FHA Loan Calculator
FHA loans allow as little as 3.5% down but add mortgage insurance: an upfront premium (UFMIP) usually financed into the loan, plus an annual premium paid monthly. This calculator estimates both and shows your full monthly payment.
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Results
Estimated monthly payment
$2,619.09
Estimated payment is $2,619.09/month including $143.74 MIP, which lasts life of loan.
| Principal & interest | $2,017.01 |
|---|---|
| Monthly MIP | $143.74 |
| Taxes, insurance & HOA | $458.33 |
| Base loan | $313,625.00 |
| Upfront MIP (financed) | $5,488.44 |
| Total loan with UFMIP | $319,113.44 |
| Annual MIP rate | 0.55% |
| Annual MIP lasts | life of loan |
| 2026 FHA loan limit | Within the 2026 FHA floor ($541,287) for 1 unit |
| Est. cash to close | $21,125.00 |
Estimate only. Not legal or financial advice.
How this calculator works
Base loan = price − down payment. The upfront MIP (1.75% of the base loan) is added to the loan, and principal and interest are calculated on that total.
Annual MIP is a percentage of the loan paid monthly. For loans over 15 years with a base loan of $726,200 or less, it is 0.55% with less than 5% down and 0.50% with 5% or more down. 15-year loans and higher-balance loans use different rates.
With 10% or more down, annual MIP lasts 11 years; with less than 10% down, it lasts for the life of the loan unless you refinance.
Formulas
UFMIP = base loan × 1.75%Monthly MIP ≈ base loan × annual MIP rate ÷ 12Monthly payment = P&I on (base loan + UFMIP) + MIP + taxes/12 + insurance/12 + HOA Assumptions & limits
- FHA MIP rates follow HUD Mortgagee Letter 2023-05 (loans endorsed on or after March 20, 2023), still current as of 2026-10-18. HUD can change these. Verify with a lender.
- Base loans above $726,200 (the threshold HUD prints in its MIP table) use the higher-balance MIP rates. If your base loan is between $726,200 and $832,750 (the 2026 conforming limit), confirm the rate with your lender.
- 2026 FHA loan limits for one unit run from $541,287 (low-cost floor) to $1,249,125 (high-cost ceiling), per HUD Mortgagee Letter 2025-23. Your county limit is somewhere in that range; check it in HUD's FHA Mortgage Limits search.
- Monthly MIP is approximated from the base loan in year one; actual MIP is recalculated annually on the average outstanding balance and declines slightly over time.
- Closing costs are a rough percentage and exclude prepaid items and escrow deposits.
- Default interest rates are illustrative examples, not quotes or current market rates (last reviewed 2026-10-18). Enter the rate from your lender.
Assumptions last reviewed 2026-10-18.
Disclaimer: This calculator provides estimates for educational purposes only and is not legal, tax, lending or financial advice. Results depend on your inputs and simplifying assumptions. Confirm with a qualified lender, attorney, CPA or title/escrow professional before making decisions.
Frequently asked questions
How much is FHA mortgage insurance?
Under the rates we last reviewed on 2026-10-18, most 30-year FHA loans pay 1.75% upfront plus 0.50%–0.55% per year, split into monthly payments. Rates for 15-year and high-balance loans differ.
Can you remove MIP on an FHA loan?
If you put at least 10% down, annual MIP ends after 11 years. With less than 10% down it lasts for the life of the loan; most borrowers remove it by refinancing into a conventional loan once they have enough equity.
What is the minimum down payment for FHA?
3.5% with a credit score of 580 or higher; 10% for scores from 500 to 579.
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