FHA Loan Calculator
Calculate your FHA mortgage payment including upfront MIP (1.75%), monthly MIP, principal & interest, and full PITI. HUD Mortgagee Letter 2023-05 rates applied automatically.
FHA loans require two MIP charges: upfront MIP (UFMIP) of 1.75% of the base loan amount (financed or paid at closing per HUD Handbook 4000.1 §II.A.8.b), plus annual MIP charged monthly. Per HUD Mortgagee Letter 2023-05, annual rates range 0.15%–0.75% by loan term, amount, and LTV. Standard 30-year loan above 95% LTV: 0.55% annually.
Monthly payment = P&I on (base loan + UFMIP) + annual MIP ÷ 12 + taxes ÷ 12 + insurance ÷ 12. MIP is permanent when LTV > 90% at origination; 11 years if LTV ≤ 90%.
Worked example: $250,000 purchase, 3.5% down, 30-year at 6.8%. Base loan = $241,250. UFMIP = $4,222 → financed = $245,472. LTV 96.5% → annual MIP 0.55%. Monthly MIP = $112.42. Monthly P&I = $1,602. Total P&I + MIP = $1,714/month before taxes and insurance.
How it's calculated
How to use this calculator
- Enter home price and down payment (minimum 3.5% for 580+ credit score).
- Enter your interest rate and loan term (most FHA loans are 30-year fixed).
- Optionally add annual property taxes and homeowners insurance for a full PITI estimate.
- Results show UFMIP, monthly MIP, monthly P&I, full PITI, and total loan cost including all MIP.
Formula and assumptions
// FHA MIP Calculation ufmip = baseLoanAmount × 0.0175 financedLoanAmount = baseLoanAmount + ufmip (if financed) ltv = baseLoanAmount / homePrice // Annual MIP rate (HUD ML 2023-05, 30-year term) annualMIP_rate = ltv ≤ 90%: 0.50% 90% < ltv ≤ 95%: 0.50% ltv > 95%: 0.55% monthlyMIP = financedLoanAmount × annualMIP_rate / 12 // P&I (standard amortization on financed amount) M = financedLoanAmount × [r(1+r)^n] / [(1+r)^n − 1] // Full PITI totalMonthly = M + monthlyMIP + taxes/12 + insurance/12 // MIP duration mipYears = ltv ≤ 90% ? 11 : loanTermYears
- UFMIP rate
- 1.75% of base loan per HUD Handbook 4000.1 §II.A.8.b
- Annual MIP
- Per HUD Mortgagee Letter 2023-05 for 30-year forward mortgages
- MIP duration
- Life of loan if LTV > 90%; 11 years if LTV ≤ 90%
- 2026 FHA loan limit
- $498,257 floor / $1,209,750 ceiling — verify county limit at hud.gov
Worked example
$300,000 home, 3.5% down ($10,500), 6.8% rate, 30-year term
FHA MIP duration matrix (LTV × loan term)
The table below summarizes annual MIP rates and duration for the most common FHA loan configurations (base loan ≤ $726,200, 30-year and 15-year terms) per HUD Mortgagee Letter 2023-05 and HUD Handbook 4000.1 §II.A.8.
| Loan term | LTV at origination | Annual MIP rate | MIP duration |
|---|---|---|---|
| 30-year | ≤ 90% | 0.50% | 11 years |
| 90.01% – 95% | 0.50% | Life of loan | |
| > 95% | 0.55% | Life of loan | |
| 15-year | ≤ 90% | 0.15% | 11 years |
| > 90% | 0.40% | Life of loan |
Choosing a 15-year FHA loan with 10%+ down (LTV ≤ 90%) drops annual MIP from 0.55% to 0.15% — saving $1,200/year on a $300,000 loan — and MIP expires at year 11. The higher monthly P&I must be weighed against the MIP savings.
Limitations
- High-balance FHA loan MIP rates (loan amounts above $726,200) may differ — verify with HUD.
- Does not include FHA upfront MIP financing fee adjustments for streamline refinances.
- County loan limits must be verified at hud.gov — this calculator flags if your loan may exceed the floor limit.
- Educational estimate only — consult a licensed mortgage professional for FHA eligibility and rates.
Frequently asked questions
FHA loans require 1.75% UFMIP (financed into loan per HUD Handbook 4000.1) plus annual MIP of 0.50%–0.55% (HUD ML 2023-05). On a $289,500 base loan at 6.8%, 30 years, 3.5% down (LTV 96.5%): UFMIP = $5,066, monthly MIP = $135, monthly P&I = $1,922, total P&I+MIP = $2,057. MIP is permanent when LTV > 90% at origination.
Recent updates
- May 2026Initial launch. UFMIP 1.75% and annual MIP tiers per HUD Mortgagee Letter 2023-05. 2026 FHA loan limit floor $498,257 per HUD.
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