FHA Loan Calculator
Calculate your FHA mortgage payment including upfront and annual mortgage insurance premiums.
Loan Details
Monthly Payment Breakdown
| Principal & Interest | $2,172 |
| Monthly MIP | $155 |
| Property Tax | $350 |
| Home Insurance | $150 |
FHA vs Conventional Comparison
| Feature | FHA | Conventional |
|---|---|---|
| Down payment | $12,250 (3.5%) | $17,500 (5%) |
| Upfront insurance | $5,911 (1.75%) | $0 |
| Monthly insurance | $155/mo | $222/mo (removable at 80% LTV) |
| Monthly P&I | $2,172 | $2,102 |
| Total monthly | $2,827 | $2,823 |
| Credit score min | 500 (10% down) / 580 (3.5% down) | 620–680 typical |
| Insurance removal | Life of the loan (since LTV > 90%) | Removed at 80% LTV (auto at 78%) |
Tips for Your Situation
- 1.MIP is required for the life of the loan when LTV exceeds 90% — refinancing to conventional later can remove it
- 2.FHA allows gift funds for the entire down payment — conventional loans may restrict gift usage
- 3.Consider refinancing to conventional once you reach 20% equity to eliminate mortgage insurance
Estimates based on 2026 FHA guidelines. Actual rates and terms vary by lender. MIP rates subject to HUD changes.
How FHA Loans Work
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They're designed for borrowers with lower credit scores or smaller down payments. The trade-off is mortgage insurance: an upfront premium of 1.75% of the loan (financed into the balance) plus an annual premium of 0.50–0.55% paid monthly. FHA loans require a minimum credit score of 580 for 3.5% down, or 500 for 10% down.
2026 FHA Loan Limits
FHA loan limits vary by county. The national floor and ceiling for 2026:
| Area Type | Single Family | Duplex | Triplex | Fourplex |
|---|---|---|---|---|
| Low-cost area (floor) | $498,257 | $637,950 | $771,125 | $958,350 |
| High-cost area (ceiling) | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
FHA Mortgage Insurance Premiums (MIP)
| Loan Term | LTV | Annual MIP Rate | Duration |
|---|---|---|---|
| 30 years | 96.5% (3.5% down) | 0.55% | Life of loan |
| 30 years | 90% or less (10%+ down) | 0.50% | 11 years |
| 15 years | 90% or less | 0.15% | 11 years |
| 15 years | Over 90% | 0.40% | Life of loan |
All FHA loans also require a 1.75% upfront MIP, which is typically financed into the loan balance. On a $300,000 loan, that adds $5,250 to your balance.
FHA vs Conventional — When FHA Wins
FHA loans make sense when your credit score is below 680, you have a small down payment, or your debt-to-income ratio is higher than conventional lenders allow. Once you build 20% equity, refinancing to a conventional loan eliminates mortgage insurance entirely — something FHA's lifetime MIP doesn't allow.
Frequently Asked Questions
Can I remove FHA mortgage insurance?
If you put 10% or more down, MIP drops off after 11 years. If you put less than 10% down, MIP stays for the life of the loan. The only way to remove it is to refinance into a conventional loan once you have at least 20% equity. Many FHA borrowers refinance after 3–5 years when their credit improves and home values appreciate.
What credit score do I need for an FHA loan?
The FHA minimum is 580 for 3.5% down and 500 for 10% down. However, individual lenders often set higher minimums — many require 620 or higher. Shopping multiple lenders can help you find one that goes closer to the FHA minimum. FHA is particularly valuable for borrowers in the 580–660 credit range who would face higher rates or denial from conventional lenders.
See also: Mortgage Calculator and VA Loan Calculator.