Calculate FHA payments including upfront and annual mortgage insurance premiums.
FHA loans are government-backed and allow down payments as low as 3.5%, but they come with two layers of mortgage insurance: a one-time upfront MIP of 1.75% of the base loan amount (almost always rolled into the loan) and an ongoing annual MIP paid monthly. The annual rate depends on the loan term and LTV. For loans with over 10% down (LTV ≤ 90%), MIP cancels at year 11; for smaller down payments the MIP stays for the full loan term.
Upfront MIP
Upfront MIP = Base Loan Amount × 1.75%
Monthly MIP
Monthly MIP = Outstanding Balance × Annual MIP Rate ÷ 12
MIP rates are based on HUD guidelines as of 2024 for standard FHA loans. Jumbo FHA, 203(k) and other specialty products have different MIP structures. Consult a licensed mortgage professional.
If your down payment was 10% or more (LTV ≤ 90%), MIP automatically cancels after 11 years. If you put down less than 10%, MIP lasts the full loan term. The only way to remove it earlier in that case is to refinance into a conventional loan once you have at least 20% equity.
The 1.75% upfront MIP is added to your base loan amount. So if you borrow $338,750, your financed loan is $338,750 × 1.0175 = $344,677. You are paying interest on the upfront MIP for the life of the loan.
FHA often offers lower interest rates than conventional loans for borrowers with lower credit scores. But the mandatory MIP (especially when it lasts for the full term) can make the total cost of an FHA loan higher than a conventional loan with PMI — particularly once you build 20% equity and can drop PMI. Run both scenarios.
The 2024 FHA conforming loan limit is $498,257 for single-family homes in most areas, rising to $1,149,825 in high-cost markets. Limits are set by county. This calculator does not enforce loan limits; verify your county limit separately.