FHA Mortgage Calculator With MIP

United States Uses U.S. federal housing program rules (FHA or VA). Figures are in U.S. dollars.

FHA loan payment with upfront and annual mortgage insurance, how long MIP lasts, and whether the loan fits FHA credit, down payment and loan-limit rules.

Educational estimate only. Not a lending decision. Your numbers stay in this browser.

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How to read this: the verdict describes how much room your numbers leave, not a decision or an offer. Change any input to see how much the result moves.

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Mortgage guides

These guides explain mortgage payment, amortization, extra-payment, housing-cost, and closing-cost concepts behind the calculator.

For all guide topics, open Guides. For source and estimate boundaries, read Calculation Methodology and Sources and Assumptions.

Assumptions and formula

The base loan is the price minus the down payment. FHA adds an upfront premium of 1.75% of the base loan, usually financed into the loan. The annual premium rate comes from HUD’s table by term, loan size and loan-to-value, and it is charged monthly on each year’s average scheduled balance. With 10% or more down it stops after 11 years; with less, it lasts for the life of the loan.

Principal and interest use the standard fixed-rate payment formula on the total loan. The refinance point is the first month the scheduled balance falls to 80% of the price, which is where a conventional loan without private mortgage insurance usually becomes possible; the premium still due after that month is what refinancing could avoid, before refinance costs. Home prices are held flat, and the appraised value is taken as the price.

Worked example

A $300,000 home with $10,500 down (3.5%) leaves a $289,500 base loan. The upfront premium is $5,066.25, so the loan is $294,566.25. At 6.5% over 30 years, principal and interest are $1,861.86 a month. The annual premium is 0.55%, so the first year’s insurance is about $134.33 a month, and because the down payment is under 10% it lasts for the full 30 years, about $31,790 in total. The balance reaches 80% of the price in month 139; refinancing then would avoid about $14,551 of further premiums.

Frequently asked questions

How long do you pay mortgage insurance on an FHA loan?

It depends on your down payment. With 10% or more down, the annual premium stops after 11 years. With less than 10% down, it lasts for the life of the loan, and the usual way out is refinancing to a conventional loan once you have 20% equity. The 1.75% upfront premium is charged once at closing, usually added to the loan. On a $289,500 FHA loan at 6.5% with 3.5% down, the annual premium starts near $134 a month and totals about $31,790 over 30 years.

Does this tell me whether I qualify for an FHA loan?

No. It checks the loan against FHA program minimums: credit score, down payment and the national loan-limit range. A lender also reviews your income, debts, credit history and the home itself, and your county may have a lower limit.