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FHA Loan Calculator

Calculate FHA loan payments with MIP

Total Monthly Payment

$2911

Down Payment

$12250

Upfront MIP

$5911

FHA Loan Requirements

Credit score 580+: 3.5% down payment • Credit score 500-579: 10% down payment • Upfront MIP: 1.75% • Annual MIP: 0.45-0.85%

$
%
%
%
$
Monthly Payment
$2911
PITI + MIP
Down Payment
$12,250
Upfront MIP
$5,911
1.75%
Total Loan
$343,661

FHA Loan Summary

Home Price$350,000
Base Loan Amount$337,750
Total Interest Paid$438,320
Total Cost of Home$1,060,357

Monthly Payment Breakdown

Principal & Interest$2,172
Monthly MIP$239
Property Tax$350
Home Insurance$150

Frequently Asked Questions

Q

What is the minimum down payment for an FHA loan?

FHA loans require a minimum 3.5% down payment with a credit score of 580 or higher. With a credit score of 500-579, you need at least 10% down. For a $350,000 home, the minimum down payment is $12,250 (3.5%) or $35,000 (10%).

Q

What is FHA mortgage insurance premium (MIP)?

FHA MIP has two components: Upfront MIP (1.75% of the loan amount, typically financed into the loan) and Annual MIP (0.45%-0.85% depending on loan term and LTV, paid monthly). For most 30-year loans with less than 10% down, MIP is required for the life of the loan.

Q

How long do I have to pay FHA mortgage insurance?

For loans with less than 10% down payment, MIP is required for the entire loan term. For loans with 10% or more down payment, MIP can be removed after 11 years. You can refinance to a conventional loan to remove MIP once you reach 20% equity.

Q

What are FHA loan limits?

FHA loan limits vary by county. In 2024, the floor is $472,030 for low-cost areas and the ceiling is $1,089,300 for high-cost areas. Check your local FHA loan limit as it depends on your county's median home prices.

Q

What is the minimum credit score for FHA?

The minimum credit score is 500 with 10% down, or 580 with 3.5% down. However, many lenders require higher scores (620-640) and may offer better rates for scores above 680. Your credit score also affects your interest rate.

Q

How does FHA compare to conventional loans?

FHA pros: Lower down payment (3.5% vs 5-20%), lower credit score requirements, competitive rates. FHA cons: Mandatory mortgage insurance for life of loan (vs removable PMI), loan limits, property requirements. Conventional may be better if you have 20% down or excellent credit.

Example Calculations

1FHA Loan with 3.5% Down Payment

Inputs

Home Price$350,000
Down Payment3.5% ($12,250)
Interest Rate6.5%
Loan Term30 years
Property Tax Rate1.2%
Home Insurance$1,800/yr

Result

Total Monthly Payment$2,911
Base Loan Amount$337,750
Upfront MIP (1.75%)$5,911
Total Loan Amount$343,661
Monthly P&I$2,172
Monthly MIP (0.85%)$239
Total Interest Paid$438,320

Base loan = $350,000 − $12,250 = $337,750. Upfront MIP = $337,750 × 1.75% = $5,911. Total loan = $343,661. LTV = 96.5% so annual MIP rate = 0.85%. Monthly P&I = $2,172, monthly MIP = $337,750 × 0.85% / 12 = $239, property tax = $350, insurance = $150. Total = $2,911/month.

2FHA Loan with 10% Down Payment

Inputs

Home Price$275,000
Down Payment10% ($27,500)
Interest Rate7.0%
Loan Term30 years
Property Tax Rate1.0%
Home Insurance$1,500/yr

Result

Total Monthly Payment$2,195
Base Loan Amount$247,500
Upfront MIP (1.75%)$4,331
Total Loan Amount$251,831
Monthly P&I$1,675
Monthly MIP (0.80%)$165
Total Interest Paid$351,327

Base loan = $275,000 − $27,500 = $247,500. Upfront MIP = $247,500 × 1.75% = $4,331. Total loan = $251,831. LTV = 90% (<=95%) so annual MIP rate = 0.80%. Monthly P&I = $1,675, monthly MIP = $247,500 × 0.80% / 12 = $165, property tax = $229, insurance = $125. Total = $2,195/month.

Formulas Used

FHA Upfront Mortgage Insurance Premium

Upfront MIP = Base Loan Amount × 1.75%

The one-time upfront MIP is financed into the total loan amount.

Where:

Base Loan Amount= Home price minus down payment
1.75%= FHA upfront MIP rate (fixed)

Monthly Principal & Interest

M = (Base Loan + Upfront MIP) × r(1 + r)^n / ((1 + r)^n − 1)

Monthly P&I is calculated on the total loan including financed upfront MIP.

Where:

M= Monthly principal & interest payment
r= Monthly interest rate (annual rate / 100 / 12)
n= Total payments (years × 12)

Monthly MIP (Annual Mortgage Insurance)

Monthly MIP = Base Loan Amount × Annual MIP Rate / 12

Annual MIP rate depends on LTV and loan term: 0.85% for LTV > 95%, 0.80% for LTV <= 95% (30-year loans).

Where:

Base Loan Amount= Home price minus down payment (before upfront MIP)
Annual MIP Rate= 0.45%–0.85% depending on LTV and loan term

Total Monthly Payment

Total = P&I + Monthly MIP + Property Tax/12 + Insurance/12

Full monthly housing cost for an FHA loan.

Where:

P&I= Monthly principal & interest (on total loan incl. upfront MIP)
Monthly MIP= Annual MIP divided by 12
Property Tax= Home price × tax rate / 12
Insurance= Annual homeowner's insurance / 12

Understanding FHA Loans

FHA loans are government-backed mortgages designed to help first-time homebuyers and those with lower credit scores achieve homeownership. They offer lower down payments and more flexible qualifying requirements than conventional loans.

The cost of an FHA loan includes upfront mortgage insurance premium (1.75%) and annual MIP (0.45-0.85%). These costs protect lenders against default and enable the favorable terms FHA loans offer.

While FHA loans make homeownership more accessible, they have limits on loan amounts and require the property to meet certain standards. Comparing FHA to conventional options helps you choose the best mortgage for your situation.

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Last Updated: Feb 12, 2026

This calculator is provided for informational and educational purposes only. Results are estimates and should not be considered professional financial, medical, legal, or other advice. Always consult a qualified professional before making important decisions. UseCalcPro is not responsible for any actions taken based on calculator results.

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