FHA Loan Calculator
Estimate your FHA mortgage payment including upfront and annual mortgage insurance — built for Florida first-time and lower-credit buyers.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
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.
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.