FHA Loan Calculator

• Calculates the upfront mortgage insurance premium (1.75%) and the annual premium from the HUD rate table.
• Checks the minimum down payment for your credit score band: 3.5% at 580 and above, 10% from 500 to 579.
• Shows the whole monthly payment, and the total insurance paid over the life of the loan.
• Compares the FHA loan with a conventional loan so you can see which costs less.

How to use this calculator

Enter the home price, your down payment percentage and your credit score band, then the rate and term. The calculator checks the minimum down payment for your band and warns you if your entry is too low. Open Advanced to set property tax, insurance, HOA dues, the local loan limit, and the conventional loan used for comparison.

How FHA mortgage insurance works

FHA loans charge two kinds of mortgage insurance premium (MIP):

• Upfront MIP. 1.75% of the base loan amount, paid at closing or added to the loan.
• Annual MIP. A percentage of the loan balance, charged monthly. For most 30-year loans up to $726,200 it is 0.55% with less than 5% down and 0.50% with 5% or more. Shorter terms and larger loans use different rates.

The annual premium lasts for the life of the loan if you put down less than 10%, and for 11 years if you put down 10% or more. That difference is one of the main reasons buyers choose a larger down payment or later refinance into a conventional loan.

A worked example

On a $350,000 home with 3.5% down, the base loan is $337,750. The upfront premium is $5,911, so the loan with premium is $343,661. At 6.25% over 30 years, principal and interest is $2,116. Add $155 a month of annual MIP plus tax and home insurance, and the total payment is about $2,742.

With 10% down the annual premium rate drops to 0.5% and the monthly payment is about $2,576.

Loan limits and eligibility

FHA loans have county loan limits set by HUD each year. The floor for most counties in 2026 is $541,287 for a one-unit home, and it is higher in expensive areas. The home must be your primary residence and meet FHA property standards, and the loan must come from an FHA-approved lender. Enter your county's limit under Advanced if it differs.

FHA versus conventional

FHA loans are easier to qualify for with a lower credit score or a small down payment. Conventional loans usually have cheaper mortgage insurance for borrowers with good credit, and the insurance can be cancelled on request once the balance reaches 80% of the original value, and ends automatically at 78%. The comparison table puts both loans side by side so you can see the monthly cost and the total insurance paid.

Assumptions and limitations

• Premium rates are from the HUD table. Rates are updated by HUD, so confirm with your lender.
• Rate depends on the borrower. The interest rate you enter is yours to choose; FHA rates vary by lender and credit.
• Conventional PMI is an estimate. Actual PMI depends on credit score and loan details.
• Closing costs are not included beyond the upfront premium.

Common mistakes

Forgetting the upfront premium. It is 1.75% of the loan and is usually rolled into it.

Assuming MIP comes off. With under 10% down it stays for the life of the loan.

Comparing only the rate. An FHA loan may have a lower rate than a conventional loan and still cost more once insurance is included.

Frequently asked questions