FHA Loan Calculator
Calculate FHA mortgage payments with upfront and annual mortgage insurance premiums.
What is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It is popular with first-time homebuyers because it allows lower down payments (as low as 3.5%) and more flexible credit requirements than conventional loans.
How to Use This Calculator
- Enter the home price and your down payment percentage.
- Input the interest rate and loan term.
- Confirm the upfront and annual MIP rates.
- Click Calculate to see loan amounts and monthly payments.
FAQ
What is MIP?
Mortgage Insurance Premium (MIP) is required on all FHA loans. It includes an upfront premium usually rolled into the loan and an annual premium paid monthly.
Can I remove FHA MIP?
If your down payment is less than 10%, annual MIP lasts for the life of the loan. With 10% or more down, it can be removed after 11 years.
What is the minimum down payment?
The minimum down payment for an FHA loan is 3.5% for borrowers with a credit score of 580 or higher.
Is the upfront MIP paid at closing?
It can be paid at closing or financed into the loan. Most borrowers roll it into the loan amount.