FHA Loan Calculator
✦ Finance & MoneyUse this FHA loan calculator to estimate your monthly payment — including the upfront and annual mortgage insurance premiums HUD requires — and see how the 3.5% minimum down payment, county loan limits and your credit score tier affect what you owe each month.
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The formula
FHA monthly payment (PITIMI)
Base loan = Purchase price − Down payment
UFMIP = Base loan × 1.75% (financed by default)
Total loan = Base loan + Financed UFMIP
P&I = Total loan × [r(1+r)^n] / [(1+r)^n − 1] where r = rate/12, n = term months
Annual MIP = Base loan × MIP rate (HUD ML 2023-05 table)
Monthly MIP = Annual MIP / 12
PITIMI = P&I + Monthly MIP + Monthly tax + Monthly insurance + HOAThe MIP rate comes from the two annual-MIP tables in HUD Mortgagee Letter 2023-05 (FHA case numbers assigned on or after 20 March 2023): term over 15 years or 15 years and under, base loan at or below $726,200 or above it, and LTV at origination. MIP lasts 11 years when the LTV is 90% or less and the whole mortgage term when it is above 90%, for any term. UFMIP is 1.75% of the base loan under the same letter. The calculator charges the year-1 MIP on the original base loan throughout; HUD bills it on the average balance, so later years cost slightly less. Property tax, insurance and HOA are your estimates.
Calculating it by hand
- Subtract your down payment from the purchase price to get the base loan amount.
- Multiply the base loan by 1.75% to find the upfront MIP (UFMIP); add it to the base loan if you are financing it (the default).
- Divide your annual interest rate by 12 for the monthly rate r; use n = term in months (360 for 30 years).
- Compute the monthly P&I payment: Total loan × r(1+r)^n ÷ [(1+r)^n − 1].
- Find your annual MIP rate in the HUD ML 2023-05 table from your term, base loan amount and LTV; multiply by the base loan and divide by 12 for the monthly MIP.
- Add monthly P&I + monthly MIP + monthly property tax + monthly homeowners insurance + any HOA fee for the total PITIMI payment.
- Check the MIP duration: 11 years if your LTV at closing is 90% or less (at least 10% down); the whole loan term if it is above 90%.
Worked examples
$350,000 purchase, 3.5% down, 6.75% rate, 30-year term, FICO ≥ 580
Down payment = $350,000 × 3.5% = $12,250; base loan = $337,750.UFMIP = $337,750 × 1.75% = $5,910.63 (financed); total loan = $343,660.63.Monthly rate r = 6.75% / 12 = 0.5625%; n = 360; (1.005625)^360 = 7.5333.P&I = $343,660.63 × 0.005625 × 7.5333 / 6.5333 = $2,228.98.LTV = $337,750 / $350,000 = 96.5%; base loan ≤ $726,200 and term > 15 yr → MIP rate 0.55% (HUD ML 2023-05).Monthly MIP = $337,750 × 0.55% / 12 = $154.80.MIP duration: LTV above 90% → the whole 30-year term.P&I + MIP (tax and insurance set to 0) = $2,228.98 + $154.80 = $2,383.78 a month.
P&I $2,228.98 + monthly MIP $154.80 = $2,383.78 a month; MIP for the whole 30-year term.
$400,000 purchase, 10% down, 6.50% rate, 30-year term, FICO ≥ 580
Down payment = $400,000 × 10% = $40,000; base loan = $360,000.UFMIP = $360,000 × 1.75% = $6,300 (financed); total loan = $366,300.Monthly rate r = 6.50% / 12 = 0.54167%; n = 360; (1.0054167)^360 = 6.9918.P&I = $366,300 × 0.0054167 × 6.9918 / 5.9918 = $2,315.27.LTV = $360,000 / $400,000 = 90.0%; base loan ≤ $726,200, term > 15 yr, LTV ≤ 95% → MIP rate 0.50%.Monthly MIP = $360,000 × 0.50% / 12 = $150.00.MIP duration: LTV 90% or less → 11 years (132 payments; none from month 133).P&I + MIP (tax and insurance set to 0) = $2,315.27 + $150.00 = $2,465.27 a month.
P&I $2,315.27 + monthly MIP $150.00 = $2,465.27 a month; MIP stops after 11 years ($19,800 in total).
$280,000 purchase, 3.5% down, 7.00% rate, 15-year term, FICO ≥ 580
Down payment = $280,000 × 3.5% = $9,800; base loan = $270,200.UFMIP = $270,200 × 1.75% = $4,728.50 (financed); total loan = $274,928.50.Monthly rate r = 7.00% / 12 = 0.58333%; n = 180; (1.0058333)^180 = 2.8489.P&I = $274,928.50 × 0.0058333 × 2.8489 / 1.8489 = $2,471.14.LTV = $270,200 / $280,000 = 96.5%; term ≤ 15 yr, base loan ≤ $726,200, LTV > 90% → MIP rate 0.40% (HUD ML 2023-05).Monthly MIP = $270,200 × 0.40% / 12 = $90.07.MIP duration: LTV above 90% → the whole 15-year term (180 payments).P&I + MIP (tax and insurance set to 0) = $2,471.14 + $90.07 = $2,561.21 a month.
P&I $2,471.14 + monthly MIP $90.07 = $2,561.21 a month; MIP at 0.40% for the whole 15-year term.
Methodology
How FHA mortgage insurance actually works
An FHA loan has two mortgage insurance charges — an upfront premium paid at closing and an annual premium paid monthly — and both are set by HUD, not the lender. Understanding them is the key to comparing FHA fairly with conventional.
Read sources and limitsWhat is the FHA upfront MIP, and should you finance it?
The upfront mortgage insurance premium (UFMIP) is a one-time charge of 1.75% of the base loan, set by HUD Mortgagee Letter 2023-05. On a $350,000 purchase with 3.5% down, the base loan is $337,750 and the UFMIP is $5,910.63. Most borrowers roll it into the loan, which becomes $343,660.63.
Financing the UFMIP raises the monthly P&I slightly — at 6.75% over 30 years the difference is $38.34 a month — but avoids a large charge at closing. Paying it in cash saves that $38 a month for the life of the loan but needs more money on day one. The default finances the UFMIP; switch to cash-paid in the Advanced section to compare.
The UFMIP is partly refundable during the first three years if you refinance into another FHA loan: the refund declines month by month and reaches zero after month 36. This calculator does not model the refund because it depends on a future refinancing decision, not on your current payment.
How is the FHA annual MIP rate set, and how long do you pay it?
The annual MIP rate comes from two tables in HUD Mortgagee Letter 2023-05, for FHA case numbers assigned on or after 20 March 2023. Three things pick the row: whether the term is over 15 years, whether the base loan is above $726,200, and the loan-to-value ratio at origination. The rate is charged monthly on top of P&I.
For terms over 15 years: a base loan up to $726,200 pays 0.50% at LTV up to 95% and 0.55% above 95%; a larger loan pays 0.70% or 0.75%. For terms of 15 years or less: up to $726,200 it is 0.15% at LTV up to 90% and 0.40% above; above $726,200 it is 0.15% up to 78% LTV, 0.40% from 78% to 90% and 0.65% above 90%.
Duration follows the LTV, not the term. When the LTV at origination is 90% or less — a down payment of at least 10% — annual MIP stops after 11 years. When it is above 90%, MIP lasts for the whole mortgage term, on a 15-year loan as on a 30-year one; the usual way out is to refinance into a conventional loan once you have the equity.
The calculator charges the year-1 rate on the original base loan throughout: a $337,750 base loan at 0.55% pays $1,857.63 a year, or $154.80 a month. HUD bills the annual MIP on the average outstanding balance each year, so the real charge in later years is a little lower than shown — the estimate errs on the conservative side.
What are the 2026 FHA loan limits in your county?
FHA loan limits cap how large an FHA-insured mortgage can be in each county. HUD Mortgagee Letter 2025-23 sets the 2026 one-unit floor at $541,287 (65% of the $832,750 national conforming limit) and the ceiling at $1,249,125 (150%), for case numbers assigned from 1 January 2026. Every county sits between the two.
If the purchase price minus your down payment exceeds the county limit, FHA will not insure the loan — the price must come down, the down payment must rise until the base loan fits, or you need a different loan product. The calculator compares your base loan with the county limit you enter and flags any excess inline; the floor and ceiling it shows under that field are read from the site's loan-program dataset.
County limits are not something to guess. A loan in a high-cost area such as San Francisco, Honolulu or New York City can go up to the $1,249,125 ceiling, while a rural county may be held at the $541,287 floor. Look up your county at HUD's mortgage limits tool, enter the figure in the County limit field, and the calculator tells you at once whether your loan fits.
What credit score and down payment does FHA require?
FHA has two credit-score tiers that set the minimum down payment. A FICO score of 580 or above qualifies for 3.5% down — $12,250 on a $350,000 purchase. Scores from 500 to 579 need at least 10% ($35,000). Below 500 a borrower is not eligible for FHA insurance; the calculator shows that tier as an inline message.
The 580/500 thresholds are HUD minimums; individual lenders often apply "overlays" requiring higher scores (620 or 640 is common). This calculator uses HUD's published tiers, not any lender's overlay, so the minimum down payment it shows can be correct by HUD's rules even where a particular lender would decline the loan. Always confirm eligibility with lenders.
A larger down payment helps an FHA borrower beyond the smaller loan. At 3.5% down (96.5% LTV) the MIP lasts the whole term and costs $55,728 over 30 years at the defaults; at 10% down it stops after 11 years. A 10% down payment on $350,000 is $35,000 against $12,250, though — a liquidity trade-off the comparison strip in the results lets you price.
When does an FHA loan beat a conventional loan?
FHA's main advantage is access: it accepts a 580 FICO and 3.5% down, and it does not reprice the loan for credit score the way conventional loans do through loan-level price adjustments (LLPAs). A borrower with a 600 FICO often gets a lower all-in rate on an FHA loan than on a conventional one from the same lender.
FHA's disadvantage is the MIP, which does not cancel at 20% equity the way conventional PMI does. A conventional borrower with 10% down can drop PMI at 80% LTV; an FHA borrower with 10% down pays MIP for 11 years, and with less than 10% down for the whole term. At the defaults that is $55,728 of MIP over 30 years, before any refinance.
The usual rule of thumb: below a 620 score FHA usually wins on rate; above 740 conventional usually wins on cost; in between, compare real rate sheets from several lenders. The comparison strip uses the same loan amount and term with an illustrative conventional PMI rate, so you can run both. This is an estimate, not a loan offer, a pre-approval or a rate quote; your actual payment depends on the lender's rate, fees, taxes, insurance and underwriting.
FHA Loan questions
What is FHA mortgage insurance and why is it required?
FHA mortgage insurance protects the lender — not the borrower — against loss if the loan goes into default. Because FHA accepts down payments as low as 3.5% and credit scores as low as 580, it takes on more credit risk than conventional programs, and the premiums fund HUD's Mutual Mortgage Insurance Fund. Two are charged: an upfront MIP of 1.75% of the base loan, paid at closing or financed, and an annual MIP paid monthly, from 0.15% to 0.75% depending on term, loan size and LTV under HUD Mortgagee Letter 2023-05.
How do I calculate my FHA loan payment?
Start with the purchase price minus your down payment to get the base loan. Add 1.75% of the base loan as the financed UFMIP to get the total loan. Compute P&I with the amortization formula: loan × [r(1+r)^n] / [(1+r)^n − 1], where r is the monthly rate and n the number of payments. Then add the monthly MIP (annual rate × base loan ÷ 12), property tax, insurance and any HOA fee. At $350,000, 3.5% down, 6.75% for 30 years that is $2,228.98 + $154.80 = $2,383.78 before tax and insurance.
When does FHA mortgage insurance go away?
It depends on the loan-to-value ratio at origination, for any term. If the LTV is 90% or less — at least 10% down — annual MIP stops after 11 years. If the LTV is above 90%, MIP lasts for the whole mortgage term, whether that is 15 or 30 years; it does not cancel as you build equity. That is the rule in HUD Mortgagee Letter 2023-05 for case numbers assigned on or after 20 March 2023. To end MIP on such a loan, the usual route is to refinance into a conventional loan once you have at least 20% equity.
What is the FHA loan limit in my county?
FHA limits vary by county and are set each year by HUD from the FHFA conforming loan limit. For 2026 (HUD Mortgagee Letter 2025-23) the one-unit floor is $541,287 in lower-cost areas and the ceiling is $1,249,125 in the highest-cost areas — 65% and 150% of the $832,750 conforming limit. Your county's limit lies between the two. Look it up with HUD's mortgage limits search (linked below), enter it in the County limit field, and the calculator flags at once if your base loan exceeds it.
What credit score do I need for a 3.5% FHA down payment?
HUD requires a minimum FICO score of 580 for the 3.5% down payment option. Borrowers with scores from 500 to 579 must put down at least 10%. Scores below 500 are ineligible for FHA insurance. These are HUD's minimums — many lenders apply their own higher overlays, commonly 620 or 640. If your score is between 580 and 620, you may meet HUD's standard but need to shop several lenders to find one who will approve you without a larger down payment.
Is an FHA loan cheaper than a conventional mortgage?
It depends on your credit score and how long you keep the loan. FHA does not reprice for credit score the way conventional loans do through loan-level price adjustments, so borrowers with scores below about 680 often see a lower rate on FHA. But FHA's MIP — for the whole term when the LTV is above 90% — can make the total cost higher than conventional PMI, which cancels at 80% LTV. The answer turns on your actual rate quotes, how long you stay, and whether your score improves enough to refinance later.
Can I pay the FHA upfront MIP in cash instead of financing it?
Yes. Paying the UFMIP at closing keeps it out of the loan and lowers P&I: on $350,000 with 3.5% down at 6.75% over 30 years, the financed $5,910.63 adds $38.34 a month. The trade-off is the cash at closing. Use the "UFMIP paid in cash" option in the Advanced section to compare both. If you might refinance into another FHA loan within three years, part of the premium may be refunded against the new loan's UFMIP.
What is the difference between FHA MIP and conventional PMI?
Both insure the lender, but they work differently. Conventional PMI can be cancelled at 80% LTV and ends automatically at 78% under the Homeowners Protection Act, and its price depends on your credit score. FHA MIP does not respond to equity: it runs 11 years when the LTV at origination is 90% or less and the whole term when it is higher, and its rate is set by HUD for everyone in the same term, loan-size and LTV bracket, whatever the credit score.
What is the FHA MIP on a 15-year loan?
Lower than on a 30-year loan. Under HUD Mortgagee Letter 2023-05, a 15-year FHA loan with a base amount up to $726,200 pays 0.15% a year at LTV up to 90% and 0.40% above 90%; above $726,200 the rates are 0.15%, 0.40% and 0.65% at LTV up to 78%, up to 90% and above 90%. On $280,000 with 3.5% down that is 0.40% — $90.07 a month — for all 15 years, because the LTV is above 90%.
Which HUD rules does this calculator use?
Annual and upfront MIP come from HUD Mortgagee Letter 2023-05 (case numbers assigned on or after 20 March 2023, still current in 2026), and the 2026 floor and ceiling from Mortgagee Letter 2025-23. The credit-score tiers are from HUD Handbook 4000.1. The figures are stored once in the site's loan-program dataset with their source and date, and the calculator reads them from there rather than from its own code, so a new mortgagee letter changes every FHA figure on the site in one place.
Source notes
Method, sources & limitations
Every figure on this page comes from the formula above applied to the values you enter. Nothing is estimated from market data, and no result is a forecast. These are the sources behind the method and any fixed figures it uses:
- HUD Mortgagee Letter 2023-05 — Reduction of FHA Annual MIP Rates (case numbers on/after 20 March 2023)
- HUD Mortgagee Letter 2025-23 — FHA Forward Mortgage Limits for Calendar Year 2026
- HUD Handbook 4000.1 — FHA Single Family Housing Policy Handbook
- HUD FHA Mortgage Limits — County Loan Limit Lookup
- FHFA — Conforming Loan Limit Values for 2026 (news release, 25 November 2025)
- CFPB — What is an FHA loan?
Educational information only. Results are estimates produced from the assumptions you enter, and are not financial, tax, legal or medical advice. Check anything that matters against a qualified professional and the cited sources.