Calculate FHA loan monthly payment including MIP, taxes, and insurance. See total FHA mortgage insurance cost over the loan life.
Min 3.5% (580+ credit) or 10% (500–579)
Affects eligibility (500 min)
P&I: $1,911 + MIP: $133
| Home Price | $300,000 |
| Down Payment | $10,500 (3.5%) |
| Base Loan Amount | $289,500 |
| Upfront MIP (1.75%) | $5,066 |
| Total FHA Loan | $294,566 |
| LTV Ratio | 96.5% |
| Monthly P&I | $1,911 |
| Monthly MIP | $133 |
| MIP Duration | Life of loan (30yr) |
| Total MIP Cost | $47,768 |
| Total Monthly PITI | $2,443 |
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FHA Upfront MIP = Loan × 1.75% (financed into loan)
Monthly MIP = (Loan × Annual MIP Rate) ÷ 12
Total Monthly = P&I + Monthly MIP + Property Tax + Insurance
Annual MIP rate: 0.55% (30yr, LTV >90%); 0.50% (30yr, LTV ≤90%)
FHA loans require a minimum 3.5% down payment with a credit score of 580 or higher. With a credit score of 500–579, a 10% down payment is required.
FHA charges an upfront MIP of 1.75% of the loan amount (financed into the loan) and annual MIP of 0.55–1.05% depending on loan term, LTV, and loan size. Annual MIP is divided by 12 and added to monthly payment.
FHA loan limits vary by county. Standard limit is $498,257 for single-family homes in low-cost areas. High-cost areas go up to $1,149,825. Use HUD's loan limit lookup for your specific county.
For loans with 10%+ down, MIP cancels after 11 years. For loans with less than 10% down, MIP is required for the entire loan term (30 years) unless you refinance to a conventional loan.
FHA is better for buyers with credit scores below 680 or limited down payment. Conventional wins when you have 20% down (no PMI), credit score above 740, or want to avoid lifetime mortgage insurance.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.