Calculate FHA loan payments including Upfront MIP (Mortgage Insurance Premium) and annual MIP. FHA loans allow 3.5% down with 580+ credit score.
FHA Loan Details
$
%
Min 3.5% with 580+ credit score, 10% with 500-579
%
💼 MIP Details (auto-calculated per FHA rules)
% (standard FHA)
%
0.55% for most 30-yr FHA loans with <10% down (2024)
$
Total Monthly PITI+MIP
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P+I Payment
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Down Payment
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Upfront MIP
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Monthly MIP
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Loan Amount (incl. UFMIP)
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Home Price
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Down Payment
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Base Loan Amount
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Upfront MIP (1.75%)
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Total Loan (base + UFMIP)
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P&I Payment
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Monthly MIP
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Tax + Insurance
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Total Monthly Payment
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FAQ
What is an FHA loan?
FHA loans are government-backed mortgages (insured by the Federal Housing Administration) that allow lower down payments (3.5%) and more flexible credit requirements (580+ FICO). They are popular for first-time buyers.
What is MIP on an FHA loan?
MIP (Mortgage Insurance Premium) is the FHA equivalent of PMI. It includes: (1) Upfront MIP of 1.75% of loan added to the loan, and (2) Annual MIP of 0.55-1.05% added to monthly payments. MIP cannot be cancelled for most 30-year FHA loans.
Can I remove FHA MIP?
For loans originated after 2013: if you put less than 10% down, MIP is permanent (for the life of the loan). With 10%+ down, MIP drops after 11 years. The only way to remove it is to refinance to a conventional loan once you have 20% equity.
FHA vs Conventional — which is better?
FHA: better for low credit (580-620), lower rate for borderline credit. Conventional: better for 620+ credit, saves money long-term by avoiding permanent MIP, no UFMIP. If you can qualify for conventional, it's usually cheaper long-term.