FHA Loan Calculator
Calculate FHA mortgage payments including MIP (Mortgage Insurance Premiums)
Loan Information
$
$
years
%
FHA MIP
%
%
Property Costs
$/year
%/year
$/year
%/year
$/year
%/year
$/year
%/year
Extra Payments
$
$
$
on year
$3,041.02
Monthly Pay
Monthly Breakdown
Mortgage Payment
$3,041.02
Property Tax
$500.00
Home Insurance
$208.33
Annual MIP
$221.15
Other Costs
$416.67
Total Out-of-Pocket
$4,387.17
Total Summary
Mortgage Payment Total
$1,094,768.66
Property Tax Total
$180,000.00
Home Insurance Total
$75,000.00
Annual MIP Total
$79,612.50
Other Costs Total
$150,000.00
Total Out-of-Pocket
$1,579,381.16
Loan Summary
House Price
$500,000.00
Loan Amount (with MIP)
$491,250.00
Down Payment
$17,500.00
Upfront MIP
$8,750.00
Total Interest
$603,518.66
Payoff Date
Apr. 2056
Amortization Schedule
| Year | Date | Interest | Principal | Balance |
|---|
2026 FHA Annual MIP Rates
Loan Term > 15 Years
| Loan Amount | LTV | Rate |
|---|---|---|
| $726,200 or Less | 95% or Less | 0.5% |
| $726,200 or Less | > 95% | 0.55% |
| More than $726,200 | 95% or Less | 0.7% |
| More than $726,200 | > 95% | 0.75% |
Loan Term ≤ 15 Years
| Loan Amount | LTV | Rate |
|---|---|---|
| $726,200 or Less | 90% or Less | 0.15% |
| $726,200 or Less | > 90% | 0.4% |
| More than $726,200 | 78% or Less | 0.15% |
| More than $726,200 | 78%-90% | 0.4% |
| More than $726,200 | > 90% | 0.65% |
About FHA Loans
FHA loans are mortgages insured by the Federal Housing Administration. The FHA was established in 1934 after The Great Depression, and its continuing mission is to create more homeowners in the U.S.
Mortgage Insurance Premiums
Upfront MIP is 1.75% of the loan amount (can be financed). Annual MIP varies based on loan term, amount, and LTV ratio.
✓ Pros
- Down payment as low as 3.5%
- Credit score as low as 580
- No prepayment penalties
- Flexible DTI (up to 57%)
✗ Cons
- MIP makes loans more expensive
- MIP cannot be canceled easily
- Smaller loan amounts
- Property limitations
FHA 203K Loans
Allows financing of both purchase and renovation of a primary residence. Renovation costs can be rolled into the mortgage.