FHA Loan Calculator
FHA loans let you buy with as little as 3.5% down — but every one carries mortgage insurance for the life of the loan. See the real monthly payment, MIP included.
How this calculator works
The calculator applies your down payment to the price, then adds the two FHA mortgage insurance premiums: 1.75% of the loan amount at closing (shown as an upfront cost, typically financed into the loan) and 0.55% of the loan per year, added to the monthly payment. On most FHA loans made after 2013, that monthly MIP lasts the life of the loan — it does not drop off at 20% equity like conventional PMI.
Frequently asked questions
How is FHA mortgage insurance different from PMI?
FHA MIP has two parts — a 1.75% upfront premium and a 0.55% annual premium — and on most loans made after 2013 it lasts for the life of the loan. Conventional PMI is usually 0.3–1.5% per year and automatically drops off at 20% equity. If you have 20% down, a conventional loan beats FHA; if you only have 3.5–10%, compare the full MIP cost against conventional PMI for your exact case.
Can I get rid of FHA MIP?
Not by building equity alone — for 30-year FHA loans with less than 10% down, MIP stays for the full term. The standard escape routes are refinancing into a conventional loan once you have 20% equity (and the new home value supports it), or paying the loan off. On FHA loans with 10%+ down, MIP drops off after 11 years.
What credit score do I need for an FHA loan?
FHA is the most forgiving program: 500–579 with 10% down, 580+ with 3.5% down, versus 620+ for most conventional loans. The trade-off is the permanent MIP — which is exactly why this calculator shows the full payment, not just principal and interest.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.