FHA Loan Calculator: Estimate Your Payment With MIP
An FHA loan payment includes something conventional loans don't: mortgage insurance premium (MIP), and there are two pieces of it. The upfront MIP is 1.75% of your loan amount, typically financed into the loan rather than paid at closing. The annual MIP, 0.55% for most borrowers, is divided into 12 monthly payments and added to your payment. This calculator builds both into the estimate so you see the real FHA number, not just principal and interest.
The MIP detail that matters most
Here's the part FHA buyers most need to understand: with the standard 3.5% down, MIP lasts the life of the loan. It doesn't fall off at 20% equity the way conventional PMI does. If you put 10% or more down, it drops after 11 years. For most FHA buyers putting the minimum down, the way out of MIP is refinancing into a conventional loan once you've built 20% equity, which our FHA loan page and the PMI removal article both explain. That's not a reason to avoid FHA, it's just a reason to have a plan.
FHA vs. conventional: run both
Because MIP is permanent on most FHA loans, a buyer with decent credit sometimes comes out ahead with a low-down-payment conventional loan whose PMI cancels, even at a slightly higher rate. Other times FHA's easier credit terms make it the clear choice. The only way to know is to compare the actual monthly payments both ways.
The 2026 limits are built in
FHA loan limits vary by county, from a floor of $541,287 up to $1,249,125 in high-cost areas for 2026. The calculator uses current figures, but your county's specific limit determines how much you can borrow with an FHA loan.
The FHA streamline refinance, in brief
The FHA streamline is a simplified FHA-to-FHA refinance with no appraisal, minimal documentation, and no new income verification. It exists to let existing FHA borrowers lower their rate quickly, and it's where the UFMIP refund below actually comes into play.
One detail catches long-time FHA owners off guard: if your original FHA loan was endorsed on or before May 31, 2009, you qualify for a special reduced annual MIP rate of 0.55% on the streamline, regardless of your loan amount or LTV. Newer loans use the standard 2026 tiers instead. The calculator reflects the current schedule, and our streamline refinance guide walks through who benefits most.
What the UFMIP refund is, and when you get it
If you're refinancing one FHA loan into another FHA loan, you may get part of your original upfront MIP back. FHA gives a partial refund of the upfront premium you paid when you first took out the loan, and this calculator applies it automatically when you check the refinance box. It's the reason an FHA streamline refinance often costs less upfront than people expect.
The refund is on a declining schedule based on how long ago your current FHA loan was endorsed. It starts high in the first months and steps down every month until it reaches zero at month 36. The full month-by-month schedule is shown in the refund table above. Refinance in the first year and the refund is large. Wait past three years and there's no refund left.
Two things to understand so the number isn't misread. First, the refund is not cash back. It offsets the new upfront MIP on your new FHA loan, which lowers what you finance rather than sending you a check. Second, it only applies to an FHA-to-FHA refinance. If you refinance your FHA loan into a conventional loan or pay it off, there's no refund. This is one of the quiet advantages of the FHA streamline refinance, and it's built into the estimate above so you can see the real cost of refinancing your FHA loan.
