FHA Loan Calculator 2026

How your FHA monthly payment is calculated

Your FHA payment is the sum of P&I, monthly MIP, property tax, and homeowners insurance. The calculator builds it in six steps:

1. Down payment: 3.5% minimum with a credit score of 580 or higher. On a $350,000 home, that is $12,250.
2. Base loan amount = home price − down payment.
3. Upfront MIP (UFMIP) = base loan × 1.75%. Most borrowers finance it rather than pay cash, so the total loan = base loan × 1.0175.
4. P&I: amortized over the total loan — which is why the UFMIP also accrues interest.
5. Annual MIP: base loan × annual rate ÷ 12, paid monthly. The rate depends on your loan term and initial LTV:

| Loan term | Initial LTV | Annual MIP | |---|---|---| | 30-year | 95% or less | 0.50% | | 30-year | over 95% | 0.55% | | 15 years or less | 90% or less | 0.15% | | 15 years or less | over 90% | 0.40% |

6. Property tax and insurance: entered as annual amounts and divided by 12 into the monthly payment.

Sources: HUD Mortgagee Letter 2023-05 for the annual MIP table, and HUD's long-standing 1.75% UFMIP. Annual MIP rates have been adjusted several times before, so verify the latest HUD announcement and your lender's quote before you apply.

MIP: the biggest long-term cost of an FHA loan

A conventional loan with under 20% down requires PMI, but you can cancel it once your LTV falls to 78–80%. FHA MIP follows different rules: put under 10% down on a 30-year FHA loan and MIP stays for the entire life of the loan — 10 years, 20 years, there is no getting out of it (with 10% or more down, you still pay for at least 11 years).

That changes the long-term math. A 0.55% MIP rate on a $340,000 base loan is about $156 a month, or roughly $1,870 a year. Many borrowers refinance into a conventional loan once their rate picture improves, just to shed MIP — our refinance calculator can show you when that move breaks even.

Four factors that move your monthly payment

Your down payment tier, loan term, interest rate, and local taxes and insurance decide where the payment lands. Each one shifts the MIP rate, the loan size, or both.

1. Down payment tier. The gap between 3.5% and 10% down is not just loan size: at 10% or more down, MIP can end after 11 years, and 15-year terms carry sharply lower MIP rates.
2. Loan term. MIP on a 15-year term (0.15%–0.40%) runs far below a 30-year term (0.50%–0.55%). The monthly payment is higher, but the total-cost difference is enormous.
3. Interest rate. FHA rates do not move in lockstep with conventional rates, and borrowers with lower credit scores sometimes get the better quote from FHA. Always shop multiple lenders.
4. Property tax and insurance. Homes at the same price in different states can differ more than 3× in property tax — the most underestimated variable in PITI.

How to use this calculator

The calculator takes six inputs and returns your full monthly payment plus a loan breakdown. Work through it in this order:

1. Enter the Home price and the Down payment percentage (the field notes the 3.5% FHA minimum).
2. Enter the Interest rate and choose a Loan term — 30 years or 15 years.
3. Open Taxes & insurance (optional) and fill in Annual property tax and Annual home insurance (the listing page or your county tax site has local figures).
4. Read the results: the Estimated total monthly payment itemized into Principal & interest, FHA monthly MIP, Property tax, and Home insurance, plus the Loan details card with Down payment, Base loan amount, Upfront MIP (1.75%, rolled into loan), and LTV.
5. Adjust the down payment and term to see how the MIP rate tier changes.

Frequently asked questions

What is the minimum down payment for an FHA loan?

3.5% with a credit score of 580 or higher, and 10% with a score of 500–579. On a $350,000 home, that is $12,250 or $35,000. The entire down payment can come from gift funds or a down payment assistance program — a genuine FHA advantage over conventional loans.

What is FHA MIP, and how long do you pay it?

MIP is FHA mortgage insurance in two parts: a one-time upfront MIP of 1.75%, usually rolled into the loan, and an annual MIP paid monthly — 0.55% a year on a 30-year loan with 3.5% down. With under 10% down, annual MIP lasts the life of a 30-year loan; with 10% or more down, at least 11 years.

How much FHA loan can I get?

FHA loan limits are set by county and reset each year as home prices move, so low-cost counties and high-cost areas such as parts of California differ widely. This calculator does not validate limits — check your county's current limit on HUD's website or ask your lender.

Is an FHA loan better than a conventional loan?

With a credit score under 700 or a tight down payment, FHA is often the only approvable — or cheaper — option. With good credit and 5% or more down, conventional usually costs less: PMI can be canceled once you qualify, while FHA MIP with under 10% down runs until payoff. Compare it against a lender's conventional Loan Estimate.

What is the monthly payment on a $350,000 home with 3.5% down?

At 6.5% on a 30-year term, with property tax of $4,200 a year and insurance of $1,800 a year: P&I about $2,172, MIP about $155, tax $350, and insurance $150 — roughly $2,827 a month with the UFMIP financed. These rates are illustrative, not quotes; run your own numbers in the calculator above.

Can I get an FHA loan with a low credit score?

Yes — FHA's official floor is 500. Scores of 500–579 require 10% down, while 580 or above qualifies for 3.5% down. But most lenders add their own overlays, and real-world minimums often land at 580–620. A denial from one lender is not the final word — shop around.

Sources: HUD Mortgagee Letter 2023-05 (annual MIP table; compiled by this site in September 2026); the 1.75% UFMIP is HUD's long-standing rate. Example rates are illustrative, not quotes. Related tools: refinance calculator, income tax calculator, and the finance calculators hub.

Disclaimer: This calculator provides informational estimates only and is not loan advice. FHA policies and rates are governed by HUD's official announcements and your lender's actual quote.