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FHA Loan Calculator

Estimate your FHA monthly payment including upfront and annual mortgage insurance premium (MIP) — and see how it stacks up against a conventional loan.

🏠 3.5% down payment 📋 MIP included 📊 vs conventional
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Home price & down payment
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FHA allows as little as 3.5% down with a credit score of 580+ (10% minimum for scores 500-579).
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Loan details
yrs
Your estimated monthly payment
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Total monthly (P&I + MIP)
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Upfront MIP
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Total loan (incl. MIP)
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Payment breakdown
Principal & interest—
Annual MIP (monthly)—
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FHA vs. estimated conventional loan
Loan typeP&IMortgage insuranceTotal
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Disclaimer: This calculator provides an estimate using standard 2026 FHA MIP rates and a typical conventional PMI assumption for comparison. Actual MIP rates depend on your specific loan amount, term, and LTV; actual conventional PMI depends on your credit score and lender. FHA loan limits also vary by county. For informational purposes only — not financial or lending advice. Consult a mortgage lender for exact figures.

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How to use this calculator
1
Enter the home price and your planned down payment
Remember: under 10% down means MIP applies for the life of the loan.
2
Set your rate and term
Use a rate you've been quoted for the most accurate result.
3
Check the FHA vs. conventional comparison
If you could qualify for a conventional loan too, this shows roughly how the ongoing costs compare.
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FAQs
MIP has two parts: an upfront premium of 1.75% of the loan amount, paid at closing or financed into the loan, and an annual premium (commonly 0.55% for most 30-year loans) paid monthly as part of your mortgage payment.
As little as 3.5% with a credit score of 580 or higher. Borrowers with credit scores between 500 and 579 typically need at least 10% down.
If your down payment was less than 10%, annual MIP typically lasts for the life of the loan unless you refinance into a different loan type. With 10% or more down, MIP can be cancelled after 11 years.
It depends on your credit score and down payment. FHA often has more flexible credit requirements and a lower minimum down payment, but conventional loans can be cheaper overall if you qualify, especially once you have 20% down and no longer need mortgage insurance at all.
Yes — most borrowers finance the upfront MIP into their total loan amount rather than paying it in cash at closing, which slightly increases the loan balance and monthly payment but reduces upfront cash needed.
📋 Quick facts (2026)
Min. down payment
3.5%
Upfront MIP
1.75% of loan
Typical annual MIP
0.55%
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Not sure FHA is right for you? See our general mortgage calculator to compare against a standard loan.

Related guides:

How This Calculator Works

This calculator applies current 2026 FHA mortgage insurance premium rates: a 1.75% upfront premium (financed into your loan balance, as most borrowers choose) and a 0.55% annual premium for the most common scenario — a 30-year loan with a down payment under 10%. Your monthly payment combines standard principal-and-interest amortization on the total financed amount (including the upfront MIP) with the monthly portion of the annual MIP.

Why the FHA vs. Conventional Comparison Matters

FHA loans make homeownership accessible with a lower minimum down payment and more flexible credit requirements, but that accessibility comes at a real ongoing cost through MIP — which, unlike conventional PMI, often can't be cancelled once you build equity if your down payment was under 10%. The comparison table estimates how a conventional loan with private mortgage insurance would compare at the same down payment level, so you can weigh FHA's easier qualification against its longer-term insurance costs.

A Note on FHA Loan Limits

FHA loan limits vary by county and are updated annually based on local home prices, with both a national floor and ceiling. This calculator doesn't apply a specific county limit — if you're purchasing in a high-cost area, check current FHA loan limits for your specific county before assuming a given home price qualifies for FHA financing.