FHA Loan Calculator
FHA loans require two layers of mortgage insurance. You pay an upfront MIP (FHA mortgage insurance) of 1.75% rolled into the loan balance, plus an annual MIP that's spread across your monthly payment. The annual rate and how long it sticks around both depend on your LTV (loan-to-value) — and on terms 15 years or longer with LTV above 90%, MIP runs the full life of the loan.
Purchase price of the home.
FHA minimum is 3.5%.
Annual rate.
FHA offers 15- and 30-year fixed.
Annual ÷ 12.
Hazard + wind + flood, ÷ 12.
Leave 0 if no HOA.
30-yr FHA at 6.50% · LTV 96.5%
$2,797 / month
- Principal & Interest
- $2,172
- MIP (0.55%)
- $158
- Escrow (T+I+HOA)
- $467
- Base loan amount
- $337,750
- Upfront MIP (1.75%)
- $5,911
- MIP duration
- 30 yr
- Total MIP paid
- $56,704
- Total interest
- $438,319
Free during pilot
How FHA loans work
FHA financing layers two mortgage-insurance charges on top of your principal and interest:
- Upfront MIP at 1.75% of the base loan amount. This is typically rolled into the loan balance (not paid at closing), so it slightly raises your monthly payment.
- Annual MIP spread across 12 monthly payments. For standard FHA loans at or below the conforming limit:
- LTV ≤ 95% → 0.50% annual
- LTV > 95% → 0.55% annual
MIP duration depends on LTV at origination. With LTV ≤ 90%, MIP runs for 11 years. With LTV > 90% on a term of 15 years or longer, MIP runs the full life of the loan — the only way to drop it is to refinance into a conventional loan.
The 90% LTV cliff
Putting 10% or more down moves you below the 90% LTV threshold and caps your MIP at 11 years instead of 30. On a 30-year loan, that's a meaningful slice of lifetime cost.
Frequently asked questions
What is FHA MIP and how is it different from PMI?
MIP — mortgage insurance premium — is FHA's version of mortgage insurance, set by the federal Department of Housing and Urban Development (HUD). Unlike conventional PMI, FHA MIP comes in two parts: a one-time upfront charge (1.75% of the loan, usually rolled into the balance) and an annual charge spread across your monthly payments. The rates and how long MIP lasts are determined by HUD, not your lender.
How long do I have to pay FHA mortgage insurance?
It depends on your loan term and how much you put down. For loans of 15 years or longer with a down payment below 10% (loan-to-value above 90%), FHA MIP stays for the life of the loan. If you put 10% or more down (loan-to-value at or below 90%), MIP is removed after 11 years. This calculator shows the estimated MIP duration and total cost based on your inputs, using the 2026 HUD schedule for standard FHA loans.
Can I cancel FHA MIP the way I can cancel conventional PMI?
Generally not — that's the key difference. Under HPA (the Homeowners Protection Act), conventional PMI can be canceled once you reach 80% loan-to-value. FHA MIP doesn't follow HPA. For most FHA loans closed after June 3, 2013 with less than 10% down, the only exit is refinancing into a conventional loan. If you're already in an FHA loan and want to estimate that path, try the FHA to Conventional calculator.
Does a bigger down payment reduce FHA mortgage insurance?
Yes, in two ways. A larger down payment lowers your loan-to-value ratio, which can reduce the annual MIP rate and — if you reach 10% down — caps the MIP duration at 11 years instead of the full loan term. This calculator lets you try different down payment percentages to see the impact on your estimated monthly payment and total MIP paid.
Estimates only — not a lending decision. FHA loan limits, MIP rates, and duration rules are set by HUD and change periodically. This calculator uses the 2026 forward-mortgage schedule for loans at or below the standard FHA limit; high-balance FHA loans have a different annual MIP. Property tax and insurance are inputs you supply; we don't estimate state-specific values. Eligibility depends on credit, debt-to-income, occupancy, and lender overlays. Methodology last reviewed: May 26, 2026.