FHA loan calculator.

How this FHA loan estimate works

FHA loans have two kinds of mortgage insurance, and both are built into this estimate:

• Upfront MIP: 1.75% of the base loan amount. Most buyers add it to the loan instead of paying it at closing, so the calculator does that.
• Annual MIP: paid monthly. For most 30-year FHA loans under $726,200 with less than 5% down, it's 0.55% a year. With 5% or more down it's 0.50%. Larger loans and 15-year loans use different rates, which the calculator applies for you.

Minimum down payment

With a credit score of 580 or higher, FHA lets you put down as little as 3.5%. With a score from 500 to 579, the minimum is 10%. If you enter less, the calculator raises it to the minimum.

How long you pay MIP

If you put down 10% or more, annual MIP ends after 11 years. With less than 10% down, it lasts for the life of the loan unless you refinance into a different loan later.

Example

On a $400,000 home with 3.5% down, the base loan is $386,000. Upfront MIP adds $6,755, for a total loan of $392,755. Annual MIP at 0.55% is about $177 a month in the first year.

What's not included

Closing costs, prepaid items and any down payment assistance aren't included. Your FHA loan also has to fit under your county's FHA loan limit. MIP rates are from HUD Mortgagee Letter 2023-05; this is an estimate, not a loan offer.

Related: FHA loans · FHA vs. conventional · FHA guides by city · Mortgage payment calculator