FHA Loan Calculator
Estimate an FHA mortgage payment with the 1.75% upfront MIP and the annual MIP picked automatically from HUD’s rate table, plus property tax, insurance and HOA — with the date MIP ends, cash to close, the 2026 FHA loan limit check, debt-to-income ratios and a full amortization schedule.
How it works
Base loan = price − down payment · Upfront MIP = 1.75% × base loan (usually added to the loan) · P&I = L × r ÷ (1 − (1 + r)^−n) on the total loan · Annual MIP = rate from HUD’s table × average balance for the year ÷ 12 · Total = P&I + MIP + (property tax + insurance) ÷ 12 + HOA
FHA loans let buyers put as little as 3.5% down (10% with a credit score of 500–579), but they carry two mortgage-insurance charges. An upfront premium of 1.75% of the base loan is almost always financed into the balance, and an annual premium is split into twelve monthly pieces added to every payment. The calculator picks the annual rate from HUD’s current table (Mortgagee Letter 2023-05): for terms over 15 years it is 0.55% with less than 5% down, 0.50% with 5% or more, and 0.70–0.75% for base loans above $726,200; terms of 15 years or less pay 0.15–0.65%. With at least 10% down the annual MIP stops after 11 years; with less, it lasts for the life of the loan. HUD recalculates the annual premium each year on the average outstanding balance, so it drifts down slowly; you can switch to a fixed amount to match simpler calculators. Property tax, insurance and HOA dues are added for the full payment, and the results show the month MIP ends, total MIP and interest, the cash you need at closing, whether the base loan fits the 2026 FHA limit for your county ($541,287 to $1,249,125 for one unit) and, if you enter your income and debts, your debt-to-income ratios against FHA’s 31% / 43% guideline.
Worked example
On a $300,000 home with 3.5% down, the base loan is $289,500 and the LTV is 96.5%, so HUD’s table sets the annual MIP at 0.55% for the life of the loan. The 1.75% upfront MIP adds $5,066.25, making a $294,566.25 loan; at 6.5% over 30 years that is $1,861.86 principal and interest. MIP for the first year is 0.55% of the year’s average balance ($288,034) ÷ 12 = $132.02 (a flat 0.55% of $289,500 would be $132.69). Adding $3,600 of property tax and $1,500 of insurance a year ($425 a month) brings the total to $2,418.87 a month. You need about $19,500 at closing: the $10,500 down payment plus 3% closing costs.
Sources: HUD Mortgagee Letter 2023-05 — FHA annual MIP rates · HUD: FHA announces 2026 loan limits
Frequently asked questions
What is the difference between upfront and monthly MIP?
The upfront MIP is a one-time 1.75% charge on the base loan, usually rolled into the balance so you finance it rather than pay cash. The monthly MIP is an annual premium — 0.55% of the loan for most 30-year FHA loans with 3.5% down — divided into twelve and added to each payment. FHA loans carry both.
Does FHA mortgage insurance ever go away?
If you put down less than 10%, the annual MIP lasts the entire loan term. With 10% or more down it stops after 11 years. Many borrowers refinance into a conventional loan to shed MIP once they have about 20% equity; the calculator shows the month MIP ends for your inputs.
What credit score do I need for 3.5% down?
FHA’s rules allow 3.5% down with a score of 580 or higher; between 500 and 579 the minimum down payment rises to 10%. Individual lenders often set their own higher minimums on top of FHA’s floor. Choose your score band under More options.
What are the 2026 FHA loan limits?
For case numbers assigned from 1 January 2026, the one-unit limit is $541,287 in most counties and up to $1,249,125 in high-cost areas; two- to four-unit homes have higher limits (up to $2,402,625 for four units). The limit applies to the base loan before the financed upfront MIP. Check your county on HUD’s FHA mortgage limits page.
Why does my annual MIP change each year?
HUD charges the annual premium on the average outstanding balance for each year of the loan, so it shrinks a little as you pay the loan down. The first-year amount is the highest. Choose “Fixed amount on the original loan” if you want the simpler flat figure some lenders quote.
How much debt-to-income does FHA allow?
The standard guideline is 31% of gross monthly income for the housing payment and 43% for all debts. Automated underwriting often approves higher ratios — up to about 46.9% and 56.9% — when the borrower has compensating factors such as cash reserves or a strong credit score.
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This is an educational estimate, not financial advice. Lenders use their own rounding, fees, mortgage-insurance rules and credit terms — confirm exact figures with your lender or a licensed advisor.