Enter home purchase price, down payment (minimum 3.5%), mortgage interest rate, loan term, and annual MIP rate to calculate your total monthly FHA payment.
How to use this calculator
Enter the home purchase price.
Enter your down payment percentage (FHA requires a minimum of 3.5% down for credit scores 580+).
Enter your interest rate and select a 15-year or 30-year loan term.
Adjust the annual Mortgage Insurance Premium (MIP) percentage if known (default is 0.55%).
Read your total monthly payment (Principal, Interest, and Monthly MIP) and total loan amount financed.
Formula & method
FHA Mortgage Insurance & Loan Equations
Base Loan = Price − Down Payment · UFMIP = Base Loan × 0.0175 · Total Loan = Base Loan + UFMIP · Monthly MIP = (Base Loan × MIP%) ÷ 12
Standard UFMIP is fixed at 1.75%. Annual MIP rate is 0.55% for 30-year loans with 3.5% down.
Example
$300,000 home with 3.5% down ($10,500) → Base Loan: $289,500 + $5,066.25 UFMIP = $294,566.25 Total Loan (@6.5% P&I $1,861.85 + $132.69 MIP = $1,994.54/mo).
Key insights
FHA loans require a mandatory 1.75% Upfront Mortgage Insurance Premium (UFMIP) that is added to your base loan balance.
Unlike conventional PMI, FHA annual MIP remains for the entire 30-year loan term if your initial down payment was under 10%.
FHA loans allow credit scores as low as 580 with a 3.5% down payment, or 500–579 with a 10% down payment.
The maximum debt-to-income (DTI) ratio for standard FHA approval is typically 31% front-end / 43% back-end.
How to interpret your result
Total Monthly FHA Payment
The combined monthly obligation consisting of principal & interest plus the required monthly MIP payment.
Upfront MIP (1.75%)
A mandatory one-time fee added to the loan balance at closing, protecting the FHA lender against default.
Annual MIP Rate
An annual percentage fee (divided into 12 monthly payments) that varies based on loan amount, term, and initial down payment.
Frequently asked questions
Can FHA mortgage insurance (MIP) be removed?
If you put down less than 10%, MIP stays for the entire life of the loan. Refinancing into a conventional loan is the primary way to remove it.
What is the minimum credit score for an FHA loan?
A credit score of 580 is required for the 3.5% down payment option; scores between 500 and 579 require 10% down.
Is Upfront MIP paid in cash at closing?
While it can be paid in cash, almost all FHA borrowers roll the 1.75% UFMIP into the mortgage principal balance.
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