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FHA Loan Calculator

Calculate an FHA mortgage payment with 3.5% down, 1.75% upfront MIP, annual MIP, property tax and homeowners insurance.

  • Reviewed October 2026
  • Formula and worked example below
  • Free, no sign-up, runs in your browser
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Enter your numbers to see the result.

How FHA loans work

FHA loans are insured by the Federal Housing Administration, which lets lenders accept 3.5% down with a credit score of 580 or higher (10% down with scores of 500–579). In exchange you pay mortgage insurance premiums (MIP):

  • Upfront MIP: 1.75% of the base loan, usually added to the loan balance.
  • Annual MIP: 0.55% of the loan a year on most 30-year loans with less than 5% down (0.50% with 5% or more), paid monthly. 15-year loans pay 0.15%–0.40%.

With less than 10% down, annual MIP lasts for the life of the loan; with 10% or more it ends after 11 years. Many borrowers later refinance into a conventional loan to drop it.

A $300,000 home with 3.5% down ($10,500): the base loan is $289,500, plus $5,066 upfront MIP for a $294,566 loan. At 6.25% for 30 years, principal and interest is $1,814, annual MIP adds $133 a month, and with 1% property tax and $1,500 a year of insurance the total is about $2,321 a month.

FHA vs. conventional

Conventional loans can also go to 3% down, and their private mortgage insurance (PMI) can be cancelled at 20% equity. FHA usually wins for credit scores under about 680 or higher debt-to-income ratios; conventional often wins for strong credit. Compare with the mortgage calculator and check your debt-to-income ratio.

2026 FHA loan limits

FHA limits vary by county, from a national floor for low-cost areas to a much higher ceiling in expensive markets. Check the HUD limit lookup for your county before you shop.

Frequently asked questions

What is the minimum down payment for an FHA loan?

3.5% with a credit score of 580 or higher, or 10% with a score between 500 and 579.

How much is FHA mortgage insurance?

1.75% of the loan upfront plus an annual premium of 0.15%–0.55% depending on the term and down payment; 0.55% for most 30-year loans with 3.5% down.

Can I remove MIP from an FHA loan?

Only if you put at least 10% down, in which case it ends after 11 years. Otherwise you need to refinance into a conventional loan.

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Last reviewed October 2026. Results are estimates; check important decisions with a qualified professional.