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FHA Mortgage Calculator

Calculate FHA loan payments including Upfront and Annual MIP.

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Years

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Results

Total Monthly
Principal & Interest$1,471.73
Monthly MIP$110.57
Upfront MIP (Rolled In)$4,221.88

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Assumptions

  • Calculated locally from the inputs shown in this report.

Sensitivity preview

Home Price -10%: Total Monthly $1,424.07

Home Price Current: Total Monthly $1,582.30

Home Price +10%: Total Monthly $1,740.53

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About this FHA Loan

FHA loans are backed by the Federal Housing Administration and are popular with first-time buyers because they require a lower down payment (3.5%) and allow lower credit scores. However, they come with unique costs: Upfront Mortgage Insurance (UFMIP) and Annual Mortgage Insurance (MIP).

Accuracy and testing

Review formula sources, default test cases, assumptions, unit handling, rounding rules, and changelog for this calculator.

View accuracy page

How this calculator works

1. Base Loan = Price - Down Payment. 2. Upfront MIP = Base Loan * 1.75%. This is added to the loan balance. 3. Total Loan = Base Loan + Upfront MIP. 4. Monthly Payment = P&I on Total Loan + (Base Loan * Annual MIP Rate / 12).

Inputs explained

Home Price

The purchase price of the property.

Down Payment

Minimum 3.5% for credit scores 580+. If score is 500-579, 10% down is required.

Annual MIP Rate

Usually 0.55% for loans with >5% down, or 0.85% for loans with <5% down. This is paid monthly.

Understanding your results

The Monthly Total includes Principal, Interest, and the monthly MIP. The Upfront MIP is shown separately; note that it increases your loan balance immediately, meaning you start with less equity.

Example scenarios

Min Down Payment

Price $300k, Down 3.5% ($10,500). Base Loan $289,500. Upfront MIP (1.75%) is $5,066. Total Loan $294,566. Monthly MIP ~$205.

Larger Down Payment

Price $300k, Down 10% ($30,000). Base Loan $270,000. Annual MIP rate drops (often to 0.50% or 0.55%), lowering monthly costs.

Key Features

  • Upfront MIP Calculation
  • Monthly MIP Integration
  • Low Down Payment Logic

Things to Keep in Mind

MIP rates can vary based on loan term and amount. This calculator uses standard 30-year fixed rates.

Tips & Best Practices

  • FHA MIP usually lasts for the life of the loan if you put less than 10% down. To get rid of it, you must refinance into a conventional loan later.
  • Check FHA loan limits for your county. You cannot borrow more than the cap set by HUD.

Glossary of Terms

UFMIP
Upfront Mortgage Insurance Premium. A one-time fee (1.75%) added to the loan balance.
Annual MIP
A recurring insurance premium paid monthly.
DTI
Debt-to-Income ratio. FHA loans often allow higher DTI ratios (up to 50-57%) than conventional loans.

Frequently Asked Questions

Can I remove FHA Mortgage Insurance?
If you put down 10% or more, MIP is removed after 11 years. If you put down less than 10%, MIP stays for the life of the loan unless you refinance.
Is FHA only for first-time buyers?
No. Anyone can use an FHA loan as long as they meet the requirements and plan to live in the home as their primary residence.
How does FHA compare to Conventional?
FHA is easier to qualify for (lower credit/higher DTI) but more expensive long-term due to the permanent Mortgage Insurance. Conventional PMI can be cancelled once you reach 20% equity.