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FHA Loan Calculator — Estimate Payment with MIP Included
FHA loans allow you to buy with just 3.5% down — but they come with upfront and ongoing mortgage insurance premiums. See your complete monthly payment including all FHA costs.
Educational calculators — always consult a licensed professional before making financial decisions.
FHA loans allow down payments as low as 3.5%.
FHA minimum is 3.5% (or 10% if credit score is 500–579).
$9,800 of home price
FHA rates are often similar to conventional rates.
FHA loans are available in 15 and 30-year terms.
Most FHA borrowers choose 30 years for lower monthly payment. MIP is required for life of loan with <10% down.
Typically 1–1.5% of home value. Check your county assessor's site.
Average is $1,000–$2,000/year depending on location and coverage.
Total monthly payment
$2,304
P&I + MIP + taxes + insurance
Where Your Money Goes
Monthly Payment Breakdown
MIP Details
With less than 10% down, FHA MIP lasts for the life of the loan. Total MIP: $44,583. Refinancing to conventional after reaching 20% equity removes MIP.
Estimates for educational purposes only. FHA loan limits vary by county. Consult an FHA-approved lender for actual rates and requirements.
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What you'll need
- ·Home purchase price
- ·Down payment (minimum 3.5%)
- ·Interest rate
- ·Loan term (15 or 30 years)
- ·Estimated property tax and insurance
What you'll get
- ✓Total monthly payment — P&I + MIP + tax + insurance
- ✓Upfront MIP cost — 1.75% added to loan balance
- ✓Monthly MIP — Ongoing insurance premium
- ✓MIP cancellation timeline — When (if) insurance drops off
How it works
Enter purchase price
FHA loans allow down payments as low as 3.5% for credit scores 580+.
See MIP costs
FHA charges an upfront MIP (1.75%) and annual MIP (0.55–1.05%) added to your payment.
Compare to conventional
See how FHA total cost compares to a conventional loan with PMI.
FHA vs Conventional — $300,000 Purchase, 5% Down
| Item | FHA Loan | Conventional |
|---|---|---|
| Down payment | $10,500 (3.5%) | $15,000 (5%) |
| Upfront MIP/fee | $5,081 | $0 |
| Monthly MIP/PMI | $165 | $145 |
| Rate (est.) | 6.75% | 7.00% |
| Monthly P&I | $1,869 | $1,937 |
FHA MIP stays for the life of the loan if down payment is under 10%. PMI cancels at 80% LTV.
Authoritative resources
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
Frequently asked questions
What is FHA mortgage insurance premium (MIP)?+
FHA loans require two types of mortgage insurance: an upfront MIP of 1.75% of the loan amount (added to your loan balance), and an annual MIP of 0.15%–0.55% depending on your LTV. Unlike conventional PMI, FHA MIP often lasts for the life of the loan if your down payment was under 10%.
Can I cancel FHA mortgage insurance?+
If your down payment was 10% or more, FHA MIP cancels after 11 years. If your down payment was less than 10%, MIP lasts for the life of the loan unless you refinance into a conventional loan once you have 20% equity.
What is the minimum down payment for an FHA loan?+
FHA loans require a minimum 3.5% down payment for borrowers with credit scores of 580+. Borrowers with scores of 500–579 need a 10% down payment. FHA loans are a popular option for first-time buyers who can't afford a larger down payment.
What are the FHA loan limits for 2024?+
FHA loan limits vary by county and are updated annually. For 2024, the baseline limit in lower-cost areas is $498,257 for a single-family home, while high-cost areas (like San Francisco or New York City) allow up to $1,149,825. Check the HUD website for your specific county limit before shopping.
Is an FHA loan or conventional loan better for first-time buyers?+
FHA wins if your credit score is below 680 or your down payment is under 5%. Conventional Fannie Mae HomeReady and Home Possible programs allow 3% down with lower MI costs than FHA for borrowers with 620+ scores and income at or below area median income. At 680+ credit, compare both options — conventional PMI may be cheaper than FHA MIP.
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FHA Loan Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.