An FHA loan calculator computes your monthly payment including the FHA-specific mortgage insurance premium (MIP). FHA loans feature lower down payment requirements (3.5% minimum) but require upfront MIP of 1.75% plus annual MIP — this calculator shows both components and the true total housing cost.
FHA 2026 baseline loan limit: $498,257 (single-family). High-cost area limits up to $1,209,750. Check HUD for your county's specific limit.
FHA Loan Details
3.5% down (minimum for 580+ credit)
Monthly Payment Breakdown
FHA Mortgage Insurance Premium Details
Loan Summary
How to Use the FHA Loan Calculator
This FHA loan calculator computes your monthly payment including both FHA mortgage insurance premium components: the upfront MIP (1.75% of base loan, financed) and the annual MIP (paid monthly). FHA loans are insured by the Federal Housing Administration and allow lower down payments than conventional loans.
Minimum Down Payment Requirements
For credit scores 580 and above: minimum 3.5% down. For credit scores 500-579: minimum 10% down. Scores below 500 do not qualify for FHA financing. Most FHA lenders also set their own minimum credit score requirements (often 580-620), even if FHA allows as low as 500. The down payment can be a gift from a family member — a significant advantage over conventional loans.
Understanding FHA MIP Rates
The annual MIP for most 30-year FHA loans is 0.55% for loans with LTV above 95% and 0.50% for loans with LTV at 95% or below. For 15-year loans, MIP is lower: 0.15% (LTV ≤ 90%), 0.40% (LTV 90%-95%), or 0.15% (LTV ≤ 78%). The upfront MIP of 1.75% is automatically added to your loan balance — so on a $289,500 base loan, your actual loan amount is $294,562 (plus $5,062 UFMIP).
When FHA Makes Sense vs Conventional
FHA loans are best when: your credit score is 580-679 (where FHA rates beat conventional), your down payment is 3.5-10%, or you've had past credit issues. Once you reach 20% equity with an FHA loan originated before June 2013, you can refinance to conventional to eliminate MIP. For loans after June 2013 with less than 10% down, MIP stays for the life of the loan — meaning a refinance is the only way to eliminate it.
FAQ
What is the FHA loan down payment requirement?
FHA loans require a minimum 3.5% down payment for borrowers with a credit score of 580 or higher. For credit scores between 500-579, FHA requires a 10% minimum down payment. Most FHA lenders require a minimum 580 credit score to qualify. With a 3.5% down payment on a $300,000 home, you'd need $10,500 down plus closing costs.
What is FHA MIP (Mortgage Insurance Premium)?
FHA loans require two types of mortgage insurance: upfront MIP (UFMIP) of 1.75% of the base loan amount, typically financed into the loan. Annual MIP ranges from 0.50% to 0.55% of the loan balance for 30-year loans with less than 10% down. For 15-year loans, annual MIP is 0.15%-0.40%. This calculator includes both MIP components.
How long do you pay FHA MIP?
For FHA loans with less than 10% down (LTV > 90%): you pay annual MIP for the life of the loan unless you refinance. For loans with 10% or more down (LTV ≤ 90%): annual MIP is required for 11 years. This is a key cost difference vs conventional loans, where PMI is removed when you reach 20% equity.
What are the FHA loan limits for 2026?
FHA loan limits vary by county. The baseline 2026 limit is $498,257 for single-family homes in low-cost areas. In high-cost areas (like much of California, New York, and Hawaii), limits reach $1,209,750. Alaska and Hawaii have even higher limits. Check HUD's website for your specific county limit before applying.
Should I choose FHA or conventional loan?
FHA makes sense if your credit score is below 680 or your down payment is less than 5-10%. FHA rates are often lower than conventional for the same credit profile. However, FHA MIP lasts the life of the loan (for loans < 10% down) while conventional PMI is removed at 20% equity. If you have 20%+ down and good credit, conventional is usually cheaper.
Is this FHA loan calculator free?
Yes, completely free with no signup required. All calculations run in your browser. For actual FHA loan offers, compare rates from lenders like Rocket Mortgage, loanDepot, or a local bank — FHA rates and fees vary between lenders.