FHA Loan Calculator

An FHA loan payment has more components than a conventional mortgage. On top of principal and interest, you pay two forms of mortgage insurance: an upfront premium financed into the loan, and an annual premium added to every monthly payment.

• Upfront MIP (1.75%) — added directly to your loan balance at closing. On a $337,750 base loan, that's about $5,910 financed over the life of the loan.
• Annual MIP (0.15%-0.75%) — calculated on the base loan and divided by 12 for your monthly payment. The exact rate depends on your loan term, loan amount, and LTV ratio.
• MIP duration — if your down payment is 10% or more, annual MIP drops off after 11 years. Below 10%, it stays for the full loan term.

Enter your home price and down payment above to see exactly how MIP affects your monthly payment. The calculator auto-determines your annual MIP rate from the 2026 FHA schedule.

FHA loans shine when your credit score or savings don't meet conventional thresholds. Here's the quick comparison:

• Credit score under 700 — FHA is more forgiving. You can qualify with a score as low as 580 (or 500 with 10% down). Conventional loans want 620+ and give the best rates above 740.
• Small down payment — FHA's 3.5% minimum beats most conventional options for borrowers without large savings, though you'll pay MIP.
• Higher DTI — FHA allows up to 43% (sometimes 50%+ with compensating factors). Conventional lenders usually cap at 36-43%.
• Strong credit + 20% down — go conventional. You'll skip mortgage insurance entirely and get a better rate.

Annual MIP rates depend on your loan term, loan amount, and LTV ratio. Here are the current rates for loans with terms longer than 15 years (the most common):

For loan terms of 15 years or less, rates range from 0.15% to 0.65%. The calculator above auto-selects the correct rate based on your inputs.