FHA Loan Calculator
FHA Loan Payment
Calculate monthly FHA loan payment including mortgage insurance premiums
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Formula
Monthly Payment = P&I + Monthly MIP. P&I = L[r(1+r)^n]/[(1+r)^n-1] where L = base loan + 1.75% upfront MIP. Monthly MIP = (Base Loan × 0.55%) / 12.
Frequently Asked Questions
What is FHA mortgage insurance (MIP)?
FHA loans require two types of mortgage insurance: an upfront MIP of 1.75% of the loan amount (usually financed into the loan) and an annual MIP of 0.55% paid monthly. Unlike conventional PMI, FHA MIP typically lasts the life of the loan if your down payment is under 10%.
What is the minimum down payment for an FHA loan?
The minimum FHA down payment is 3.5% of the purchase price if your credit score is 580 or higher. Borrowers with credit scores between 500-579 need a minimum 10% down payment.
Can I remove FHA mortgage insurance?
If you put less than 10% down, FHA MIP lasts the entire loan term. With 10% or more down, MIP drops off after 11 years. Many borrowers refinance to a conventional loan once they reach 20% equity to eliminate mortgage insurance entirely.
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