FHA Loan Calculator

An FHA loan is a government-backed mortgage with a low minimum down payment (3.5%) and flexible credit requirements. In exchange, it requires mortgage insurance premiums (MIP): a 1.75% upfront fee financed into the loan plus an annual premium paid monthly.

Upfront MIP is 1.75% of the base loan, usually rolled into the loan balance. Annual MIP is about 0.55% per year (0.50% with 5%+ down on a 30-year loan), divided by 12 and added to each payment. This calculator applies those standard rates.

The minimum is 3.5% with a credit score of 580+, or 10% for scores between 500 and 579. A larger down payment lowers your loan, your MIP, and your monthly payment.

For most current FHA loans with less than 10% down, annual MIP lasts the life of the loan. With 10% or more down it drops off after 11 years. Many borrowers later refinance into a conventional loan to remove MIP once they have enough equity.

FHA often wins for lower credit scores or small down payments, but its lifetime MIP can cost more than conventional PMI (which cancels at 20% equity). Compare total monthly cost and how long you plan to keep the loan. Rates here are estimates — confirm with a lender.