FHA Loan Calculator
Calculate FHA payments including upfront and annual mortgage insurance premiums.
About FHA Loan Calculator
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. Annual MIP rates are per HUD Mortgagee Letter 2023-05, effective for mortgages endorsed on or after March 20, 2023 — 0.55% a year for the common case of a 30-year loan above 95% LTV, or 0.50% at 95% LTV and below. 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.
Formulas
Upfront MIP
Upfront MIP = Base Loan Amount × 1.75%
Monthly MIP
Monthly MIP = Outstanding Balance × Annual MIP Rate ÷ 12
Worked example
With the default values below, FHA Loan Calculator returns Total Monthly Payment (PITI + MIP) of $2,836.49. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Home Priceaccepts 10,000–5,000,000 $
- 350,000 $
- Down Paymentaccepts 3.5–50 %
- 3.5 %
- Annual Interest Rateaccepts 0–20 %
- 6.75 %
- Loan Termaccepts 10–30 years
- 30 years
- Monthly Property Taxaccepts 0–10,000 $
- 350 $
- Monthly Homeowner's Insuranceaccepts 0–5,000 $
- 100 $
Results
- Total Monthly Payment (PITI + MIP)
- $2,836.49
- Principal & Interest
- $2,228.98
- Monthly MIP
- $157.51
- Monthly Property Tax
- $350.00
- Monthly Insurance
- $100.00
- Upfront MIP (financed)
- $5,910.63
- Total Financed Amount
- $343,661
- Base Loan Amount
- $337,750
- Down Payment
- $12,250
- LTV Ratio
- 96.50%
- Annual MIP Rate
- 0.550%
- MIP Cancels at YearYear when MIP is automatically cancelled (if LTV allows). 'For life' if LTV > 90%.
- 30
- Total MIP Cost
- $56,704
- Total Interest Paid
- $458,771
Step by step
- 1Down payment= $12,250
- 2Base loan amount= $337,750
- 3Upfront MIP (1.75%, financed)= $5,910.63
- 4Total financed loan amount= $343,661
- 5LTV (on base loan)= 96.50%Annual MIP rate: 0.550% per HUD Mortgagee Letter 2023-05, effective March 20, 2023 (for life of loan)
- 6Monthly P&I on financed amount= $2,228.98
- 7Monthly MIP (annual rate ÷ 12 × balance)= $157.51
- 8Total monthly PITI + MIP= $2,836.49
Assumptions and limits
- The result is derived only from the 6 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take inflation or fees or charges into account.
- Figures are rounded for display to 3 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- Annual MIP rates are per HUD Mortgagee Letter 2023-05, effective for mortgages endorsed on or after March 20, 2023 (source: archives.hud.gov/news/2023/2023-05hsgml.pdf). The upfront MIP of 1.75% is per HUD Mortgagee Letter 2012-04. The base-loan tier that separates the standard and high-balance rates is the FHFA national conforming loan limit, $832,750 for a one-unit property in 2026. Jumbo FHA, 203(k) and other specialty products have different MIP structures. Consult a licensed mortgage professional.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
Annual MIP rates are per HUD Mortgagee Letter 2023-05, effective for mortgages endorsed on or after March 20, 2023 (source: archives.hud.gov/news/2023/2023-05hsgml.pdf). The upfront MIP of 1.75% is per HUD Mortgagee Letter 2012-04. The base-loan tier that separates the standard and high-balance rates is the FHFA national conforming loan limit, $832,750 for a one-unit property in 2026. Jumbo FHA, 203(k) and other specialty products have different MIP structures. Consult a licensed mortgage professional.
Frequently Asked Questions
Can I remove FHA MIP?
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.
Why is the financed amount higher than the purchase price minus my down payment?
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.
Is an FHA loan cheaper than a conventional 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.
What is the current FHA loan limit?
For calendar year 2026 the FHA nationwide forward mortgage limit for a one-unit property runs from a floor of $541,287 in low-cost areas to a ceiling of $1,249,125 in high-cost areas (HUD, 2026 Nationwide Forward Mortgage Limits, Mortgagee Letter 2025-23). Limits are set by county. This calculator does not enforce loan limits; verify your county limit separately.