Calculate your FHA payment
Change any input and the estimate updates immediately. The defaults show a $400,000 purchase with the 3.5% minimum down payment at an illustrative 6.5% rate.
Results are estimates for a fixed-rate FHA purchase loan. FHA mortgage insurance does not depend on your credit score, so there is no score input.
How each input works
Home price and down payment
The base loan is the price minus your down payment, and the LTV is the base loan divided by the price. FHA's minimum is 3.5% down (96.5% LTV) for borrowers who qualify at that level, so the calculator warns you below that. The down payment also decides two MIP questions: which annual rate applies, and whether the premium lasts 11 years or the life of the loan.
Interest rate and term
Principal and interest are figured on the total loan, which is the base loan plus the financed upfront premium. The term matters twice: it sets the amortization, and loans of 15 years or less fall into a lower annual MIP table. The 6.5% default rate is a placeholder, not a quote.
No credit-score input
FHA mortgage insurance is not priced on credit. The premium is the same at 580 as at 780, which is why FHA can cost less than conventional PMI for borrowers with lower scores. Credit still affects whether you qualify and what rate you are offered.
Property taxes, insurance and HOA
Enter the yearly tax bill and the yearly homeowners insurance premium; the calculator divides each by 12. On a purchase, use the tax the property will carry after the sale, not the seller's bill if a reassessment or exemption change is coming. HOA dues are entered monthly. These three items usually end up in the monthly payment through an escrow account, but they are your estimates, not quotes.
Extra principal per month
Any amount you add here goes straight to principal every month starting with the first payment. The results then show how much interest you avoid and how much sooner the loan is paid off compared with the scheduled payments. Leave it at 0 to see the standard schedule.
Program parameters this calculator uses
- Upfront MIP: 1.75% of the base loan, financed into the loan amount.
- Annual MIP, terms over 15 years: 0.55% if LTV is above 95%, 0.50% at 95% or below. For base loans above $726,200: 0.75% and 0.70%.
- Annual MIP, terms of 15 years or less: 0.40% above 90% LTV, 0.15% at 90% or below. Above $726,200: 0.65% and 0.40%. HUD's chart has one more tier, 0.15% at 78% LTV or below for those larger 15-year loans. The calculator does not apply it, so it can overstate MIP in that one case.
- How long MIP lasts: the life of the loan when LTV is above 90%; 11 years at 90% or below.
- Monthly MIP is the annual rate × total loan amount ÷ 12. HUD actually recalculates it each year on the average outstanding balance, so the real premium declines a little over time.
- Warning above 96.5% LTV.
Worked example: $400,000 with 3.5% down
Base loan: $400,000 − $14,000 down = $386,000, an LTV of 96.5%.
Upfront MIP: $386,000 × 1.75% = $6,755, financed. Total loan = $392,755.
Principal and interest: $392,755 at 6.5% for 30 years = $2,482.48 a month.
Annual MIP: LTV is above 95% on a 30-year term, so 0.55%. $392,755 × 0.55% ÷ 12 = $180.01 a month, for the life of the loan because LTV is above 90%.
Taxes and insurance: $500.00 + $166.67.
Total: $2,482.48 + $180.01 + $500.00 + $166.67 = $3,329.16, shown as $3,329.
Interest: about $500,937 over 30 years. With $100 of extra principal a month, the calculator shows about $63,746 saved and a payoff 3 years and 2 months sooner.
Put 10% down instead and the base loan is $360,000, the upfront premium $6,300 and the annual rate 0.50%. The calculator shows $152.63 a month in MIP that ends after 11 years and a $3,135 total payment.
Compare FHA with your other options
Depending on your score and down payment, conventional PMI can cost less than FHA MIP, or more. Tell LoanFight about your purchase and a lending partner can price both.
Tell Us About Your Deal →What the calculator includes, and what it doesn't
Included: principal and interest on the base loan plus financed upfront MIP, annual MIP and its duration, taxes, insurance, HOA, LTV, total interest, payoff date and extra principal.
Not included: FHA county loan limits, the minimum credit score for 3.5% down, debt-to-income limits, closing costs, seller credits, the year-by-year decline in MIP, and refinance or 203(k) scenarios. Use it to compare payments; your lender confirms eligibility.
FHA calculator FAQs
How much is FHA mortgage insurance in 2026?
For most 30-year FHA loans it is a 1.75% upfront premium plus an annual premium of 0.55% (more than 95% LTV) or 0.50% (95% LTV or less). Higher rates apply to base loans above $726,200, and lower rates to terms of 15 years or less.
Is the upfront MIP paid at closing?
It can be paid in cash, but most borrowers finance it. The calculator assumes it is added to the loan amount, which slightly raises principal, interest and the annual premium.
Does FHA MIP ever go away?
With 10% or more down (90% LTV or less) the annual premium ends after 11 years. With less than 10% down it lasts for the life of the loan; refinancing into a conventional loan is the usual way to remove it.
Does my credit score change FHA MIP?
No. FHA premiums depend on loan amount, LTV and term, not on credit. Your score still affects approval and the rate you are offered.
Why is the MIP in the calculator a little higher than my Loan Estimate?
The calculator applies the annual rate to the starting balance. HUD bases it on the average balance for each year, and lenders may round differently, so the first-year figures can differ by a few dollars.
Can I use this for an FHA 203(k) or refinance?
Not directly. It models a standard purchase. Renovation and refinance loans have different loan-amount rules.
Sources
- HUD: FHA Mortgage Insurance Premium structure for forward mortgages — current upfront and annual MIP rates and durations.
- HUD Mortgagee Letter 2023-05 — the annual MIP reduction and the $726,200 base-loan threshold.
- HUD Single Family Housing Policy Handbook 4000.1 — FHA underwriting and minimum down payment rules.
Educational estimate only. LoanFight is not a lender, does not make credit decisions and does not set loan terms. The default interest rate is an illustration, not a rate quote. Your lending partner will provide actual figures on a Loan Estimate.