciation, then refinance to drop the MIP and lower their total cost.
Sources
- Let FHA Loans Help You , U.S. Department of Housing and Urban Development (HUD.gov)
- FHA Single Family Housing Policy Handbook 4000.1 , U.S. Department of Housing and Urban Development (HUD.gov)
- What is mortgage insurance and how does it work? , U.S. Consumer Financial Protection Bureau