Free FHA Loan Calculator

Calculate FHA loan payments including the upfront mortgage insurance premium (UFMIP) and annual MIP based on current FHA guidelines.

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Total Monthly Payment (P&I + MIP)

$1,994.55

Monthly P&I$1,861.86
Monthly MIP$132.69
Upfront MIP (financed)$5,066
Total Loan (with UFMIP)$294,566
Down Payment Amount$10,500

Total Monthly Payment (P&I + MIP) vs Loan Term

View formula & how it works →

FHA Loan Overview

FHA loans are government-insured mortgages designed for borrowers with lower credit scores or smaller down payments.

FHA Mortgage Insurance

  • Upfront MIP (UFMIP): 1.75% of the base loan amount, typically financed into the loan
  • Annual MIP: 0.15% to 1.05% depending on loan term, LTV, and loan amount, paid monthly

    • Key FHA Features

  • Minimum 3.5% down payment (credit score 580+)
  • Minimum 10% down (credit score 500-579)
  • More lenient debt-to-income requirements
  • MIP required for the life of the loan if down payment is under 10%
  • MIP drops after 11 years if down payment is 10% or more

    • Example Calculation

    A $300,000 home with 3.5% down, 6.5% rate, 30-year term, 0.55% annual MIP.

    1. 01Down payment: $300,000 x 3.5% = $10,500
    2. 02Base loan: $300,000 - $10,500 = $289,500
    3. 03UFMIP: $289,500 x 1.75% = $5,066
    4. 04Total loan: $289,500 + $5,066 = $294,566
    5. 05Monthly P&I: $294,566 over 360 months at 6.5% = $1,862.25
    6. 06Monthly MIP: $289,500 x 0.55% / 12 = $132.69
    7. 07Total monthly: $1,862.25 + $132.69 = $1,994.94

    Frequently Asked Questions

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