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FHA loan calculator

FHA loan payment with the 1.75% upfront MIP, the annual MIP from HUD's current table, taxes and insurance, and a check against your county's 2026 loan limit.

Updated Checked against 6 worked examples

$
%
FHA minimum: 3.5% with a credit score of 580 or higher, 10% at 500 to 579 (HUD Handbook 4000.1).
%
years
FHA allows terms of up to 30 years.
$
One-unit limits for case numbers assigned in 2026 run from $541,287 to $1,249,125 (HUD Mortgagee Letter 2025-23). Look up your county on HUD's FHA mortgage limits page.
HUD requires the premium to be either fully financed or fully paid in cash; cents that would take the loan past a whole dollar are paid in cash.
%
$
$
More options
%
Leave blank for HUD's current 1.75%. Enter another rate to model an older loan.
%
Leave blank to take the rate from HUD Mortgagee Letter 2023-05. The duration still follows HUD's table.
$
$726,200 is the figure printed in Mortgagee Letter 2023-05 and Handbook 4000.1 Appendix 1.0. The letter describes it as the national conforming loan limit, which FHFA set at $832,750 for 2026; ask your lender which figure it uses.
Try
Total monthly payment (year 1)
$
Total monthly payment (year 1): $3,150.17
Shown to 2 decimal places, half-even
Principal and interest
$2,482.48
Monthly MIP (year 1)
$176.02
Property tax per month
$366.67
Insurance per month
$125.00
Base loan amount
$386,000.00
Upfront MIP
$6,755.00
Total loan amount
$392,755.00
Down payment
$14,000.00
Down payment and MIP paid in cash
$14,000.00
Loan-to-value (base loan)
96.50%
Annual MIP rate
0.55%
Annual MIP charged for
30years
Largest FHA base loan for this price
$386,000.00
Total interest
$500,936.57
Annual MIP over the loan
$41,658.12
With less than 10% down, annual MIP lasts for the whole term; it ends early only if the loan is paid off, for example by refinancing.
Property tax and insurance are held at today's amounts; in practice both usually rise over time.

You borrow $392,755.00 ($386,000.00 plus the financed upfront premium) and pay $3,150.17 a month in the first year, including $176.02 of MIP. Annual MIP at 0.55% runs for 30 years and costs $41,658.12 in all, on top of $6,755.00 upfront and $500,936.57 of interest.

First month's payment

$3,150per month
Principal and interest78.8%MIP5.6%Property tax11.6%Insurance4.0%

Monthly MIP by loan year

$0$50$100$1500102030Years from closing

Loan balance

$0$100K$200K$300K0102030Year

Paid each year

$0$10K$20K$30K$40KY1Y4Y7Y10Y13Y16Y19Y22Y25Y28
PrincipalInterestMIP
Year-by-year schedule with HUD's MIP (30 rows)
YearAverage balanceMIP per monthPrincipalInterestMIP paidBalance at year end
1$390,766.49$176.02$4,389.93$25,399.83$2,112.24$388,365.07
2$386,243.38$173.98$4,683.96$25,105.80$2,087.76$383,681.11
3$381,417.33$171.81$4,997.62$24,792.14$2,061.72$378,683.49
4$376,268.11$169.49$5,332.33$24,457.43$2,033.88$373,351.16
5$370,774.02$167.02$5,689.44$24,100.32$2,004.24$367,661.72
6$364,911.98$164.38$6,070.47$23,719.29$1,972.56$361,591.25
7$358,657.36$161.56$6,477.03$23,312.73$1,938.72$355,114.22
8$351,983.84$158.55$6,910.82$22,878.94$1,902.60$348,203.40
9$344,863.36$155.34$7,373.65$22,416.11$1,864.08$340,829.75
10$337,266.02$151.92$7,867.48$21,922.28$1,823.04$332,962.27
11$329,159.89$148.27$8,394.36$21,395.40$1,779.24$324,567.91
12$320,510.87$144.37$8,956.55$20,833.21$1,732.44$315,611.36
How it's calculated S

  1. Base loan and loan-to-value

    L=400,000.00−14,000.00=386,000.00,LTV=386,000.00400,000.00=96.50%L = 400{,}000.00 - 14{,}000.00 = 386{,}000.00,\qquad \text{LTV} = \frac{386{,}000.00}{400{,}000.00} = 96.50\%

    FHA allows up to 96.5% with your credit score, and the base loan must not exceed the county limit of $541,287.00.

  2. Upfront MIP

    UFMIP=1.75%×386,000.00=6,755.00\text{UFMIP} = 1.75\% \times 386{,}000.00 = 6{,}755.00

    HUD does not round the premium: anything below a cent is dropped. The total loan is rounded down to the whole dollar ($392,755.00), and $0.00 is paid in cash.

  3. Principal and interest

    392,755.00×r×(1+r)360(1+r)360−1=2,482.48,r=6.51200\frac{392{,}755.00 \times r \times (1+r)^{360}}{(1+r)^{360} - 1} = 2{,}482.48,\quad r = \frac{6.5}{1200}

    Rounded to cents, as on the note; HUD's schedule rounds each month's interest to cents and the last payment clears the balance.

  4. Annual MIP rate

    a=0.55% for 30 yearsa = 0.55\%\ \text{for 30 years}

    HUD Mortgagee Letter 2023-05: term over 15 years, base loan up to $726,200.00, LTV above 95%.

  5. Monthly MIP, year 1

    Bˉ1=390,766.49,round⁡(0.55%×Bˉ1)÷1.017512=176.02\bar{B}_1 = 390{,}766.49,\quad \frac{\operatorname{round}(0.55\% \times \bar{B}_1) \div 1.0175}{12} = 176.02

    HUD's method: the average of the 12 scheduled balances of the year, times the annual rate, divided by 1 plus the upfront rate because the UFMIP is financed, then divided by 12, rounding to cents at each step. It is recomputed every year (see the table).

  6. Total monthly payment, year 1

    2,482.48+176.02+366.67+125.00+0.00=3,150.172{,}482.48 + 176.02 + 366.67 + 125.00 + 0.00 = 3{,}150.17

    Principal and interest, MIP, property tax, insurance and HOA dues.

About the FHA loan calculator

An FHA loan carries two mortgage insurance premiums. The upfront premium (UFMIP) is 1.75% of the base loan and is usually added to the loan. The annual premium is a rate from HUD's table, set by the term, the base loan amount and the loan-to-value ratio, and billed monthly. HUD recomputes it each year from that year's average scheduled balance, so it falls a little every year.

With the defaults, a 400,000 home with the 3.5% minimum down leaves a 386,000 base loan. The upfront premium of 6,755 brings the loan to 392,755, principal and interest at 6.5% over 30 years are 2,482.48, and first-year MIP at 0.55% is 176.02 a month, for 3,150.17 in all with property tax and insurance.

Rates are those in HUD Mortgagee Letter 2023-05, in force for loans endorsed from March 20, 2023. Enter your county's FHA limit: for 2026, one-unit limits run from 541,287 to 1,249,125.

Worked examples

HUD's own monthly MIP example (older 2.25% and 0.50% rates)

Home price
108,050
Enter down payment as
Amount
Down payment
3790.83
Credit score
580 or higher
Interest rate (per year)
7.5%
Loan term
30 years
FHA loan limit for your county
541,287
Add the upfront MIP to the loan
yes
Property tax (per year, of home price)
1.1%
Homeowners insurance (per year)
1500
HOA dues (per month)
0
Upfront MIP rate
2.25%
Annual MIP rate
0.5%
Base loan amount
104,259.17
Upfront MIP
2,345.83
Total loan amount
106,605.00
Principal and interest
745.40
Monthly MIP (year 1)
43.26

Checked against: HUD, Monthly (Periodic) Mortgage Insurance Premium Calculation: original mortgage 106,605, 7.5%, P&I 745.40, annual MIP .005, upfront factor .0225 → year-1 average balance 106,160.65, monthly MIP 43.26

400k home, 3.5% down, 6.5% for 30 years

Home price
400,000
Enter down payment as
Percent of price
Down payment
3.5%
Credit score
580 or higher
Interest rate (per year)
6.5%
Loan term
30 years
FHA loan limit for your county
541,287
Property tax (per year, of home price)
1.1%
Homeowners insurance (per year)
1500
HOA dues (per month)
0
Base loan amount
386,000.00
Upfront MIP
6,755.00
Total loan amount
392,755.00
Principal and interest
2,482.48
Annual MIP rate
0.55%
Annual MIP charged for
30 years
Monthly MIP (year 1)
176.02
Total monthly payment (year 1)
3,150.17

Checked against: Python decimal: ML 2023-05 table (over 15 years, base ≤ 726,200, LTV 96.5% > 95% → 55 bps for the term) and HUD's monthly MIP procedure on the cent-rounded schedule

15-year loan with 10% down

Home price
300,000
Enter down payment as
Percent of price
Down payment
10%
Credit score
580 or higher
Interest rate (per year)
5.75%
Loan term
15 years
FHA loan limit for your county
541,287
Property tax (per year, of home price)
1.1%
Homeowners insurance (per year)
1500
HOA dues (per month)
0
Base loan amount
270,000.00
Total loan amount
274,725.00
Principal and interest
2,281.34
Annual MIP rate
0.15%
Annual MIP charged for
11 years
Monthly MIP (year 1)
33.09
Annual MIP over the loan
3,180.12

Checked against: Python decimal: ML 2023-05 (15 years or less, base ≤ 726,200, LTV 90% → 15 bps for 11 years) and HUD's average-balance method

High-balance loan in a ceiling county

Home price
900,000
Enter down payment as
Percent of price
Down payment
10%
Credit score
580 or higher
Interest rate (per year)
6.5%
Loan term
30 years
FHA loan limit for your county
1,249,125
Property tax (per year, of home price)
1.1%
Homeowners insurance (per year)
1500
HOA dues (per month)
0
Base loan amount
810,000.00
Total loan amount
824,175.00
Annual MIP rate
0.70%
Annual MIP charged for
11 years
Monthly MIP (year 1)
470.11
Total monthly payment (year 1)
6,629.46

Checked against: Python decimal: ML 2023-05 (over 15 years, base above 726,200, LTV 90% → 70 bps for 11 years); 2026 ceiling 1,249,125 from ML 2025-23

Questions

How much is FHA mortgage insurance in 2026?

The upfront premium is 1.75% of the base loan, and the annual premium is 0.15% to 0.75% a year (HUD Mortgagee Letter 2023-05). The most common case, a 30-year loan of up to 726,200 with less than 5% down, pays 0.55% a year. On a 386,000 base loan that is 6,755 upfront and 176.02 a month of MIP in the first year at 6.5%.

Can you get rid of MIP on an FHA loan?

Only by putting at least 10% down: with a loan-to-value of 90% or less, annual MIP ends after 11 years (132 payments). Below 10% down it runs for the whole term, so a 30-year loan with 3.5% down pays it for 360 months. For case numbers assigned from June 3, 2013, HUD ends the insurance early only when the loan is paid off, for example by refinancing.

What is the minimum down payment for an FHA loan?

3.5% of the lower of the price and the appraised value if your credit score is 580 or higher, and 10% if it is between 500 and 579. Borrowers scoring below 500 are not eligible (HUD Handbook 4000.1). On a 400,000 home that is 14,000 or 40,000. The upfront MIP is financed on top and does not count toward these limits.

What are the FHA loan limits for 2026?

For a one-unit home, 541,287 in low-cost counties and up to 1,249,125 in high-cost ones, for case numbers assigned from January 1, 2026 (HUD Mortgagee Letter 2025-23). Two-unit limits run from 693,050 to 1,599,375. The limit caps the base loan; the financed upfront premium may take the total above it. Look up your county on HUD's FHA mortgage limits page.

How is the monthly FHA MIP calculated?

HUD averages the 12 scheduled balances of the loan year, multiplies by the annual rate and rounds to cents, divides by 1 plus the upfront rate when the UFMIP is financed, then divides by 12. HUD's published example, 106,605 at 7.5% with a 0.50% annual and 2.25% upfront rate, gives 43.26 a month in year 1 and 42.85 in year 2.

How accurate is the FHA loan calculator?

Accuracy depends on your inputs and the method's assumptions. Decimal arithmetic uses 50 significant digits, but estimates, numerical methods and source data can be less precise; the displayed rounding does not remove those limits. It is checked against 6 worked examples whose answers come from independent sources; for example, “HUD's own monthly MIP example (older 2.25% and 0.50% rates)” is checked against HUD, Monthly (Periodic) Mortgage Insurance Premium Calculation: original mortgage 106,605, 7.5%, P&I 745.40, annual MIP .005, upfront factor .0225 → year-1 average balance 106,160.65, monthly MIP 43.26.

Where does the method come from?

HUD Mortgagee Letter 2023-05 — Reduction of FHA annual MIP rates (effective March 20, 2023); HUD — Monthly (periodic) mortgage insurance premium calculation; HUD — Single family upfront premium, late and interest charges; HUD Handbook 4000.1, FHA Single Family Housing Policy Handbook — II.A.2 Allowable mortgage parameters and Appendix 1.0; HUD Mortgagee Letter 2025-23 — 2026 nationwide forward mortgage loan limits; HUD — FHA mortgage limits lookup by county.

About this calculator

UFMIP=1.75%×L,M=T r (1+r)n(1+r)n−1,MIPk=112⋅a⋅Bˉk1+u\text{UFMIP} = 1.75\%\times L,\quad M = \frac{T\,r\,(1+r)^n}{(1+r)^n-1},\quad \text{MIP}_k = \frac{1}{12}\cdot\frac{a\cdot\bar{B}_k}{1+u}

Sources

  1. HUD Mortgagee Letter 2023-05 — Reduction of FHA annual MIP rates (effective March 20, 2023)
  2. HUD — Monthly (periodic) mortgage insurance premium calculation
  3. HUD — Single family upfront premium, late and interest charges
  4. HUD Handbook 4000.1, FHA Single Family Housing Policy Handbook — II.A.2 Allowable mortgage parameters and Appendix 1.0
  5. HUD Mortgagee Letter 2025-23 — 2026 nationwide forward mortgage loan limits
  6. HUD — FHA mortgage limits lookup by county

For planning only. Lenders, tax authorities and markets apply their own rounding, fees and rules; confirm figures with them before you commit.

Checked against references

6 worked examples with independently sourced answers ship with this calculator. They run in the test suite; you can run them here too.

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