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.
