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FHA Mortgage Calculator

Calculate your full FHA mortgage payment including the upfront mortgage insurance premium and monthly MIP that conventional calculators leave out.

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This page is part of our Complete Mortgage Guide 2026.
Base loan amount
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Upfront MIP (financed)
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Total financed amount
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Principal & interest
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Monthly MIP
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Total monthly payment
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How FHA mortgage insurance works

FHA loans require two separate insurance charges: an Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the loan, typically financed into the loan, plus an annual MIP charged monthly, usually 0.15%-0.75% of the loan depending on term and LTV.

Total financed amount = Base loan + (Base loan × 1.75% UFMIP)
Monthly MIP is calculated on the base loan amount, not the financed total including UFMIP.

Why FHA loans are popular despite MIP

FHA allows down payments as low as 3.5% with credit scores from 580, and 10% down with scores from 500 — far more accessible than most conventional programs. The tradeoff is MIP, which in many cases lasts for the life of the loan rather than being removable at 80% LTV like conventional PMI.

FHA vs conventional: the real cost comparison

On a small down payment, FHA MIP is often cheaper than conventional PMI in the early years, since conventional PMI rates rise sharply for low credit scores. But because FHA MIP frequently does not cancel, a long-term hold can make conventional cheaper overall once you cross 80% LTV. Refinancing out of FHA into conventional once you reach sufficient equity is a common strategy.

Related tools

Compare against conventional financing with the PMI Calculator, or see full closing costs in the Closing Cost Calculator.

Frequently asked questions

What is the minimum down payment for an FHA loan?
3.5% with a credit score of 580 or higher. Borrowers with scores between 500-579 can qualify with 10% down.
What is FHA UFMIP?
Upfront Mortgage Insurance Premium — a one-time charge of 1.75% of the loan amount, typically financed into the loan rather than paid in cash at closing.
Does FHA mortgage insurance ever go away?
If your down payment was under 10%, MIP typically lasts for the life of the loan. With 10% or more down, MIP can be cancelled after 11 years. Refinancing into a conventional loan is the most common way to remove FHA MIP once you have sufficient equity.
FHA vs conventional — which is cheaper?
It depends on credit score and down payment. FHA is often cheaper for lower credit scores and smaller down payments. Conventional becomes cheaper once your credit score is strong (680+) and you can put down at least 5-10%, since PMI can eventually be cancelled.
What credit score do I need for FHA?
580 for the 3.5% down payment option; 500-579 requires 10% down. FHA is generally the most accessible mainstream loan program for borrowers rebuilding credit.
Related tools
→ PMI Calculator→ VA Mortgage Calculator→ USDA Mortgage Calculator→ Closing Cost Calculator