FHA loans require as little as 3.5% down with a 580+ credit score
FHA charges two MIP fees: 1.75% upfront + 0.55% annual for most 30-year loans
Unlike conventional PMI, FHA annual MIP lasts the life of the loan if you put less than 10% down
2026 FHA loan limit is $524,225 in most counties; up to $1,209,750 in high-cost areas
FHA loans are assumable — a buyer can take over your rate, a major selling advantage
FHA Loan Calculator
Calculate your FHA loan monthly payment including MIP (Mortgage Insurance Premium), principal, interest, taxes, and insurance. Our FHA calculator includes the full MIP breakdown so you know your true monthly cost before you apply.
How does fHA Loan Payment Calculator work?
30 years15 years20 years
Your FHA Monthly Payment Breakdown
Principal & Interest
$0
Annual MIP (monthly)
$0
Taxes & Insurance
$0
Total Monthly Payment
$0
Upfront MIP at Closing
$0
(1.75% of loan amount — can be rolled into the loan)
function calcFHA(){
var price=parseFloat(document.getElementById(‘fha-home-price’).value)||0;
var downPct=parseFloat(document.getElementById(‘fha-down-pct’).value)||3.5;
var rate=parseFloat(document.getElementById(‘fha-rate’).value)||6.75;
var term=parseInt(document.getElementById(‘fha-term’).value)||30;
var taxes=parseFloat(document.getElementById(‘fha-taxes’).value)||0;
var ins=parseFloat(document.getElementById(‘fha-insurance’).value)||0;
var loanAmt=price*(1-downPct/100);
var upfrontMIP=loanAmt*0.0175;
var annMIPRate=(term===15)?(downPct>=10?0.0025:0.005):(downPct>=10?0.005:0.0055);
var monthlyMIP=(loanAmt*annMIPRate)/12;
var mr=(rate/100)/12,n=term*12;
var pi=loanAmt*(mr*Math.pow(1+mr,n))/(Math.pow(1+mr,n)-1);
var ti=(taxes+ins)/12;
var total=pi+monthlyMIP+ti;
var fmt=function(v){return ‘$’+v.toFixed(0).replace(/B(?=(d{3})+(?!d))/g,’,’);};
document.getElementById(‘fha-pi’).textContent=fmt(pi);
document.getElementById(‘fha-mip-monthly’).textContent=fmt(monthlyMIP);
document.getElementById(‘fha-ti’).textContent=fmt(ti);
document.getElementById(‘fha-total’).textContent=fmt(total);
document.getElementById(‘fha-upfront-mip’).textContent=fmt(upfrontMIP);
document.getElementById(‘fha-results’).style.display=’block’;
}
How does fHA MIP Rates by Loan Term & Down Payment work?
Loan Term
Down Payment
Annual MIP Rate
Duration
30 years
Less than 10%
0.55%
Life of loan
30 years
10% or more
0.50%
11 years
15 years
Less than 10%
0.50%
Life of loan
15 years
10% or more
0.25%
11 years
How does frequently Asked Questions — FHA Loan Calculator work?
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It’s designed to help lower-income and first-time buyers qualify with lower credit score requirements and smaller down payments than conventional loans.
What is the minimum down payment for an FHA loan?
3.5% with a credit score of 580 or higher. Borrowers with scores between 500–579 must put down at least 10%.
What is FHA MIP and how much does it cost?
FHA MIP has two parts: an upfront premium of 1.75% of the loan amount, and an annual premium of 0.55% for most 30-year loans with less than 10% down, paid monthly. On a $280,000 loan, upfront MIP is $4,900 and monthly MIP is about $128.
Can FHA MIP be removed?
For loans with less than 10% down originated after June 2013, FHA MIP lasts the life of the loan. The only way to remove it is to refinance into a conventional loan once you have at least 20% equity. With 10%+ down, MIP cancels after 11 years.
What credit score do I need for an FHA loan?
Minimum 580 for 3.5% down. Scores of 500–579 require 10% down. Many lenders set their own minimum at 620+ for streamlined approval.
What are the FHA loan limits for 2026?
$524,225 for a single-family home in most US counties. In high-cost areas like California, New York, and Hawaii, limits reach up to $1,209,750.
FHA vs. conventional loan — which is better?
FHA is better for credit scores below 680 or limited down payment. Conventional is better for 700+ scores with 20% down — it avoids both upfront MIP and lifetime MIP, and conventional PMI can be cancelled at 20% equity.
Can I use an FHA loan to buy any type of property?
FHA loans work for single-family homes, 2–4 unit properties (if you live in one), FHA-approved condos, and manufactured homes. Not allowed for investment properties or vacation homes.
How do I apply for an FHA loan?
FHA loans are available through FHA-approved lenders — most banks, credit unions, and mortgage companies qualify. Get pre-approved by at least 3 lenders to compare rates and fees before committing.
Can the FHA upfront MIP be rolled into the loan?
Yes. The 1.75% upfront MIP can be financed into your loan amount instead of paid at closing. This increases your loan balance and monthly payment slightly but reduces the cash needed at closing.
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