FHA Loan Tool · Free

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Q: Does the FHA mortgage calculator include PMI?

FHA loans do not carry PMI. They carry MIP, the FHA's own mortgage insurance premium, which works differently: an upfront premium normally financed into the loan plus an annual premium collected monthly. Enter the annual premium your lender quotes as the monthly mortgage insurance figure, and add the upfront premium to the loan amount rather than treating it as a cash cost.

Q: How does my credit score change an FHA loan calculation?

The credit score sets the down payment first: 3.5% down requires a score of 580 or higher, and between 500 and 579 the minimum is 10%. Below 500 there is no FHA eligibility at all, and lenders may set a higher floor than the FHA does. The score also moves the rate you are quoted, so run the calculator at the rate you were actually offered rather than an average.

Q: How do I see an FHA amortization schedule?

Amortise the loan amount including the financed upfront premium, not the purchase price. On a $300,000 FHA loan at 7.21%, principal and interest come to $2,038 a month, and the first payment is about $1,803 interest against $235 principal. Our amortization schedule calculator lays out every month of that split.

Q: Can FHA mortgage insurance be removed?

When the down payment is under 10%, the annual premium stays for the life of the loan and can only be removed by refinancing out of FHA. With 10% down or more it falls away after 11 years. That is the opposite of conventional PMI, which must be cancelled by law once the balance reaches 78% of the original value.

Estimate your FHA loan payment including upfront and annual mortgage insurance premiums. See the true cost of buying with as little as 3.5% down.

Min down 3.5% with 580+ score

UFMIP 1.75% standard

2026 limit $498K most areas

FHA Mortgage Calculator

ZIP: —

Home Price Down Payment

Loan term Interest rate (APR %)Editable ZIP CodeOptional Credit score Property tax (monthly) Homeowner's insurance (monthly) HOA fees (monthly)Optional Upfront MIP (UFMIP %)

Annual FHA MIP (%)

Auto uses LTV + term (estimate)

Estimated monthly payment

$0.00

—

Amortization Schedule (P&I)—

Month	Payment	Principal	Interest	Balance

Estimates only. FHA MIP rules vary by case and can change.

3.5%

Minimum Down Payment (580+ Score)

1.75%

Upfront Mortgage Insurance (UFMIP)

0.55%

Annual MIP (Most 30-Year Borrowers)

How to Use

Using the FHA Calculator

1

Home price — enter the purchase price. Check it's within FHA limits for your county.

2

Down payment — click "Set 3.5%" for the FHA minimum. 10%+ down reduces MIP duration.

3

UFMIP — standard is 1.75%. Choose "Roll into loan" or "Pay upfront" at closing.

4

Annual MIP — click "Auto" for estimate based on your LTV and loan term.

5

Add taxes & insurance — for a complete all-in monthly payment estimate.

FHA Annual MIP Reference

Term	LTV	Annual MIP
30-year	≤90%	0.50%
30-year	90–95%	0.50%
30-year	>95%	0.55%
15-year	≤78%	0.15%
15-year	78–90%	0.40%
15-year	>90%	0.65%

Simplified reference. HUD rates may vary. Use Auto button in calculator.

FHA Loan Basics

Key FHA Loan Facts

💡

Low Down Payment: 3.5%

On a $300K home that's just $10,500 down. Makes homeownership accessible for buyers with limited savings.

📋

Upfront MIP: 1.75% of Loan

Paid at closing (or rolled into loan). On a $290K loan = $5,075 UFMIP. Rolling it in increases your balance and interest slightly.

📅

Annual MIP: Paid Monthly

On a $280K loan at 0.55%/yr = ~$128/month added to your payment. With <10% down, this lasts the life of the loan.

🎯

Credit Flexibility: 580+ for 3.5% Down

Scores 500–579 can still qualify with 10% down. FHA is the go-to option for buyers rebuilding credit history.

📍

2026 Loan Limits

Most areas: $498,257. High-cost areas (NYC, LA, SF): up to $1,149,825. Check your county limit before assuming FHA works for your price.

FAQ

FHA Calculator FAQ

How is an FHA loan different from a conventional loan?

FHA loans are government-insured, allowing lower down payments (3.5%) and credit requirements (580+). The trade-off is mandatory mortgage insurance — both upfront (1.75%) and annual (0.55%+). Conventional loans can drop PMI once you reach 20% equity; FHA MIP with <10% down lasts the life of the loan.

Can I remove FHA mortgage insurance?

With <10% down, MIP is permanent. With 10%+ down, MIP drops after 11 years. Many borrowers refinance into a conventional loan once they reach 20% equity — often saving $100–$200/month by eliminating the MIP entirely.

Is FHA only for first-time buyers?

No. Anyone meeting FHA requirements can apply, though you can only have one FHA loan at a time in most cases. It's popular with first-time buyers and those with credit challenges, but repeat buyers use it too when it offers better terms than conventional options.

What are the income requirements for an FHA loan?

There's no minimum income requirement. Your total DTI ratio (all monthly debts ÷ gross income) generally can't exceed 43%, though some lenders allow up to 50–57% with compensating factors like significant cash reserves or a strong employment history.

Where can I find official FHA loan information?

FHA loans are insured by the federal government through the U.S. Department of Housing and Urban Development (HUD). For current FHA loan limits by county, MIP rates, and eligibility requirements, visit the HUD FHA mortgage insurance page. The CFPB also has a helpful guide on comparing FHA vs. conventional loans.

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Using the FHA Mortgage Calculator With PMI

FHA loans do not have PMI. They have MIP, the FHA's own mortgage insurance, and the difference matters when you run the numbers. There are two premiums: an upfront premium that is normally financed into the loan, and an annual premium collected monthly alongside principal and interest. Enter the annual premium your lender quotes in the mortgage insurance field, and add the upfront premium to the loan amount rather than paying it in cash at closing.

On a $300,000 base loan at today's FHA rate of 7.21%, principal and interest are $2,038 a month. The upfront premium is 1.75% of the base loan, $5,250 here; financing it raises the amortised balance to $305,250 and the payment to about $2,074 before taxes, insurance and the annual premium are added.

FHA Loan Calculator With Credit Score

Your credit score changes an FHA calculation in two places. It sets the minimum down payment, and it moves the rate a lender will quote you.

Credit score	Minimum down payment
580 and aboveThe standard FHA path	3.5%
500 to 579Lender overlays often apply on top	10%
Below 500Lenders may set a higher floor than the FHA does	Not eligible

Because the score also moves the rate, run the calculator at the rate you were actually offered rather than at an average. Two borrowers buying the same house on the same day can be quoted materially different rates on score alone.

FHA Amortization: What the Schedule Shows

An FHA amortization schedule looks like any other, with one twist: you amortise the loan amount including the financed upfront premium. Early payments are mostly interest, and the split shifts toward principal every month.

$300,000 FHA loan at 7.21%	Amount
Monthly principal and interest	$2,038
First payment — interest portion	$1,803
First payment — principal portion	$235
Total interest over 30 years	$433,823

To see every month of that schedule, including what an extra payment does to it, use our amortization schedule calculator. To compare FHA against conventional pricing on the day, see current mortgage rates by loan type.

FHA Calculator: More Questions

Does the FHA mortgage calculator include PMI?

FHA loans do not carry PMI. They carry MIP, the FHA's own mortgage insurance premium, which works differently: an upfront premium normally financed into the loan plus an annual premium collected monthly. Enter the annual premium your lender quotes as the monthly mortgage insurance figure, and add the upfront premium to the loan amount rather than treating it as a cash cost.

How does my credit score change an FHA loan calculation?

The credit score sets the down payment first: 3.5% down requires a score of 580 or higher, and between 500 and 579 the minimum is 10%. Below 500 there is no FHA eligibility at all, and lenders may set a higher floor than the FHA does. The score also moves the rate you are quoted, so run the calculator at the rate you were actually offered rather than an average.

How do I see an FHA amortization schedule?

Amortise the loan amount including the financed upfront premium, not the purchase price. On a $300,000 FHA loan at 7.21%, principal and interest come to $2,038 a month, and the first payment is about $1,803 interest against $235 principal. Our amortization schedule calculator lays out every month of that split.

Can FHA mortgage insurance be removed?

When the down payment is under 10%, the annual premium stays for the life of the loan and can only be removed by refinancing out of FHA. With 10% down or more it falls away after 11 years. That is the opposite of conventional PMI, which must be cancelled by law once the balance reaches 78% of the original value.

Rates used in these examples: FHA 30-year 7.21%, conventional 30-year 7.43%, as of October 7, 2026 (Optimal Blue via FRED). Figures are principal and interest only and exclude taxes, insurance and mortgage insurance premiums. Rates shown are note rates, not APR.