FHA Loan Calculator
FHA mortgage payment with the 1.75% upfront and current annual mortgage insurance premium (MIP), property tax and insurance. Shows how long MIP lasts.
Result
Total monthly payment
$2,801.97
- Principal & interest
- $2,172.17
- Monthly mortgage insurance (MIP)
- $154.80
- Property tax per month
- $350.00
- Insurance per month
- $125.00
- Down payment
- $12,250.00
- Upfront MIP (added to loan)
- $5,910.63
- Loan amount
- $343,660.63
- Annual MIP rate
- 0.55%
- MIP is charged for
- Life of the loan
How it’s worked out
- Base loan = price − down payment = $350,000.00 − $12,250.00 = $337,750.00
- Upfront MIP = 1.75% of the base loan = $5,910.63, added to the loan → $343,660.63
- P (amount borrowed) = $343,660.63
- r (rate per payment) = 6.5% ÷ 12 = 0.005417
- n (number of payments) = 30 × 12 = 360
- Principal & interest = $2,172.17
- Monthly MIP = base loan × 0.55% ÷ 12 = $154.80
- Total = $2,172.17 + $154.80 + $350.00 tax + $125.00 insurance = $2,801.97
Common questions
How much is FHA mortgage insurance?
Every FHA loan has an upfront premium of 1.75% of the loan, usually added to the balance, plus an annual premium paid monthly. For a 30-year loan up to $726,200 with less than 5% down, the annual premium is 0.55%; with 5% or more down it is 0.50%.
Does FHA mortgage insurance ever go away?
With less than 10% down, annual MIP lasts for the life of the loan, so most people refinance to drop it. With 10% or more down, it ends after 11 years.
What is the minimum down payment for an FHA loan?
3.5% with a credit score of 580 or higher, or 10% with a score from 500 to 579.