CalcQuick

FHA Loan Calculator

Estimate your monthly FHA mortgage payment, including the required down payment, upfront mortgage insurance premium and annual MIP.

Home & loan

$

FHA minimum is 3.5% for credit scores of 580+.

%

FHA mortgage insurance

%
%

FHA estimate

Total monthly payment

$2,659.40

Principal & interest: $2,482.48

Base loan amount

$386,000.00

Total loan amount

$392,755.00

Down payment

$14,000.00

Monthly MIP

$176.92

Total MIP over loan

$70,446.20

Total payment

$957,382.77

Results are estimates. FHA MIP rates vary by loan amount, term and down payment. Check current HUD guidelines.

How to use

  1. Enter the home price.
  2. Select your FHA down payment percentage (minimum 3.5%).
  3. Enter the interest rate and loan term.
  4. Adjust the upfront and annual MIP rates if needed.
  5. Review your total monthly payment and total mortgage insurance cost.

Formula

Base loan amount = Home price − Down payment.

Upfront MIP = Base loan amount × Upfront MIP % (usually rolled into the loan).

Total loan amount = Base loan amount + Upfront MIP.

Monthly principal & interest calculated on the total loan amount.

Monthly MIP = Base loan amount × Annual MIP % ÷ 12.

Example

For a $400,000 home with 3.5% down, 6.5% rate over 30 years, 1.75% upfront MIP and 0.55% annual MIP:

Down payment = $14,000; Base loan = $386,000; Total loan after upfront MIP ≈ $392,755; Monthly P&I ≈ $2,483; Monthly MIP ≈ $177; Total monthly payment ≈ $2,660.

Frequently asked questions

What is the minimum down payment for an FHA loan?
For borrowers with a credit score of 580 or higher, the minimum down payment is 3.5%. Borrowers with scores between 500 and 579 may need 10%.
How long do I pay FHA MIP?
For most 30-year FHA loans with less than 10% down, MIP lasts for the life of the loan. With 10% or more down, it can be removed after 11 years.
Can FHA MIP be removed by refinancing?
Yes. Once you reach 20% equity, refinancing into a conventional loan can remove mortgage insurance.
Are FHA rates higher than conventional rates?
FHA rates are often slightly lower than conventional rates, but MIP adds to the total cost, especially over the long term.
What is the minimum down payment for FHA?
FHA loans typically require 3.5% down for credit scores of 580+. Lower scores may require 10% down.

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