FHA Loan Calculator
This FHA loan calculator estimates your FHA mortgage payment, including upfront and annual mortgage insurance. It is built for Florida first-time and lower-credit buyers.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
Payment Breakdown
FHA requires 3.5% down with a 580+ score. Upfront MIP is 1.75% (financed) and annual MIP about 0.55%, typically for the life of the loan. Estimate only.
FHA loans are popular with first-time buyers and those rebuilding credit because they allow just 3.5% down with a 580 credit score. The trade-off is mortgage insurance, charged both upfront and monthly.
This calculator folds the upfront mortgage insurance premium into the loan and adds the annual premium to your monthly payment, so you see the true cost of an FHA loan.
These figures are estimates. For neutral, official guidance on mortgage costs and what lenders can charge, see the CFPB's Owning a Home guide.
How to Use This Calculator
- 1
Enter the home price.
- 2
Set your down payment; the FHA minimum is 3.5% with a qualifying credit score.
- 3
Add an illustrative interest rate.
- 4
Review the payment, which includes financed upfront MIP plus monthly MIP, taxes, and insurance.
The Formula & Assumptions
Base loan = price × (1 − down %)
Upfront MIP = base × 1.75%
Total loan = base + upfront MIP
Monthly MIP = base × 0.55% ÷ 12
Payment = P&I + MIP + tax + ins
FHA charges an upfront mortgage insurance premium of 1.75% of the base loan, which is almost always financed into the loan rather than paid in cash.
The annual MIP, around 0.55% for most loans, is divided into monthly installments and added to your payment. On loans with less than 10% down it generally lasts the life of the loan.
Because FHA MIP can be permanent, many borrowers refinance into a conventional loan once they reach 20% equity to drop mortgage insurance. Compare FHA against conventional with the PMI calculator.
Frequently Asked Questions
How much do I need down for an FHA loan?
The minimum is 3.5% with a credit score of 580 or higher. Scores between 500 and 579 may still qualify but require 10% down. Down payment assistance can sometimes cover part of the requirement.
What is FHA MIP?
MIP is the FHA mortgage insurance premium. There is an upfront premium of 1.75% of the loan, usually financed, and an annual premium around 0.55% paid monthly. It protects the lender on low-down-payment loans.
Does FHA mortgage insurance ever go away?
On loans with less than 10% down, annual MIP typically lasts the life of the loan. Many borrowers refinance into a conventional loan once they reach 20% equity to eliminate it.
Is an FHA or conventional loan better?
FHA is often easier to qualify for with lower credit and down payment, but conventional PMI can be cancelled at 80% LTV while FHA MIP may be permanent. The right choice depends on your credit, down payment, and how long you plan to keep the loan.
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Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.
It estimates the monthly payment on an FHA loan. The estimate includes the upfront and annual mortgage insurance premiums (MIP) that FHA loans require.
FHA Loan Calculator in Florida
FHA loans are popular with Florida first-time buyers because of the low 3.5% down payment and flexible credit requirements. FHA also sets county loan limits that vary across Florida — higher in expensive coastal counties — so the maximum FHA loan you can use depends on where you buy.
How the FHA Loan Calculator Works
The calculator adds the upfront MIP to the base loan, runs the total through the amortizing-payment formula for principal and interest, then layers in the monthly MIP plus estimated taxes and insurance.
The FHA Loan Formula, Explained
Loan = base + upfront MIP; payment = P&I + monthly MIP + taxes + insurance
FHA loans charge two mortgage insurance premiums. One is an upfront premium usually financed into the loan. The other is an annual premium split into monthly payments. Both are included so the payment reflects the true FHA cost.
With the minimum 3.5% down, the annual MIP typically lasts the life of the loan. Putting 10% or more down can shorten the MIP term, which the calculator can illustrate.
The Complete FHA Loan Calculator Guide
FHA loans open the door for buyers with smaller down payments or lower credit scores. With 3.5% down and forgiving underwriting, they are a mainstay for first-time buyers, but the mortgage insurance is the catch.
Unlike conventional PMI, FHA mortgage insurance with the minimum down payment generally does not fall off — it stays for the life of the loan. Many borrowers eventually refinance into a conventional loan once they have enough equity to drop it.
Compare the FHA payment against a low-down conventional loan. FHA can win on rate and approval odds for weaker credit, while conventional can win on long-run cost if you qualify, because its PMI is cancellable. The calculator makes the monthly comparison concrete.
FHA Loan Calculator FAQ
What is the minimum down payment on an FHA loan?
It is 3.5% with a qualifying credit score. Borrowers with lower scores may need 10% down. The calculator lets you test both to see the payment difference.
Does FHA mortgage insurance ever go away?
With the minimum down payment it generally lasts the life of the loan. Putting 10% or more down shortens it, and many borrowers refinance to conventional later to eliminate it.