FHA Loan Calculator
FHA payment with the 1.75% upfront MIP financed into the loan, the correct annual MIP rate from HUD's table, and whether MIP ever falls off.
FHA Loan Calculator: with the default inputs, total monthly payment is $2,740.71.
FHA's minimum is 3.5% of the price at a 580+ credit score, 10% below that.
HUD's minimum decision credit score. 580+ gets 96.5% financing; 500–579 is capped at 90%.
Almost everyone does. Unfinanced, it is cash due at closing.
Principal, interest, MIP, taxes, insurance and HOA.
- Principal & interest
- $2,115.98
- Loan amount including financed UFMIP
- $343,661
- Upfront MIP (1.75%)
- $5,911
- Monthly MIP (first year)
- $153.90
- Annual MIP rate
- 0.55%
- MIP is charged for
- Life of the loan (30 years)
- Total MIP paid (upfront + annual)
- $41,992
- Minimum down payment at this credit score
- $12,250
Assumptions
- Upfront MIP of 1.75% and the annual MIP matrix are HUD Mortgagee Letter 2023-05, effective for case numbers endorsed on or after 20 March 2023 and carried into Handbook 4000.1 Appendix 1.0.
- The matrix threshold is the national conforming loan limit; this calculator uses the 2026 one-unit value of $832,750 (FHFA, announced 25 November 2025).
- FHA one-unit loan limits used for the warnings are the 2026 floor of $541,287 and ceiling of $1,249,125 (HUD Mortgagee Letter 2025-23, case numbers assigned on or after 1 January 2026). County limits sit between them and are not modelled.
- Maximum LTV by credit score (96.5% at 580+, 90% at 500–579) is HUD Handbook 4000.1, II.A.2, Allowable Mortgage Parameters.
- Monthly MIP follows HUD's periodic-premium method: annual rate × the year's average outstanding balance, divided by 1.0175 when the UFMIP is financed, then divided by 12.
- The interest rate is fixed for the whole term; taxes, insurance and HOA are held flat in today's dollars.
- Principal & interest$2,11677%
- Mortgage insurance$1546%
- Property tax$32112%
- Home insurance$1505%
| Year | Principal | Interest | MIP | Balance |
|---|---|---|---|---|
| 1 | $4,027 | $21,365 | $1,847 | $339,634 |
| 2 | $4,286 | $21,106 | $1,824 | $335,348 |
| 3 | $4,562 | $20,830 | $1,800 | $330,786 |
| 4 | $4,855 | $20,537 | $1,775 | $325,931 |
| 5 | $5,167 | $20,224 | $1,748 | $320,763 |
| 6 | $5,500 | $19,892 | $1,719 | $315,264 |
| 7 | $5,854 | $19,538 | $1,688 | $309,410 |
| 8 | $6,230 | $19,162 | $1,656 | $303,180 |
| 9 | $6,631 | $18,761 | $1,621 | $296,549 |
| 10 | $7,057 | $18,334 | $1,584 | $289,492 |
MIP is computed HUD's way: the annual rate applied to each year's average outstanding balance, with financed UFMIP backed out.
How this is worked out
The formula
Base loan = price − down payment UFMIP = 1.75% × base loan (financed into the loan unless paid in cash) LTV (for the MIP table) = base loan ÷ price Monthly MIP = [ average outstanding balance for the year × annual MIP rate ÷ (1 + 0.0175 if financed) ] ÷ 12 Total monthly = P&I + monthly MIP + tax + insurance + HOA
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Home price
- A number.in dollars · 0 or more · defaults to 350000
- Down payment
- FHA's minimum is 3.5% of the price at a 580+ credit score, 10% below that.in dollars · 0 or more · defaults to 12250
- Credit score
- HUD's minimum decision credit score. 580+ gets 96.5% financing; 500–579 is capped at 90%.from 300 to 850 · whole numbers only · defaults to 660
- Interest rate
- A number.a percentage · from 0 to 30 · defaults to 6.25
- Loan term
- A number.from 1 to 40 · whole numbers only · defaults to 30
- Finance the upfront MIP into the loan
- Almost everyone does. Unfinanced, it is cash due at closing.defaults to on
- Property tax(under More options)
- A number.a percentage · from 0 to 10 · defaults to 1.1
- Home insurance(under More options)
- A number.in dollars · 0 or more · defaults to 1800
- HOA dues(under More options)
- A number.in dollars · 0 or more · defaults to 0
What you get back
- Total monthly paymentmain answer
- Principal, interest, MIP, taxes, insurance and HOA.
- Principal & interest
- Loan amount including financed UFMIP
- Upfront MIP (1.75%)
- Monthly MIP (first year)
- Annual MIP rate
- MIP is charged for
- Total MIP paid (upfront + annual)
- Minimum down payment at this credit score
What this assumes
- Upfront MIP of 1.75% and the annual MIP matrix are HUD Mortgagee Letter 2023-05, effective for case numbers endorsed on or after 20 March 2023 and carried into Handbook 4000.1 Appendix 1.0.
- The matrix threshold is the national conforming loan limit; this calculator uses the 2026 one-unit value of $832,750 (FHFA, announced 25 November 2025).
- FHA one-unit loan limits used for the warnings are the 2026 floor of $541,287 and ceiling of $1,249,125 (HUD Mortgagee Letter 2025-23, case numbers assigned on or after 1 January 2026). County limits sit between them and are not modelled.
- Maximum LTV by credit score (96.5% at 580+, 90% at 500–579) is HUD Handbook 4000.1, II.A.2, Allowable Mortgage Parameters.
- Monthly MIP follows HUD's periodic-premium method: annual rate × the year's average outstanding balance, divided by 1.0175 when the UFMIP is financed, then divided by 12.
- The interest rate is fixed for the whole term; taxes, insurance and HOA are held flat in today's dollars.
About this calculator
An FHA loan is the government-insured mortgage most people mean by "3.5% down". The trade for that low down payment is mortgage insurance, and FHA charges it twice: an upfront premium of 1.75% of the base loan that almost everyone rolls into the balance, and an annual premium collected monthly. This calculator applies HUD's actual rate matrix rather than a single guessed percentage, and — the part that catches people — tells you whether that annual premium ever stops.
The rule that costs the most money
Conventional PMI comes off automatically at 78% loan-to-value. FHA's annual MIP does not. Under HUD Mortgagee Letter 2023-05, if your original loan-to-value is above 90%, the annual premium runs for the entire mortgage term. At 3.5% down your LTV is 96.5%, so a 30-year FHA loan carries MIP for 30 years no matter how much equity you build. Only loans that started at 90% LTV or less — 10% down — drop it after 11 years. Refinancing into a conventional loan is otherwise the only exit.
How to use it
Enter the price, your down payment and your credit score. The score matters mechanically: HUD Handbook 4000.1 allows 96.5% financing at a minimum decision credit score of 580 or above and caps the loan at 90% for scores of 500–579, so the calculator refuses a down payment below the floor rather than quoting a loan you cannot get. Open More options for taxes, insurance and HOA. Use Solve for → Home price to find the price that fits a target payment.
Reading the results
- Loan amount including financed UFMIP is what you actually amortize — it is larger than price minus down payment, and it is why your FHA balance can exceed the purchase price at closing.
- Monthly MIP follows HUD's own method: the annual rate applied to the average outstanding balance for each amortization year, divided by the upfront factor when the UFMIP was financed, then divided by 12. It drifts down slightly each year rather than staying fixed.
- Total MIP paid adds the upfront premium to every annual premium over the period it is charged. On a 96.5% LTV 30-year loan this is usually the single biggest cost line after interest.
Where this estimate breaks down
Rates and the base-loan threshold in HUD's matrix track the national conforming loan limit, which changes every year — the figures here are the 2026 set and are dated below. County FHA loan limits are not modelled: the calculator warns when a loan exceeds the national floor or ceiling, but your county's limit sits somewhere between them and you must check it. Taxes and insurance are estimates until you have a quote and an assessment. Nothing here models FHA's 31/43 qualifying ratios, the seller-paid closing cost limits, or the property condition standards an appraiser applies — an FHA approval is a document review, not a payment calculation.
Frequently asked questions
▸How much is FHA mortgage insurance?
Two premiums. Upfront MIP is 1.75% of the base loan amount, normally financed into the balance. Annual MIP is 0.50%–0.55% of the balance for most 30-year loans at or below the conforming limit, and 0.70%–0.75% above it, charged monthly (HUD Mortgagee Letter 2023-05).
▸Does FHA mortgage insurance ever go away?
Only if your original loan-to-value was 90% or less, in which case it cancels after 11 years. Above 90% — which includes every 3.5%-down purchase — it is charged for the life of the loan, and refinancing into a conventional mortgage is the only way out.
▸What credit score do I need for an FHA loan?
HUD allows maximum financing (96.5% LTV, 3.5% down) at a minimum decision credit score of 580 or above. Scores of 500–579 are capped at 90% LTV, so 10% down. Below 500 is ineligible. Individual lenders routinely set higher overlays than HUD does.
▸Is the upfront MIP refundable?
Partially, and only briefly. If you refinance into another FHA loan within three years of the original endorsement, HUD refunds a declining share of the upfront premium. After 36 months the refund is zero.
▸Is FHA cheaper than a conventional loan?
At low credit scores and small down payments, usually yes — FHA prices by loan characteristics rather than by score. At 700+ with 5–10% down, conventional PMI is often cheaper and cancellable, which matters more over 30 years than the rate difference.
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