How this calculator works
- Down payment: FHA requires at least 3.5% down with a credit score of 580 or higher, and 10% with a score from 500 to 579. Many lenders set higher score minimums.
- Upfront MIP: 1.75% of the base loan. Most buyers add it to the loan, so the amount borrowed is a little higher than the price minus the down payment.
- Annual MIP: from HUD's premium table, paid monthly. On a 30-year loan of $726,200 or less it is 0.55% a year with less than 5% down and 0.50% with 5% or more. Larger loans and 15-year loans use different rates, which the calculator applies.
- How long MIP lasts: for the life of the loan with less than 10% down, or 11 years with 10% or more down. Many owners later refinance into a conventional loan to drop it.
Property tax, homeowners insurance and HOA dues are added the same way as in the mortgage payment calculator.
Before you apply
FHA loans also have county loan limits ($541,287 to $1,249,125 for a one-unit home in 2026), require the home to be your primary residence, and need an appraisal that meets HUD's property standards. Many down payment assistance programs pair with FHA first mortgages.