Calculate FHA mortgage payments including upfront and annual MIP. Estimate your total monthly payment with property taxes and insurance.
Total Monthly Payment
$2,886
Principal, interest, MIP, tax & insurance
Loan Amount
$343,661
Including $5,911 upfront MIP
FHA minimum 3.5% down with 580+ credit
FHA minimum: 3.5% with 580+ credit score, 10% with 500-579 credit score
Interest rate and loan duration
Annual taxes and insurance
$5,911
1.75% of base loan amount (financed into loan)
$2,871/year
$239/month added to payment
$63,229
This is the total cost of FHA mortgage insurance. Consider refinancing to conventional loan when you have 20% equity.
Note: Upfront MIP ($5,911) is typically financed into the loan, not paid at closing.
| Feature | FHA Loan | Conventional |
|---|---|---|
| Min. Down Payment | 3.5% | 3-5% |
| Min. Credit Score | 500-580 | 620-680 |
| Mortgage Insurance | Required (life of loan) | Until 20% equity |
| Upfront Insurance | 1.75% | None |
| Loan Limits | County-based | Conforming limits |
FHA loans require only 3.5% down with 580+ credit score. Monthly payment includes principal, interest, taxes, insurance, and MIP (0.55% annually). Use our calculator to see your FHA payment and compare to conventional loans.
See how your down payment affects FHA loan costs and MIP
4 insights based on your inputs
Total FHA mortgage insurance cost: $63,229 over the life of the loan. This includes $5,911 upfront and $57,319 in annual MIP.
With less than 10% down, FHA MIP lasts the entire loan term. Consider saving for 10%+ down to remove MIP after 11 years.
You could reach 20% equity and refinance to a conventional loan (eliminating MIP) in approximately 8 years if home values remain stable.
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An FHA loan is a mortgage insured by the Federal Housing Administration, designed to help borrowers who may not qualify for conventional loans. FHA loans require lower down payments (as low as 3.5%), have more flexible credit requirements, and allow higher debt-to-income ratios than conventional loans.
The minimum FHA down payment is 3.5% for borrowers with credit scores of 580 or higher. Borrowers with credit scores between 500-579 must put down at least 10%. The down payment can come from savings, gifts from family, or down payment assistance programs.
FHA MIP consists of two parts: an upfront MIP of 1.75% of the loan amount (can be rolled into the loan), and an annual MIP of 0.45-0.85% depending on loan term and LTV ratio. Unlike PMI on conventional loans, FHA MIP typically lasts the life of the loan for most borrowers.
FHA loan limits vary by county and are updated annually. In 2024, limits range from $472,030 in low-cost areas to $1,089,300 in high-cost areas. You can check your county's specific limit on the HUD website. Loans exceeding these limits require conventional financing.
For loans with less than 10% down payment, FHA MIP is required for the entire loan term. With 10% or more down, MIP can be removed after 11 years. To eliminate MIP sooner, borrowers often refinance into a conventional loan once they have 20% equity.
Total Monthly Payment
$2,886
Principal, interest, MIP, tax & insurance
Loan Amount
$343,661
Including $5,911 upfront MIP