FHA Mortgage Calculator

FHA loans open the door for buyers with modest credit and 3.5% down — but the mortgage insurance premium (MIP) is part of the real cost. This calculator includes both the upfront and annual MIP so nothing surprises you at closing.

Quick answer — FHA loans allow 3.5% down (credit 580+) but charge a 1.75% upfront MIP plus annual MIP — both are built into this calculator.
1 · Afford2 · Payment3 · Schedule4 · Pay off early5 · Closing costs6 · PMI7 · Refinance8 · Rates guide
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3.5% of $400,000 = $14,000 — the FHA minimum for credit scores 580+.
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Rough US average: about 1.1% of the home's value per year.
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Leave at 0 if the home has no HOA.

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FHA mortgage insurance: the part everyone forgets

Every FHA loan charges two premiums. The upfront MIP is 1.75% of the loan — $6,755 on a $386,000 loan — usually financed into the balance. The annual MIP is 0.55% for most borrowers, charged monthly: about $180 a month on that loan. Together they add roughly $200 a month versus the same loan without insurance, and unlike conventional PMI, annual MIP usually lasts the life of the loan when you put less than 10% down. The escape hatch is refinancing into a conventional loan once you reach 20% equity.

When FHA is the right tool

FHA vs conventional — the honest trade

FHA wins on access: lower scores, smaller down payment, flexible underwriting. Conventional wins on long-run cost once your score is 700+: PMI falls away, there is no upfront premium, and pricing improves with credit. Run both: this page for FHA, the standard calculator for conventional, and compare total costs with the comparison tool. Eligible for a VA loan? That usually beats both. And check whether your target price fits your income in the affordability calculator.

Your next steps

Step 3

See the amortization schedule

Watch your balance fall month by month and see how much interest each payment contains.

Step 4

Pay it off years early

Add a small extra payment and see your payoff date jump forward.

Compare

Thinking of refinancing?

Check whether a new rate actually saves you money after closing costs.

Related calculators

Mortgage Payment Calculator

Your true monthly payment with taxes, insurance & PMI.

Amortization Calculator

Every payment, principal vs interest, to payoff day.

Mortgage Payoff Calculator

Extra payments, lump sums, years and interest saved.

Refinance Calculator

Break-even and lifetime savings, honestly totaled.

Frequently asked questions

How much is FHA MIP in 2026?
The upfront premium is 1.75% of the base loan amount and the annual premium is 0.55% for most 30-year loans with less than 10% down (charged monthly). Loans of 15 years or less, and larger down payments, carry lower annual rates set by FHA tables.
Can FHA MIP be removed?
If you put down 10% or more, annual MIP ends after 11 years. With less than 10% down it lasts the life of the loan — the practical removal route is refinancing into a conventional loan at 20% equity (accounting for any prepayment timing and rates).
What credit score do I need for an FHA loan?
580+ qualifies for 3.5% down; 500–579 requires 10% down. Individual lenders often set higher minimums ('overlays'), so a denial at one lender is not a denial everywhere.
Is the upfront MIP refundable?
Partially, in one case: if you refinance into a new FHA loan within three years, part of the upfront premium is credited back, shrinking monthly over that period. It is never refunded in cash at payoff.
Does FHA have loan limits?
Yes — they vary by county and are updated annually. The 2025 floor for a single-unit home is $524,225 in most areas, rising to $1,209,750 in high-cost counties. Check your county's limit before shopping at the top of your range.

Sources & further reading

Official sources for program rules and consumer rights. Zorvex is not affiliated with these agencies; figures here are estimates for education.